Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.</li>
<li>In the March 2023 review, I do not see any changes for the DAX index although a couple names are close to the border.</li>
<li>As it stands, I currently expect two more changes between MDAX and SDAX and one more ADD/DEL for the SDAX index based on the latest available data.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.
In the March 2023 review, I do not see any changes for the DAX index although a couple names are close to the border.
As it stands, I currently expect two more changes between MDAX and SDAX and one more ADD/DEL for the SDAX index based on the latest available data.


Quiddity Leaderboard for DAX Mar 23: Linde DEL Triggers US$2.7bn Reverse Funding Flows

Research from Tech in Asia, Tech in Asia

Tech in Asia

Research from Tech in Asia

Tech in Asia (YC W15) is the largest English-language technology media company that focuses on Asia. From the latest news to the hottest trends and the boldest startups to the strongest titans, we cover everything tech in the region. Our goal is to build and serve Asia’s tech and startup community.

News from Tech in Asia

Thematic (Sector/Industry)

<ul><li>In 2022, Southeast Asia’s food delivery expenditure reached US$16.3 billion, growing by 5%, a report by Momentum Works showed.</li><li>For the first time in three years, this growth was largely driven by smaller food delivery markets, namely the Philippines, Malaysia, and Vietnam.</li><li>'Meanwhile, Singapore, Indonesia, and Thailand recorded a decline in gross merchandise value (GMV) in the past year.</li></ul>

In 2022, Southeast Asia’s food delivery expenditure reached US$16.3 billion, growing by 5%, a report by Momentum Works showed.For the first time in three years, this growth was largely driven by smaller food delivery markets, namely the Philippines, Malaysia, and Vietnam.'Meanwhile, Singapore, Indonesia, and Thailand recorded a decline in gross merchandise value (GMV) in the past year.

SEA Food Delivery Spending Tops $16.3b in 2022: Report

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>The food-delivery company <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  initiated the stock buyback program and will purchase up to <strong>£75M</strong> worth of shares to reassure investors. </li>
<li>
<a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  is down ~77% from the IPO price as Covid lockdown restrictions have ended and revenue growth slowed significantly. </li>
<li>
<a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  currently trades at 0.1x EV/2022E GMV, a discount relative to its key peers that trade at an average of 0.3x EV/2022E GMV.  </li>
</ul>


The food-delivery company Deliveroo (ROO LN)  initiated the stock buyback program and will purchase up to £75M worth of shares to reassure investors. 

Deliveroo (ROO LN)  is down ~77% from the IPO price as Covid lockdown restrictions have ended and revenue growth slowed significantly. 

Deliveroo (ROO LN)  currently trades at 0.1x EV/2022E GMV, a discount relative to its key peers that trade at an average of 0.3x EV/2022E GMV.  


Deliveroo Has £1B+ Of Dry Powder; The Stock Is Undervalued, £75M Buyback Will Reassure Investors

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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>Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.</li>
<li>Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.
Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)'s</a> announced open-ended share repurchase programme, funded by on-market sale of its Tencent shares, is a significant positive catalyst to reduce its discount to NAV.</li>
<li>Continued operating losses will likely require funding through capital events, in the form of either asset sales or debt issuance.</li>
<li>Cash flow requirements and continued concerns around capital allocation should limit the reduction in the discount to NAV.</li>
</ul>



Prosus (PRX NA)'s announced open-ended share repurchase programme, funded by on-market sale of its Tencent shares, is a significant positive catalyst to reduce its discount to NAV.
Continued operating losses will likely require funding through capital events, in the form of either asset sales or debt issuance.
Cash flow requirements and continued concerns around capital allocation should limit the reduction in the discount to NAV.


Prosus: Finally, a Catalyst; Cash Flows, Capital Allocation, Should Limit Drop in Discount to NAV

Germany

Scout24 AG is an operator of digital classifieds platforms. The Company specializes in the real estate and automotive sectors in Germany and other selected European countries.

Bechtle AG retails computer and office supplies.  The Company markets personal computers, workstations, computer peripherals, mobile devices, computer software, computer networking products, presentation equipment, paper, computer consumables, office furniture, and telecommunications equipment.  Bechtle sells its products through its catalog and Internet website.

Software AG operates as a software development company. The Company enables enterprises to integrate, connect, and manage IoT components, as well as analyze data and predict future events based on artificial intelligence. Software serves customers worldwide.

