External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Huya’s 1Q24 results beat on margin, with topline/bottom line 1%/84% above consensus.</li><li>Looking into 2Q24E, we expect revenue to achieve 5% QoQ growth, in which livestreaming would bottom out and others revenue +25% OoQ.</li><li>We are positive on Huya’s game-related business monetization and expect upside from multiple titles cooperating with Tencent (e.g. DNF Mobile). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya’s 1Q24 results beat on margin, with topline/bottom line 1%/84% above consensus.Looking into 2Q24E, we expect revenue to achieve 5% QoQ growth, in which livestreaming would bottom out and others revenue +25% OoQ.We are positive on Huya’s game-related business monetization and expect upside from multiple titles cooperating with Tencent (e.g. DNF Mobile). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya (HUYA US) - Fundamentals to Bottom Out

<ul><li>Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. NPM at -12.4% (vs. consensus of -13.9%).</li><li>Looking into FY24E, we suggest to focus on its margin improvement and game monetization from more titles cooperation.</li><li>We forecast stable topline YoY in FY24E, with advertising &amp; other revenues at tripledigit-growth YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. NPM at -12.4% (vs. consensus of -13.9%).Looking into FY24E, we suggest to focus on its margin improvement and game monetization from more titles cooperation.We forecast stable topline YoY in FY24E, with advertising &amp; other revenues at tripledigit-growth YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya (HUYA US) - Margin Improvement to Continue

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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>


Multiple new agencies have been reporting that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. 
The reports have been coming in since the second half of the year and the company has been duly denying these rumors.
In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.


Tencent Investee Selldown - The US$120bn Global Overhang

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

While both Huya and Douyu failed to escape the downward pressure on Chinese tech stocks in the last quarter the latter noticeably outperformed, falling “just” 33% since our last insight vs. a 43% drop for Huya. Those moves have set things up very well for Huya though…

While both Huya and Douyu failed to escape the downward pressure on Chinese tech stocks in the last quarter the latter noticeably outperformed, falling “just” 33% since our last insight vs. a 43% drop for Huya. Those moves have set things up very well for Huya though…

Huya Vs. Douyu – Both Trading Near Net Cash but Buy the More Expensive One

United States

HUYA Inc. operates as a game live streaming platform. The Company offers interactive video broadcast services including e-sports, music, reality show, entertainment genres, talent shows, and anime and outdoor activities. HUYA serves customers in China.

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HUYA (HUYA US)

Huya (HUYA US) - Fundamentals to Bottom Out

We are positive on Huya’s game-related business monetization and expect upside from multiple titles cooperating with Tencent (e.g. DNF Mobile).

CMB International

Huya (HUYA US) - Margin Improvement to Continue

Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. NPM at -12.4% (vs. consensus of -13.9%). Looking into FY24E, we...

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

Huya Vs. Douyu – Both Trading Near Net Cash but Buy the More Expensive One

While both Huya and Douyu failed to escape the downward pressure on Chinese tech stocks in the last quarter the share price falls have set things...

Mio Kato

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