Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Despite a negative share price reaction following its 1Q2025 earnings report, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> seems to have entered an earnings upgrade cycle due to improved profitability expectations.</li>
<li>Despite recent share price pressure, due to negative industry readthroughs from peers, Alibaba Group’s near-term momentum indicators are displaying bullish signals.</li>
<li>Alibaba Group trades at more than one standard deviation below its 5-year historic average forward PE ratio, and near the lowest level it has ever been.</li>
</ul>


Despite a negative share price reaction following its 1Q2025 earnings report, Alibaba Group Holding (9988 HK) seems to have entered an earnings upgrade cycle due to improved profitability expectations.
Despite recent share price pressure, due to negative industry readthroughs from peers, Alibaba Group’s near-term momentum indicators are displaying bullish signals.
Alibaba Group trades at more than one standard deviation below its 5-year historic average forward PE ratio, and near the lowest level it has ever been.


Alibaba Group (9988-HK): Positive Technical Analysis Signals

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.

Equity Capital Markets

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal, This Time by the Correct Co-Founder

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 US/1810 HK/BABA US: Government insider says home appliance subsidies to be fully disbursed by end of August (+)</li>
<li>JD US/2618 HK/PDD US/BABA US: JD adjusts its algorithm to improve traffic of low price and fast shipping products (+/+/-/-)</li>
<li>BABA US: Alibaba launches demo of LLM support for mathematical reasoning based on sketches (+)</li>
</ul>


JD US/1810 HK/BABA US: Government insider says home appliance subsidies to be fully disbursed by end of August (+)
JD US/2618 HK/PDD US/BABA US: JD adjusts its algorithm to improve traffic of low price and fast shipping products (+/+/-/-)
BABA US: Alibaba launches demo of LLM support for mathematical reasoning based on sketches (+)


[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>1347 HK/ACMR US: Hua Hong Wuxi Fab Phase II begins tool move-in (+/+)</li>
<li>1810 HK/BIDU US/0175 HK: “Xiaomi criticized for selling cars at a loss” goes viral (+/-/-)</li>
<li>2150 HK:Nayuki's First Overseas Flagship Store Opens in Thailand (+)</li>
</ul>


1347 HK/ACMR US: Hua Hong Wuxi Fab Phase II begins tool move-in (+/+)
1810 HK/BIDU US/0175 HK: “Xiaomi criticized for selling cars at a loss” goes viral (+/-/-)
2150 HK:Nayuki's First Overseas Flagship Store Opens in Thailand (+)


[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

JD.com Inc (ADR) / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at a number of upcoming listings in India.</li>
<li>There was a revival in placement flows during the week, after a lull over the past few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at a number of upcoming listings in India.
There was a revival in placement flows during the week, after a lull over the past few weeks.


ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

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.

Price Gauge
52-week Range	0.00 - 0.00
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JD.com Inc (ADR) (JD US)

Alibaba Group (9988-HK): Positive Technical Analysis Signals

In this insight, we perform a technical analysis of Alibaba Group by looking at earnings forecast revision trends, momentum indicators, and current...

Wium Malan, CFA

Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal, This Time by the Correct Co-Founder

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...

Blue Lotus Research Institute

[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Blue Lotus Research Institute

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba Group (9988-HK): Positive Technical Analysis Signals

In this insight, we perform a technical analysis of Alibaba Group by looking at earnings forecast revision trends, momentum indicators, and current...

Wium Malan, CFA

Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal, This Time by the Correct Co-Founder

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

​Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...

Blue Lotus Research Institute

[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

​Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Blue Lotus Research Institute

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...

Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.