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>Stellantis invested in Leapmotor and their joint venture will sell electric cars in Europe.</li>
<li>Two vehicle producers, GAC and Li Auto, are dismissing employees.</li>
<li>Tencent Music’s music revenue grew by 43% YoY in 1Q24.</li>
</ul>


Stellantis invested in Leapmotor and their joint venture will sell electric cars in Europe.
Two vehicle producers, GAC and Li Auto, are dismissing employees.
Tencent Music’s music revenue grew by 43% YoY in 1Q24.


China Consumption (20 May 2024): Leapmotor, Stellantis, GAC, Honda, Li Auto, ZTO, Tencent Music

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minth-group-ltd" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group Ltd (425 HK)</a> revenue went up by 14% (almost 3x of China’s passenger vehicle market, which grew 5%) and net income by 20% on 1H 24</li>
<li>It has developed <strong>environmentally friendly collision aluminum</strong>, with a carbon emission of less than 2.5 kg CO2 /Kg.AL while typically it produces 16 CO2/kg.AL</li>
<li>Battery housing business contributed 21% instead of 18% of total revenue with OPM expanded from 18% to 20%. </li>
</ul>



Minth Group Ltd (425 HK) revenue went up by 14% (almost 3x of China’s passenger vehicle market, which grew 5%) and net income by 20% on 1H 24
It has developed environmentally friendly collision aluminum, with a carbon emission of less than 2.5 kg CO2 /Kg.AL while typically it produces 16 CO2/kg.AL
Battery housing business contributed 21% instead of 18% of total revenue with OPM expanded from 18% to 20%. 


Minth (425): Battery Housing as New Growth Driver

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>Stellantis has reported strong results in its Full Year 2023 Results, demonstrating the company's high resilience even amid challenges.</li>
<li>Stellantis' CEO, Carlos Tavares reflected on the record net revenues, net profit, and free cash flow for the year, showing an increase of 6%, 11%, and 19% respectively.</li>
<li>The CEO noted that Stellantis' strategy is all about profitable growth.</li>
</ul>


Stellantis has reported strong results in its Full Year 2023 Results, demonstrating the company's high resilience even amid challenges.
Stellantis' CEO, Carlos Tavares reflected on the record net revenues, net profit, and free cash flow for the year, showing an increase of 6%, 11%, and 19% respectively.
The CEO noted that Stellantis' strategy is all about profitable growth.


Stellantis N.V: Will Their Ambitious Electrification Strategy Yield Dividends?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our overall outlook remains largely unchanged; we remain bullish on global equities as long as the MSCI ACWI (ACWI-US) is above major $93 support.</li>
<li>We also discussed that if the 10-year Treasury yield remains below 4.35% and the DXY is below $105.70, we would continue to expect $93 support on ACWI-US to hold.</li>
<li>The 10-year Treasury yield is attempting to break above 4.35% and this could create a problem for ACWI-US; we will continue to monitor closely.</li>
</ul>


Our overall outlook remains largely unchanged; we remain bullish on global equities as long as the MSCI ACWI (ACWI-US) is above major $93 support.
We also discussed that if the 10-year Treasury yield remains below 4.35% and the DXY is below $105.70, we would continue to expect $93 support on ACWI-US to hold.
The 10-year Treasury yield is attempting to break above 4.35% and this could create a problem for ACWI-US; we will continue to monitor closely.


Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Both TSMC and UMC saw about 20% cut in automotive industry wafer sales in 3Q23, which was 20% worse than customers' guidance.</li>
<li>Reasons for discrepancies: 1. IDMs cut foundry orders but keep in house utilization higher; 2. Worse than expected US auto factories strike; 3. Rate hike results in worse car sales.</li>
<li>We suggest clients to be cautious on the investment of automotive supply chain for the next 3-6 months</li>
</ul>


Both TSMC and UMC saw about 20% cut in automotive industry wafer sales in 3Q23, which was 20% worse than customers' guidance.
Reasons for discrepancies: 1. IDMs cut foundry orders but keep in house utilization higher; 2. Worse than expected US auto factories strike; 3. Rate hike results in worse car sales.
We suggest clients to be cautious on the investment of automotive supply chain for the next 3-6 months


Top Foundries See Cut in Automotive Industry Wafer Sales, Implications

Italy

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. ... More

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Stellantis NV (STLAM IM)

China Consumption (20 May 2024): Leapmotor, Stellantis, GAC, Honda, Li Auto, ZTO, Tencent Music

Stellantis and Leapmotor's joint venture will sell electric cars in Europe. GAC and Li Auto, are dismissing employees. Tencent Music’s music...

Ming Lu

Minth (425): Battery Housing as New Growth Driver

Dirt cheap valuation (-27% YTD) while numbers have improved. Produced an environmentally friendly aluminum with 85% less emissions compared to...

Henry Soediarko

Stellantis N.V: Will Their Ambitious Electrification Strategy Yield Dividends?

Stellantis has reported strong results in its Full Year 2023 Results, demonstrating the company's high resilience even amid...

Baptista Research

Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value

We're constructive on global equities as long as $ACWI is above $93 support, however, the 10-year Treasury yield $TNX is breaking above 4.35%...

Vermilion Research

Top Foundries See Cut in Automotive Industry Wafer Sales, Implications

Top foundries see worse than expected automotive wafer sales, implying more automotive supply chain members are going to miss earnings expectation...

Andrew Lu

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