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>The index changes for DAX, MDAX, SDAX, and TecDAX were announced yesterday.</li>
<li>
<a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> will move from MDAX to DAX while <a href="https://www.smartkarma.com/entities/delivery-hero-se" target="_blank" data-smartkarma-citation="entities:24416:1" rel="noopener">Delivery Hero SE (DHER GR)</a> will move from DAX to MDAX.</li>
<li>Below is a closer look at the excess volume expectations and historical price and volume performance of the names involved in this Rebalance Event.</li>
</ul>


The index changes for DAX, MDAX, SDAX, and TecDAX were announced yesterday.

Beiersdorf AG (BEI GR) will move from MDAX to DAX while Delivery Hero SE (DHER GR) will move from DAX to MDAX.
Below is a closer look at the excess volume expectations and historical price and volume performance of the names involved in this Rebalance Event.


DAX, MDAX, SDAX, TecDAX June 2022 Rebalance: Encavis & Hensoldt Top Positives; Hypoport Top Negative

<ul>
<li>DAX is a German blue-chip index that tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. </li>
<li>The DAX Index is reviewed on a quarterly basis in March, June, September, and December. </li>
<li>In this insight, we take a look at the potential constituency changes for the June 2022 review. This is a follow-up insight to <a href="https://www.smartkarma.com/insights/dax-index-quiddity-leaderboard-for-june-2022" target="_blank" data-smartkarma-citation="insights:68078" rel="noopener">DAX Index: Quiddity Leaderboard for June 2022</a> </li>
</ul>


DAX is a German blue-chip index that tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. 
The DAX Index is reviewed on a quarterly basis in March, June, September, and December. 
In this insight, we take a look at the potential constituency changes for the June 2022 review. This is a follow-up insight to DAX Index: Quiddity Leaderboard for June 2022 


DAX Index: Quiddity Leaderboard for June 2022 (2.0): Rheinmetall Looks Interesting

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. </li>
<li>Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. </li>
<li>Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. </li>
</ul>



DiDi Global (DIDI US) will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. 
Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. 
Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. 


Equity Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.</li>
<li>In <a href="https://www.smartkarma.com/insights/goto-gojek-tokopedia-ipo-initiation-island-shopping" target="_blank" data-smartkarma-citation="insights:67047" rel="noopener">GoTo Gojek Tokopedia IPO Initiation: Island Shopping</a>, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. </li>
<li>Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. </li>
</ul>



GoTo (1379371D IJ) is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.
In GoTo Gojek Tokopedia IPO Initiation: Island Shopping, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. 
Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. 


GoTo Gojek Tokopedia IPO: Valuation Insights

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

Equity Bottom-Up

<ul><li>Germany-based Delivery Hero’s saw its third quarter revenue from Asia soar 88% from the same period last year to stand at 854 million euros (US$978 million).</li><li>Foodpanda has become a prized possession for Delivery Hero, with Asia continuing to be the German group’s largest market as the region brings in about half (48%) of its overall revenue.</li><li>Meanwhile, Foodpanda’s quarterly contribution margin – total sales revenue minus variable costs – in Asia broke even for the first time. </li></ul>

Germany-based Delivery Hero’s saw its third quarter revenue from Asia soar 88% from the same period last year to stand at 854 million euros (US$978 million).Foodpanda has become a prized possession for Delivery Hero, with Asia continuing to be the German group’s largest market as the region brings in about half (48%) of its overall revenue.Meanwhile, Foodpanda’s quarterly contribution margin – total sales revenue minus variable costs – in Asia broke even for the first time. 

Delivery Hero Earns Nearly $1b in Revenue from Asia in Q3 2021

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)

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DiDi to Vote on US Delisting on 23 May

DiDi will hold an EGM on 23 May to vote to delist the ADS. Directors and key pre-IPO investors together account for 48.2% of outstanding shares,...

Arun George

GoTo Gojek Tokopedia IPO: Valuation Insights

Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. Books will close on 21 March....

Arun George

Delivery Hero Earns Nearly $1b in Revenue from Asia in Q3 2021

Germany-based Delivery Hero’s saw its third quarter revenue from Asia soar 88% from the same period last year to stand at 854 million euros (US$978...

Tech in Asia

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