TeamViewer AG operates as a holding company for TeamViewer Group which is operating a global connectivity platform. TeamViewer offers software solutions to remotely access and connect any computer, tablet, laptop, mobile device, and IoT endpoint such as industrial machines to allow remote control, management, and monitoring of devices as well as interaction and collaboration.

CANCOM SE is an integrated information technology (IT) services provider. The Company provides IT products and services. CANCOM's products and services include security, network and system solutions, communication, storage, backup and archive services, and IT management.

GFT Technologies SE offers software development and consulting services to clients primarily in the area of web-based IT systems. The Company offers IT-business consulting, digital design, system implementation, and support services. GFT Technologies also provides customer training.

Nemetschek AG provides standard software for designing, constructing and managing buildings and real estate.  The Company's software offers cost estimation, design, planning, account calculation, cost management, facilities management, document management and B2B e-commerce capabilities.  Nemetschek's software is sold in approximately 52 countries and 13 languages.

SNP Schneider-Neureither & Partner AG provides software and software related services for the business landscape transformation. The Company's software is used by businesses to implement changes to their IT landscape, business processes and structures. SNP also offer consulting services.

Snp Schneider-Neureither & Partner Ag (SHF GY)

EQS Group AG provides online corporate communications services. The Company's services include financial disclosure, distribution of press releases, corporate websites, financial portals, webcasts, online reports and mobile platforms.

Datagroup SE provides information technology services. The Company offers data center, application development, IT consulting, and other related services. Datagroup operates worldwide.

Yandex NV operates an Internet website in Russia.  The Company's website offers an Internet search engine, news, shopping information, blogs, photographs and videos.  Yandex earns its revenues from online advertising.

SPS Commerce Inc provides on-demand supply chain management solutions through an online hosted software suite.  The Company uses pre-built integrations to eliminate on-premise software and support staff to shorten supply cycle times, optimize inventory levels and reduce costs.

Box, Inc. develops internet applications software. The Company operates a content sharing platform that enables users to share, access, and manage content in the cloud, as well as provides mobile access, online file storage, and online collaboration solutions. Box serves customers worldwide.

PT Indoritel Makmur Internasional Tbk operates as an investment holding company. The Company is primarily focused on the consumer and retail industries in Indonesia.

Cvent, Inc. is an organization that offers a platform for cloud-based enterprise event management. The Company provides software solutions to event planners for online event registration, venue selection, event management, mobile applications for events, e-mail marketing, and web surveys.

NEXTDC Ltd. develops data centers. The Company develops and operates carrier and systems integrator neutral data centers in Australia. NEXTDC's customers will also be able to use the data centers as connectivity and content hubs.

Q2 Holdings Inc is a provider of secure, cloud-based virtual banking solutions. The Company enables regional and community financial institutions, or RCFIs, to deliver a suite of integrated virtual banking services.

Hithink RoyalFlush Information Network Co Ltd provides online financial data, data analysis software, and other financial software system.

Hithink RoyalFlush Information Network (300033 CH)

New Relic, Inc. provides cloud based application performance management solutions for cloud and data center applications. The Company offers a solution including real user, application, and availability monitoring features that enable developers and operations teams to manage web application performance in real-time. New Relic conducts its business in the United States.

Liberty Broadband Corporation invests in communication companies. The Company has principal assets in TruePosition and Time Warner Cable.

Delivery Hero SE offers e-commerce services. The Company provides online food ordering services. Delivery Hero serves customers Germany.

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Delivery Hero SE (DHER GR)

Quiddity Leaderboard for DAX Mar 23: Linde DEL Triggers US$2.7bn Reverse Funding Flows

The largest DAX member Linde AG (LIN GR) is expected to get deleted in February 2023 triggering extraordinary index changes and US$2.7bn in reverse...

Janaghan Jeyakumar, CFA

SEA Food Delivery Spending Tops $16.3b in 2022: Report

In 2022, Southeast Asia’s food delivery expenditure reached US$16.3 billion, growing by 5%, a report by Momentum Works showed.

Tech in Asia

Deliveroo Has £1B+ Of Dry Powder; The Stock Is Undervalued, £75M Buyback Will Reassure Investors

Deliveroo is down ~77% from the IPO price, and we think the stock buyback program will reassure investors, keep in mind a solid balance sheet and...

Andrei Zakharov

Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Zomato raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India. The lock-up on its pre...

Sumeet Singh

Prosus: Finally, a Catalyst; Cash Flows, Capital Allocation, Should Limit Drop in Discount to NAV

In this insight, we analyse Prosus’ operational performance, capital allocation decisions, cash flows, what that implies for the holding company...

Wium Malan, CFA

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