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.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> share price is down more than 20.0% from Thursday’s close following announcement on new regulations for food delivery platforms.</li>
<li>New regulation states that food delivery platforms should further reduce the service fee charged from restaurants to lower operating costs for food and beverage businesses.</li>
<li>Meituan’s food delivery business makes about 88% of its revenues from commissions while the remainder comes from online marketing services.</li>
</ul>



Meituan (3690 HK) share price is down more than 20.0% from Thursday’s close following announcement on new regulations for food delivery platforms.
New regulation states that food delivery platforms should further reduce the service fee charged from restaurants to lower operating costs for food and beverage businesses.
Meituan’s food delivery business makes about 88% of its revenues from commissions while the remainder comes from online marketing services.


Meituan: New Regulation on Food Delivery Commission to Slowdown Growth and Delay Profits

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>BILI’s stock price has plunged significantly over the past year.</li>
<li>We believe the revenue growth will be stable in 4Q21.</li>
<li>We believe all business lines remains promising except for advertising.</li>
</ul>


BILI’s stock price has plunged significantly over the past year.
We believe the revenue growth will be stable in 4Q21.
We believe all business lines remains promising except for advertising.


Bilibili (BILI): Upgrade to Buy for First Time Before 4Q21 Result

<ul>
<li>Kuaishou’s share price has climbed more than 20.0% YTD as the company has increased its focus on e-commerce while also narrowing down its costs.</li>
<li>The company opened its e-commerce store to local merchants in China including food delivery, healthcare, hospitality and entertainment ticketing.</li>
<li>According to news media outlets, the e-commerce GMV hit RMB650bn (US$102bn) in 2021 from RMB381bn in 2020. This figure is expected to go up to RMB900bn in 2022E.</li>
</ul>


Kuaishou’s share price has climbed more than 20.0% YTD as the company has increased its focus on e-commerce while also narrowing down its costs.
The company opened its e-commerce store to local merchants in China including food delivery, healthcare, hospitality and entertainment ticketing.
According to news media outlets, the e-commerce GMV hit RMB650bn (US$102bn) in 2021 from RMB381bn in 2020. This figure is expected to go up to RMB900bn in 2022E.


Kuaishou: Livestreaming E-Commerce Expands and Losses to Narrow; Further Upside Seems Likely

<ul>
<li>Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.</li>
<li>This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.</li>
<li>Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.</li>
</ul>


Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.
This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.
Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.


Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.</li>
<li>For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. </li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.
For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. 
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


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 (BILI US)

Meituan: New Regulation on Food Delivery Commission to Slowdown Growth and Delay Profits

Meituan’s share price is down more than 20.0% following announcement on new regulations for food delivery platforms. Food delivery OPM is highly...

Shifara Samsudeen, ACMA, CGMA

Bilibili (BILI): Upgrade to Buy for First Time Before 4Q21 Result

We believe BILI’s stock price has plunged over the past year. We believe the revenue growth will be stable in 4Q21. We believe all business lines...

Ming Lu

Kuaishou: Livestreaming E-Commerce Expands and Losses to Narrow; Further Upside Seems Likely

Kuaishou’s share price has climbed more than 20.0% YTD as the company has increased its focus on e-commerce while also narrowing down its costs. E...

Shifara Samsudeen, ACMA, CGMA

Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

Bilibili launched a shopping cart feature on its livestreaming platform. This comes at a time China’s common prosperity crackdown has set its eyes...

Shifara Samsudeen, ACMA, CGMA

Aequitas 2022 Asia IPO Pipeline

We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and...

Sumeet Singh

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