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>JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.</li><li>Non-GAAP net income of RMB7.7bn in 4Q22 was ahead of our estimates/consensus at RMB5.6/5.5bn, and translated into a non-GAAP net margin of 2.6% (4Q21: 1.3%), 0.7pp ahead of our forecast.</li><li>For 2022, total revenue grew 10% YoY (2021: 28%) to RMB1.0tn, and non-GAAP net margin expanded by 0.9pp YoY to 2.7%.</li></ul><p><em>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.</em></p>

JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.Non-GAAP net income of RMB7.7bn in 4Q22 was ahead of our estimates/consensus at RMB5.6/5.5bn, and translated into a non-GAAP net margin of 2.6% (4Q21: 1.3%), 0.7pp ahead of our forecast.For 2022, total revenue grew 10% YoY (2021: 28%) to RMB1.0tn, and non-GAAP net margin expanded by 0.9pp YoY to 2.7%.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.

JD.com (JD US) – Driving for long-term healthy growth

China/Asia TMT

Shawn Yang

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

<ul>
<li>In C4Q22, JD reported in-line total revenue and beat in profit. We trimmed down our forecast on C1Q23 total revenue by 4% due to slower-than-expected rebound in retail spending. </li>
<li>JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the company.</li>
<li>We cut our revenue forecast by 5%. Our estimates on top and bottom lines in 2023 are (6%) and (28%) below cons. Maintain SELL rating and cut TP to US$27.</li>
</ul>


In C4Q22, JD reported in-line total revenue and beat in profit. We trimmed down our forecast on C1Q23 total revenue by 4% due to slower-than-expected rebound in retail spending. 
JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the company.
We cut our revenue forecast by 5%. Our estimates on top and bottom lines in 2023 are (6%) and (28%) below cons. Maintain SELL rating and cut TP to US$27.


[JD.com (JD US) Target Price Change]: Painful Transition Weighs on Both Topline and Margin

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.

<ul>
<li>JD’s revenue growth rate reached its historical low in 2022, but we believe it will recover in following two years.</li>
<li>JD’s operating margin hit its historical high in 2022 and we believe the improvement will continue.</li>
<li>We believe EPS will grow by more than 100% in 2022 and the stock has an upside of 42%.</li>
</ul>


JD’s revenue growth rate reached its historical low in 2022, but we believe it will recover in following two years.
JD’s operating margin hit its historical high in 2022 and we believe the improvement will continue.
We believe EPS will grow by more than 100% in 2022 and the stock has an upside of 42%.


JD.com (9618 HK): 2022, Historical Low Growth, But Historical High Margin.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we talk about the updates from its refiled PHIP.</li>
</ul>



DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we talk about the updates from its refiled PHIP.


DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

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

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>The HSCEI 2023 dividend futures have moved up over the last few months though there was a sharp move lower in the last couple of weeks.</li>
<li>With results and dividends scheduled to be announced in the next few weeks, we take a look at the fair value estimate for the 2023 dividend futures.</li>
<li>We also list out the things to watch for over the next few weeks and months that could impact the 2023 dividend futures and the 2023/24 dividend steepener.</li>
</ul>


The HSCEI 2023 dividend futures have moved up over the last few months though there was a sharp move lower in the last couple of weeks.
With results and dividends scheduled to be announced in the next few weeks, we take a look at the fair value estimate for the 2023 dividend futures.
We also list out the things to watch for over the next few weeks and months that could impact the 2023 dividend futures and the 2023/24 dividend steepener.


HSCEI Dividend Futures: Fair Value Estimates as Result Season Looms

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

JD.com (JD US) – Driving for long-term healthy growth

JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.

CMB International

[JD.com (JD US) Target Price Change]: Painful Transition Weighs on Both Topline and Margin

JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the...

Blue Lotus Research Institute

JD.com (9618 HK): 2022, Historical Low Growth, But Historical High Margin.

JD’s revenue growth rate was the historical low in 2022. JD’s operating margin reached its historical high in 2022. We believe EPS will grow by...

Ming Lu

DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates...

Sumeet Singh

HSCEI Dividend Futures: Fair Value Estimates as Result Season Looms

HSCEI constituents will declare 2022 results and dividends in the next few weeks. 2023 div futures are trading around fair, but there could be...

Brian Freitas

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