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>In 3Q24, PDD released strong revenue growth, but a flat margin.</li>
<li>We believe, in 2025, PDD will continue to focus on growth rather than profit.</li>
<li>We conclude an upside of 43% and a price target of US$167 for 2025. Buy.</li>
</ul>


In 3Q24, PDD released strong revenue growth, but a flat margin.
We believe, in 2025, PDD will continue to focus on growth rather than profit.
We conclude an upside of 43% and a price target of US$167 for 2025. Buy.


PDD (PDD US): 3Q24, Focuses on Growth, But Not Profit Margin

<ul>
<li>Temu as a subsidiary of PDD becomes the second largest global e-commerce website.</li>
<li>Meituan merges departments into fewer business units to cut expenses further.</li>
<li>Mercedes-Benz left the joint venture with BYD, as its high end products are not as popular as Tesla models.</li>
</ul>


Temu as a subsidiary of PDD becomes the second largest global e-commerce website.
Meituan merges departments into fewer business units to cut expenses further.
Mercedes-Benz left the joint venture with BYD, as its high end products are not as popular as Tesla models.


China Consumption Weekly (30 Sep 2024): PDD, Meituan, BYD, Benz, Miniso, Yonghui

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

Monolithic Power Systems, Inc / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> is a direct addition followed by <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/dollar-tree-inc" target="_blank" data-smartkarma-citation="entities:10913:1" rel="noopener">Dollar Tree Inc (DLTR US)</a> is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. </li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> , <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a> are amongst the prioritized constituents preventing eligible candidates from entering the index. </li>
</ul>



Monolithic Power Systems (MPWR US) is a direct addition followed by AppLovin (APP US) which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.

Dollar Tree Inc (DLTR US) is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. 

Super Micro Computer (SMCI US) , ARM Holdings (ARM US) and Moderna (MRNA US) are amongst the prioritized constituents preventing eligible candidates from entering the index. 


Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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

Thematic (Sector/Industry)

<ul>
<li>NTES US/BABA US: NPPA Released August Domestic Game Code Approvals.(+/+)</li>
<li>700 HK: 700 HK: &lt;Honor of Kings&gt; July Grossing Up 26% MoM. (+)</li>
<li>BABA US: Alibaba backed AI-startup launches video and music generation model (+)</li>
</ul>


NTES US/BABA US: NPPA Released August Domestic Game Code Approvals.(+/+)
700 HK: 700 HK: &lt;Honor of Kings&gt; July Grossing Up 26% MoM. (+)
BABA US: Alibaba backed AI-startup launches video and music generation model (+)


[Blue Lotus Daily-TMT Update]:NTESUS/BABAUS/700HK/PDDUS/JDUS/VIPSUS/1810HK/SHEIN/WMTUS/4385JP/EBAYUS

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>eBay has the potential to become a trillion-dollar AI powerhouse in e-commerce</li><li>Offers anti-inflationary savings and eliminates fraud risks</li><li>Seen as undervalued with high growth potential compared to Amazon</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

eBay has the potential to become a trillion-dollar AI powerhouse in e-commerceOffers anti-inflationary savings and eliminates fraud risksSeen as undervalued with high growth potential compared to AmazonThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

United States

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ebay Inc (EBAY US)

PDD (PDD US): 3Q24, Focuses on Growth, But Not Profit Margin

In 3Q24, PDD released strong revenue growth, but a flat margin. We believe, in 2025, PDD will continue to focus on growth more than profit margin....

Ming Lu

China Consumption Weekly (30 Sep 2024): PDD, Meituan, BYD, Benz, Miniso, Yonghui

Temu becomes the second largest global e-commerce website. Meituan merges departments to cut expenses. Mercedes-Benz left the joint venture with...

Ming Lu

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

[Blue Lotus Daily-TMT Update]:NTESUS/BABAUS/700HK/PDDUS/JDUS/VIPSUS/1810HK/SHEIN/WMTUS/4385JP/EBAYUS

NPPA approves new games, Honor of Kings sees revenue increase, Alibaba-backed AI startup introduces new model for video and music generation.

Blue Lotus Research Institute

Ebay Inc (EBAY) - Monday, Jan 22, 2024

eBay has the potential to become a trillion-dollar AI powerhouse in e-commerce. Offers anti-inflationary savings and eliminates fraud risks

Value Investors Club

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PDD (PDD US): 3Q24, Focuses on Growth, But Not Profit Margin

In 3Q24, PDD released strong revenue growth, but a flat margin. We believe, in 2025, PDD will continue to focus on growth more than profit margin....

Ming Lu

China Consumption Weekly (30 Sep 2024): PDD, Meituan, BYD, Benz, Miniso, Yonghui

Temu becomes the second largest global e-commerce website. Meituan merges departments to cut expenses. Mercedes-Benz left the joint venture with...

Ming Lu

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

​MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

[Blue Lotus Daily-TMT Update]:NTESUS/BABAUS/700HK/PDDUS/JDUS/VIPSUS/1810HK/SHEIN/WMTUS/4385JP/EBAYUS

​NPPA approves new games, Honor of Kings sees revenue increase, Alibaba-backed AI startup introduces new model for video and music generation.

Blue Lotus Research Institute

Ebay Inc (EBAY) - Monday, Jan 22, 2024

eBay has the potential to become a trillion-dollar AI powerhouse in e-commerce. Offers anti-inflationary savings and eliminates fraud risks

Value Investors Club

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

NPPA approves new games, Honor of Kings sees revenue increase, Alibaba-backed AI startup introduces new model for video and music generation.