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.

Thematic (Sector/Industry)

<ul><li>Although total retail sales growth of 12.7% YoY in May 2023 missed Wind consensus (+13.6% YoY) again, the YoY online retail sales of physical goods of 16.9% (two-year CAGR of 11.8%) was a beat compared to our estimates of 11%, which we attribute to shopping festival promotions of online channels that stimulates consumer’s willingness to shopping online.</li><li>In addition, overall online retail sales GMV growth accelerated to 13.8% YoY in 5M23 (4M23: 12.3%) as online game was less a drag and online travel recorded strong performance, which both likely to sustain in the rest of 2Q23.</li><li>We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover, while the aggressive efforts that e-commerce platforms spent to drive for better consumer engagement may provide support. </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.

Although total retail sales growth of 12.7% YoY in May 2023 missed Wind consensus (+13.6% YoY) again, the YoY online retail sales of physical goods of 16.9% (two-year CAGR of 11.8%) was a beat compared to our estimates of 11%, which we attribute to shopping festival promotions of online channels that stimulates consumer’s willingness to shopping online.In addition, overall online retail sales GMV growth accelerated to 13.8% YoY in 5M23 (4M23: 12.3%) as online game was less a drag and online travel recorded strong performance, which both likely to sustain in the rest of 2Q23.We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover, while the aggressive efforts that e-commerce platforms spent to drive for better consumer engagement may provide support. 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.

China Internet – May online retail sales recap

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation. </li>
</ul>



JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation. 


JD Property Pre-IPO - Initial Thoughts on Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a>/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> owns a 74.96% stake.</li>
<li>In <a href="https://www.smartkarma.com/insights/jd-property-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104496" rel="noopener">JD Property IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging revenue growth, and high cash burn.</li>
</ul>



JD Property (JDP HK)/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. JD.com Inc (ADR) (JD US) owns a 74.96% stake.
In JD Property IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging revenue growth, and high cash burn.


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>JD.com delivered a positive result and managed an all-around beat in the last quarter.</li><li>The company played a crucial role in supporting the economy and people's livelihoods during this challenging period.</li><li>By streamlining the management structure and empowering frontline business teams, JD.com improved the efficiency of its operations.</li></ul>

JD.com delivered a positive result and managed an all-around beat in the last quarter.The company played a crucial role in supporting the economy and people's livelihoods during this challenging period.By streamlining the management structure and empowering frontline business teams, JD.com improved the efficiency of its operations.

JD.com Inc.: Growing User Base & JD Plus Members Is A Positive Sign – Key Drivers

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>Our recent channel check suggests that JD's YoY growth during this year's 618 major promotion event may exceed 15%, higher than the 10% growth seen in 2022.</li>
<li>The increase in air conditioner sales due to hot weather and the boost in sales of subsidized products are expected to be the main drivers. </li>
<li>We raise JD’s TP to US$ 32 and lower PDD’s TP to US$ 91 but have maintained JD’s SELL rating and PDD’s BUY rating.</li>
</ul>


Our recent channel check suggests that JD's YoY growth during this year's 618 major promotion event may exceed 15%, higher than the 10% growth seen in 2022.
The increase in air conditioner sales due to hot weather and the boost in sales of subsidized products are expected to be the main drivers. 
We raise JD’s TP to US$ 32 and lower PDD’s TP to US$ 91 but have maintained JD’s SELL rating and PDD’s BUY rating.


JD/PDD/E-Commerce Sector Report: JD May Have Better-Than-Expected Performance in 618

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)

China Internet – May online retail sales recap

We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover

CMB International

JD Property Pre-IPO - Initial Thoughts on Valuation

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will discuss our initial thoughts on valuation.

Clarence Chu

JD Property IPO: The Bear Case

The key elements of the bear case rest on the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging the revenue...

Arun George

JD.com Inc.: Growing User Base & JD Plus Members Is A Positive Sign – Key Drivers

JD.com delivered a positive result and managed an all-around beat in the last quarter. The company played a crucial role in supporting the economy...

Baptista Research

JD/PDD/E-Commerce Sector Report: JD May Have Better-Than-Expected Performance in 618

Our recent channel check suggests that JD's YoY growth during this year's 618 may exceed 15%, higher than the 10% growth seen in 2022. We raise...

Blue Lotus Research Institute

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