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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

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/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (9878 HK)</a> raised around US$285m in its Hong Kong IPO.</li>
<li>Overall, we are not comfortable with paying a premium valuation for HTD given its small scale of operations in a highly competitive and fragmented market. </li>
<li>In this note, we will look at the trading dynamics and current valuation.</li>
</ul>



Huitongda (9878 HK) raised around US$285m in its Hong Kong IPO.
Overall, we are not comfortable with paying a premium valuation for HTD given its small scale of operations in a highly competitive and fragmented market. 
In this note, we will look at the trading dynamics and current valuation.


Huitongda (汇通达) IPO Trading - Subscription Rates and Cornerstone Quality Leaves Much to Be Desired

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

<ul>
<li>JD Logistics is a logistics distribution service platform that provides logistics solutions in China through its nationwide warehouse and distribution logistics network</li>
<li>Unlike its peers, it does not directly invest in warehouse assets but instead leases them from its parent company JD.com, which theoretically confers advantages of an "asset light" strategy</li>
<li>JD Logistics has yet to yield such benefits to date, but its upcoming full year 2021 results could help investors determine potential ROA and margin improvement trends</li>
</ul>


JD Logistics is a logistics distribution service platform that provides logistics solutions in China through its nationwide warehouse and distribution logistics network
Unlike its peers, it does not directly invest in warehouse assets but instead leases them from its parent company JD.com, which theoretically confers advantages of an "asset light" strategy
JD Logistics has yet to yield such benefits to date, but its upcoming full year 2021 results could help investors determine potential ROA and margin improvement trends


JD Logistics (2618 HK) - Asset Light Model Yet to Yield Higher Returns?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Delhivery is looking to raise US$1bn in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Delhivery is looking to raise US$1bn in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
In this note, we talk about the positive aspects of the deal.


Delhivery Pre-IPO - The Positives - Riding the E-Commerce Boom

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

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.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> is expected to release fourth quarter and full-year 2021 results on 23rd March 2022.</li>
<li>We expect fourth quarter 2021 earnings to be soft driven by slowdown in online advertising and online games revenues.</li>
<li>In our 3Q2021 earnings note, we highlighted that weakness in Tencent’s earnings have begun to show up and we expect further declines in 4Q2021E.</li>
</ul>



Tencent (700 HK) is expected to release fourth quarter and full-year 2021 results on 23rd March 2022.
We expect fourth quarter 2021 earnings to be soft driven by slowdown in online advertising and online games revenues.
In our 3Q2021 earnings note, we highlighted that weakness in Tencent’s earnings have begun to show up and we expect further declines in 4Q2021E.


Tencent: 4Q2021 Earnings to Soften with Decelerating Games Growth and Weak Ad Revenue

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)

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

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

Brian Freitas

Huitongda (汇通达) IPO Trading - Subscription Rates and Cornerstone Quality Leaves Much to Be Desired

Huitongda Network raised around US$285m in its Hong Kong IPO. In this note, we will look at the trading dynamics and current valuation.

Clarence Chu

JD Logistics (2618 HK) - Asset Light Model Yet to Yield Higher Returns?

JD Logistics does not directly invest in warehouse assets but instead leases them from JD, which theoretically confers "asset light" advantages. We...

Jason Yap, CFA

Delhivery Pre-IPO - The Positives - Riding the E-Commerce Boom

Delhivery is looking to raise US$1bn in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.

Sumeet Singh

Tencent: 4Q2021 Earnings to Soften with Decelerating Games Growth and Weak Ad Revenue

We expect Tencent’s 4Q2021E results to show up further weaknesses in the company’s earnings driven by decelerating growth in online games and...

Shifara Samsudeen, ACMA, CGMA

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