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>JD/VIPS/1519.HK/BABA/PDD/ZTO/600233 CH/002120 CH/002468 CH: Beijing parcel deliveries impacted by regulations on three-wheel cars (+/+/-)</li>
<li>700 HK: ByteDance in Talks with Tencent on Gaming Business Acquisition and Enhanced Cooperation（+）</li>
<li>3690 HK/ByteDance: Douyin local life is testing “free trial”, accumulating graphic and text content.(-)</li>
</ul>


JD/VIPS/1519.HK/BABA/PDD/ZTO/600233 CH/002120 CH/002468 CH: Beijing parcel deliveries impacted by regulations on three-wheel cars (+/+/-)
700 HK: ByteDance in Talks with Tencent on Gaming Business Acquisition and Enhanced Cooperation（+）
3690 HK/ByteDance: Douyin local life is testing “free trial”, accumulating graphic and text content.(-)


[Blue Lotus Daily - TMT Update]: 700 HK/3690 HK/JD/VIPS/1519 HK/BABA/PDD/ZTO/600233 CH/002120 CH

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being market leaders in auto leasing and auctions.</li>
<li>Revenues slowed in 9M2023 due to a slowdown in Anteraja because of slower e-commerce but other areas saw strong growth, especially its auction and used car business.</li>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada</a> continues to build its renamed Cargoshare end-to-end logistics business with new customers and a move into cold chain logistics. Valuations are attractive relative to growth.</li>
</ul>



Adi Sarana Armada (ASSA IJ) represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being market leaders in auto leasing and auctions.
Revenues slowed in 9M2023 due to a slowdown in Anteraja because of slower e-commerce but other areas saw strong growth, especially its auction and used car business.

Adi Sarana Armada continues to build its renamed Cargoshare end-to-end logistics business with new customers and a move into cold chain logistics. Valuations are attractive relative to growth.


Adi Sarana Armada (ASSA IJ) - Leading Player in People and Goods Mobility

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>Coffee Industry: Cotti Coffee promote the application of commercial robots, which we deemed as a gimmick (+)</li>
<li>1211 HK/300750 CH/ QS:US solid start battery startup posted positive test result and stock rose 40% (/)</li>
<li>2618 HK/ZTO/002352 CH/600233 CH/1519 HK/002120 CH/002468 CH: MOT announces new regulations on express parcel delivery (+/+/-/-/-/-/-)</li>
</ul>


Coffee Industry: Cotti Coffee promote the application of commercial robots, which we deemed as a gimmick (+)
1211 HK/300750 CH/ QS:US solid start battery startup posted positive test result and stock rose 40% (/)
2618 HK/ZTO/002352 CH/600233 CH/1519 HK/002120 CH/002468 CH: MOT announces new regulations on express parcel delivery (+/+/-/-/-/-/-)


[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a> continues to drop following its section transfer from the KOSDAQ market to the KOSPI market. Short interest in the stock nearly halved in December.</li>
<li>There were big net inflows to China ETFs with creations in <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> ETFs and redemptions in ETFs tracking the CSI 500 Index and CSI 1000 Index.</li>
<li>Creations continued in the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets ex China (EMXC US)</a> ETF with units outstanding reaching a new high.</li>
</ul>



Posco DX (022100 KS) continues to drop following its section transfer from the KOSDAQ market to the KOSPI market. Short interest in the stock nearly halved in December.
There were big net inflows to China ETFs with creations in CSI 300 Index ETFs and redemptions in ETFs tracking the CSI 500 Index and CSI 1000 Index.
Creations continued in the iShares Emerging Markets ex China (EMXC US) ETF with units outstanding reaching a new high.


Index Rebalance & ETF Flow Recap: HSCEI, HSCI, KRX New Deal, NIFTY50, NEXT50, CNXBANK

<ul>
<li>We see 30 potential adds (including plenty of new listings) and 28 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in March.</li>
<li>We expect 26 stocks to be added to Southbound Stock Connect following the rebalance while 25 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 30 potential adds (including plenty of new listings) and 28 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in March.
We expect 26 stocks to be added to Southbound Stock Connect following the rebalance while 25 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in March

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

Price Gauge
52-week Range	0.00 - 0.00
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J&T Global Express (1519 HK)

[Blue Lotus Daily - TMT Update]: 700 HK/3690 HK/JD/VIPS/1519 HK/BABA/PDD/ZTO/600233 CH/002120 CH

Parcel deliveries in Beijing are affected by regulations on three-wheel cars; ByteDance is discussing gaming business acquisition with Tencent;...

Blue Lotus Research Institute

Adi Sarana Armada (ASSA IJ) - Leading Player in People and Goods Mobility

Adi Sarana Armada represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being the market...

Angus Mackintosh

[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...

Blue Lotus Research Institute

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, KRX New Deal, NIFTY50, NEXT50, CNXBANK

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in March

There could be nearly 58 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]: 700 HK/3690 HK/JD/VIPS/1519 HK/BABA/PDD/ZTO/600233 CH/002120 CH

​Parcel deliveries in Beijing are affected by regulations on three-wheel cars; ByteDance is discussing gaming business acquisition with Tencent;...

Blue Lotus Research Institute

Adi Sarana Armada (ASSA IJ) - Leading Player in People and Goods Mobility

Adi Sarana Armada represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being the market...

Angus Mackintosh

[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

​Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...

Blue Lotus Research Institute

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, KRX New Deal, NIFTY50, NEXT50, CNXBANK

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in March

There could be nearly 58 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

Parcel deliveries in Beijing are affected by regulations on three-wheel cars; ByteDance is discussing gaming business acquisition with Tencent;...

Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...