Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate that the total inflows were USD3.3bn last week and highlight flows for Meituan, Tencent, Bilibili.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate that the total inflows were USD3.3bn last week and highlight flows for Meituan, Tencent, Bilibili.


Hong Kong Connect Flows (Mar 24th): Meituan, Tencent, Bilibili

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 17th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, China Mobile, ICBC, Bilibili, Meituan, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Mobile, ICBC, Bilibili, Meituan, Xiaomi.


Hong Kong Connect Flows (Mar 17th): Tencent, China Mobile, ICBC, Bilibili, Meituan, Xiaomi

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>The fourth quarter looks like a weak quarter according to the growth and the loss.</li>
<li>However, deducting the termination cost for game studios, we believe the financials will be promising in 2023.</li>
<li>We believe the stock has an upside of 19% for the yearend 2023.</li>
</ul>


The fourth quarter looks like a weak quarter according to the growth and the loss.
However, deducting the termination cost for game studios, we believe the financials will be promising in 2023.
We believe the stock has an upside of 19% for the yearend 2023.


Bilibili (9626 HK): 4Q22, Not Really Weak Quarter, But Transition for Dropping Games

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> will report 4Q2022 and full-year results on 23rd March 2023.</li>
<li>The company’s livestreaming revenues have made significant progress since 4Q2021 while its domestic business reported an operating profit for the first time in 3Q2022.</li>
<li>Though the company’s share price has not moved up yet, we think there is further upside to the current share price driven by improved earnings.</li>
</ul>



Kuaishou Technology (1024 HK) will report 4Q2022 and full-year results on 23rd March 2023.
The company’s livestreaming revenues have made significant progress since 4Q2021 while its domestic business reported an operating profit for the first time in 3Q2022.
Though the company’s share price has not moved up yet, we think there is further upside to the current share price driven by improved earnings.


Kuaishou 4Q2022E Preview: Continued Recovery in Earnings

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>While BILI's top line in 4Q22/2023 would be in line, we suggest that its bottom line in 4Q22/2023 would beat cons. by 6%/18% due to cost-savings and optimized monetization efficiency. </li>
<li>BILI’s adjusted net loss would be significantly narrowed to (3.2)bn RMB in 2023, per our estimation. However, we still have concerns about some of BILI’s fundamentals.</li>
<li>Maintain SELL but raise TP to US$ 16.4, implying 1.8X PS in 2023.</li>
</ul>


While BILI's top line in 4Q22/2023 would be in line, we suggest that its bottom line in 4Q22/2023 would beat cons. by 6%/18% due to cost-savings and optimized monetization efficiency. 
BILI’s adjusted net loss would be significantly narrowed to (3.2)bn RMB in 2023, per our estimation. However, we still have concerns about some of BILI’s fundamentals.
Maintain SELL but raise TP to US$ 16.4, implying 1.8X PS in 2023.


Bilibili(Bili.US) 4Q22 Preview: Raise TP for More Optimistic Outlook in 2023

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (9626 HK)

Hong Kong Connect Flows (Mar 24th): Meituan, Tencent, Bilibili

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Meituan (3690 HK), Tencent (700 HK), and Bilibili (9626 HK).

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 17th): Tencent, China Mobile, ICBC, Bilibili, Meituan, Xiaomi

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent, China Mobile, ICBC, Bilibili, Meituan, Xiaomi.

Ke Yan, CFA, FRM

Bilibili (9626 HK): 4Q22, Not Really Weak Quarter, But Transition for Dropping Games

The fourth quarter looks like a weak quarter; however, deducting the termination cost for game s, we believe the financials will be promising in...

Ming Lu

Kuaishou 4Q2022E Preview: Continued Recovery in Earnings

Kuaishou will report 4Q2022 results on 23rd March. We expect further improvement in earnings during 4Q2022E driven by growth in online marketing...

Shifara Samsudeen, ACMA, CGMA

Bilibili(Bili.US) 4Q22 Preview: Raise TP for More Optimistic Outlook in 2023

While we forecast that BILI's top line would be basically in line, we suggest that its bottom line in 4Q22/2023 would beat cons. by 6%/18% due to...

Blue Lotus Research Institute

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