Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB volumes rebounded, tech saw limited net buying, BABA was bought but other major tech sold.</li>
<li>The first leg of China's retaliatory acts against US trade measures appeared with export bans on gallium, germanium, antimony, graphite products, etc. These will not be lifted soon.</li>
<li>China is also retaliating against the Phils, Vietnam, Taiwan and changing tack in Europe. The next couple of years threatens to be "interesting times.</li>
</ul>


Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB volumes rebounded, tech saw limited net buying, BABA was bought but other major tech sold.
The first leg of China's retaliatory acts against US trade measures appeared with export bans on gallium, germanium, antimony, graphite products, etc. These will not be lifted soon.
China is also retaliating against the Phils, Vietnam, Taiwan and changing tack in Europe. The next couple of years threatens to be "interesting times.


A/H Premium Tracker (To 13 Dec 2024): Pairwise Intracorrelation and Vol Way Up, Premia Down

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.

Equity Bottom-Up

<ul>
<li>BYD’s deliveries grew by 68% YoY in November 2024, which provides a positive signal for the whole NEV (New Energy Vehicle) industry.</li>
<li>In November, Seres' sales volume increased by 27% YoY with NEV up by 55% YoY.</li>
<li>Arawana, the top cooking oil producer, finished acquiring 11% of Lihua's stock.</li>
</ul>


BYD’s deliveries grew by 68% YoY in November 2024, which provides a positive signal for the whole NEV (New Energy Vehicle) industry.
In November, Seres' sales volume increased by 27% YoY with NEV up by 55% YoY.
Arawana, the top cooking oil producer, finished acquiring 11% of Lihua's stock.


China Consumption Weekly (9 Dec 2024): BYD, Geely, Li Auto, Seres, Xiaomi, Arawana

A/H Premium Tracker (To 6 Dec 2024): AH Premia Lower, Markets Up, Tech Weaker, Materials Up

<ul>
<li>BYD’ deliveries continued to grow strongly by 68% in November.</li>
<li>BYD required its suppliers to reduce prices by 10% for 2025.</li>
<li>We believe BYD will continue the price war in 2025.</li>
</ul>


BYD’ deliveries continued to grow strongly by 68% in November.
BYD required its suppliers to reduce prices by 10% for 2025.
We believe BYD will continue the price war in 2025.


BYD (1211 HK): Quick Note – Preparing for Price War in 2025

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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>BYD reported C3Q24 top line, non-IFRS operating income and IFRS net income 2.7%, (28%) and (12%) vs. our estimates. </li>
<li>Our ASP tracker showed promotional activities abated industry wide in October, boding well for profitability in C4Q24. </li>
<li>We maintain the stock at BUY and TP of HK$372.</li>
</ul>


BYD reported C3Q24 top line, non-IFRS operating income and IFRS net income 2.7%, (28%) and (12%) vs. our estimates. 
Our ASP tracker showed promotional activities abated industry wide in October, boding well for profitability in C4Q24. 
We maintain the stock at BUY and TP of HK$372.


[BYD Company (1211 HK, BUY, TP HK$372) Review]: Great Earnings Linearity Stays the Same This Quarter

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

A/H Premium Tracker (To 13 Dec 2024): Pairwise Intracorrelation and Vol Way Up, Premia Down

AH Premia continue to narrow. This week by 1.1% after 1.0% the week before. Intracorrelation of pair direction is up as vol is up. Some names are...

Travis Lundy

China Consumption Weekly (9 Dec 2024): BYD, Geely, Li Auto, Seres, Xiaomi, Arawana

BYD’s deliveries grew by 68% YoY in November 2024,. In November, Seres sales volume increased by 27% YoY with NEV up by 55% YoY. Arawana finished...

Ming Lu

A/H Premium Tracker (To 6 Dec 2024): AH Premia Lower, Markets Up, Tech Weaker, Materials Up

AH Premia fell this week as narrow premia pairs saw Hs outperform, wide premia pairs saw Hs underperform. The book had alpha despite that. Brokers...

Travis Lundy

BYD (1211 HK): Quick Note – Preparing for Price War in 2025

BYD’ deliveries continued to grow strongly by 68% in November. BYD required its suppliers to reduce prices by 10% for 2025. We believe BYD will...

Ming Lu

[BYD Company (1211 HK, BUY, TP HK$372) Review]: Great Earnings Linearity Stays the Same This Quarter

BYD's recent financial results fell short of estimates, but decreased promotional activities in October suggest improved profitability in the next...

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premium Tracker (To 13 Dec 2024): Pairwise Intracorrelation and Vol Way Up, Premia Down

AH Premia continue to narrow. This week by 1.1% after 1.0% the week before. Intracorrelation of pair direction is up as vol is up. Some names are...

Travis Lundy

China Consumption Weekly (9 Dec 2024): BYD, Geely, Li Auto, Seres, Xiaomi, Arawana

BYD’s deliveries grew by 68% YoY in November 2024,. In November, Seres sales volume increased by 27% YoY with NEV up by 55% YoY. Arawana finished...

Ming Lu

A/H Premium Tracker (To 6 Dec 2024): AH Premia Lower, Markets Up, Tech Weaker, Materials Up

AH Premia fell this week as narrow premia pairs saw Hs outperform, wide premia pairs saw Hs underperform. The book had alpha despite that. Brokers...

Travis Lundy

BYD (1211 HK): Quick Note – Preparing for Price War in 2025

BYD’ deliveries continued to grow strongly by 68% in November. BYD required its suppliers to reduce prices by 10% for 2025. We believe BYD will...

Ming Lu

[BYD Company (1211 HK, BUY, TP HK$372) Review]: Great Earnings Linearity Stays the Same This Quarter

​BYD's recent financial results fell short of estimates, but decreased promotional activities in October suggest improved profitability in the next...

Blue Lotus Research Institute

BYD's recent financial results fell short of estimates, but decreased promotional activities in October suggest improved profitability in the next...