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>Total revenue increase by 42% and automobile revenue increased by 49% in 2023.</li>
<li>The gross margin improved significantly in 2023, especially in 4Q23.</li>
<li>We believe BYD will move its focus from 'low price for sales volume' to 'development of new vehicle models'.</li>
</ul>


Total revenue increase by 42% and automobile revenue increased by 49% in 2023.
The gross margin improved significantly in 2023, especially in 4Q23.
We believe BYD will move its focus from 'low price for sales volume' to 'development of new vehicle models'.


BYD (1211 HK): Strong Revenue in 2023 and to Change Strategy in 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
</ul>


This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 16.1bn of A-shares on VERY strong average activity after +9.9bn and +12.1bn RMB the two weeks before. Some National Team buying this week.</li>
<li>Renewables selling was tempered. Finance and Industry saw large net buying. Five of the top ten buys among liquid NORTHBOUND stocks were finance. Info Tech saw net selling. Again. </li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 16.1bn of A-shares on VERY strong average activity after +9.9bn and +12.1bn RMB the two weeks before. Some National Team buying this week.
Renewables selling was tempered. Finance and Industry saw large net buying. Five of the top ten buys among liquid NORTHBOUND stocks were finance. Info Tech saw net selling. Again. 


Mainland Connect NORTHBOUND Flows (To 9 Feb 2024): Decent Net Momo Buying, Especially in Financials

<ul>
<li>BYD released its result estimate for 2023, in which net profit rose by 74% to 86% over 2022.</li>
<li>Li auto delivered 31,165 vehicles in January 2024, up by 106% over 2023.</li>
<li>As per rumors reported in the media, Alibaba will sell RT-Mart, a supermarket brand.</li>
</ul>


BYD released its result estimate for 2023, in which net profit rose by 74% to 86% over 2022.
Li auto delivered 31,165 vehicles in January 2024, up by 106% over 2023.
As per rumors reported in the media, Alibaba will sell RT-Mart, a supermarket brand.


China Consumption Weekly (5 Feb 2024): BYD, Li Auto, Alibaba, Sun Art

<ul>
<li>We believe Hang Seng Index’s tumble was due to a comment in a governmental newspaper.</li>
<li>BYD announced that it will sell three models of new energy vehicles in Indonesia.</li>
<li>Trip.com began to sell tickets of scenic locations via the Kuaishou app.</li>
</ul>


We believe Hang Seng Index’s tumble was due to a comment in a governmental newspaper.
BYD announced that it will sell three models of new energy vehicles in Indonesia.
Trip.com began to sell tickets of scenic locations via the Kuaishou app.


China Consumption Weekly: HSI, BYD, Trip.com, Kuaishou, Baidu

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

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.

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

Stellantis NV manufactures and markets automobiles and commercial vehicles. The Company also produces metallurgical products and production systems for the automobile industry, as well as owns publishing and insurance companies. Stellantis serves customers worldwide.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

BYD (1211 HK): Strong Revenue in 2023 and to Change Strategy in 2024

Total revenue increase by 42% and automobile revenue increased by 49% in 2023. We believe BYD will move its focus from low price to new vehicle...

Ming Lu

Mainland Connect NORTHBOUND Flows (To 9 Feb 2024): Decent Net Momo Buying, Especially in Financials

NORTHBOUND saw very strong overall activity and decent net buying in the four-day week ahead of the long Chinese New Year holidays. Renewables...

Travis Lundy

China Consumption Weekly (5 Feb 2024): BYD, Li Auto, Alibaba, Sun Art

BYD estimated its net profit rose by 74% to 86% in 2023. Li auto's deliveries increased by 106% YoY in January 2024. It is rumored that Alibaba...

Ming Lu

China Consumption Weekly: HSI, BYD, Trip.com, Kuaishou, Baidu

We believe Hang Seng Index’s tumble was due to a comment on a governmental newspaper. BYD will sell vehicles in Indonesia. Trip.com began to sell...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD (1211 HK): Strong Revenue in 2023 and to Change Strategy in 2024

Total revenue increase by 42% and automobile revenue increased by 49% in 2023. We believe BYD will move its focus from low price to new vehicle...

Ming Lu

The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Quiddity's New & Improved And Really Quite Spiffy H/A Discount Monitor. All the H/A Pairs, universe & sector metrics, with interactive tables and...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 9 Feb 2024): Decent Net Momo Buying, Especially in Financials

NORTHBOUND saw very strong overall activity and decent net buying in the four-day week ahead of the long Chinese New Year holidays. Renewables...

Travis Lundy

China Consumption Weekly (5 Feb 2024): BYD, Li Auto, Alibaba, Sun Art

BYD estimated its net profit rose by 74% to 86% in 2023. Li auto's deliveries increased by 106% YoY in January 2024. It is rumored that Alibaba...

Ming Lu

China Consumption Weekly: HSI, BYD, Trip.com, Kuaishou, Baidu

We believe Hang Seng Index’s tumble was due to a comment on a governmental newspaper. BYD will sell vehicles in Indonesia. Trip.com began to sell...

Ming Lu