European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Neither Elliot nor <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> intend to pursue <a href="https://www.smartkarma.com/entities/currys-plc" target="_blank" data-smartkarma-citation="entities:21892:1" rel="noopener">Currys PLC (CURY LN)</a> at this stage and thus won't be able to present an offer for the next six months.</li>
<li>Currys has issued an upbeat trading update. My new TP is 78p/share, &gt;16% above Elliot's sweetened offer, 10.4x 24e P/E vs 7.6x currently, and 9.1x 25e P/E vs 6.6x currently.</li>
<li>My TP implied equity value is 864 million. I believe the Board and top shareholders would be willing to consider offers around 80p.</li>
</ul>


Neither Elliot nor JD.com (9618 HK) intend to pursue Currys PLC (CURY LN) at this stage and thus won't be able to present an offer for the next six months.
Currys has issued an upbeat trading update. My new TP is 78p/share, &gt;16% above Elliot's sweetened offer, 10.4x 24e P/E vs 7.6x currently, and 9.1x 25e P/E vs 6.6x currently.
My TP implied equity value is 864 million. I believe the Board and top shareholders would be willing to consider offers around 80p.


Currys Lifts Profit Outlook After Suitors Walk Away

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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.</li>
<li>For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> block.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.
For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn ITC Ltd (ITC IN) block.


ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial

Belle Fashion Group / Equity Capital Markets

<ul>
<li>Belle Fashion (BF) aims to raise up to US$1bn in its Hong Kong listing. The company recently refiled its application proof after a gap of two years.</li>
<li>As per F&amp;S, it was the largest player in China’s fashion footwear market with a 12.3% market share, based on 2022 retail sales.</li>
<li>We have looked at the company’s past performance based on its earlier filings in 2022. In this note, we talk about the updates from its recent filings.</li>
</ul>


Belle Fashion (BF) aims to raise up to US$1bn in its Hong Kong listing. The company recently refiled its application proof after a gap of two years.
As per F&amp;S, it was the largest player in China’s fashion footwear market with a 12.3% market share, based on 2022 retail sales.
We have looked at the company’s past performance based on its earlier filings in 2022. In this note, we talk about the updates from its recent filings.


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>BABA/PDD/CPNG: South Korean commissions investigating compliance of Chinese ecommerce platforms (-/-/+)</li>
<li>ByteDance/3690 HK: Douyin life service business had organizational restructure, and set annual sales target at RMB600bn, 100% yoy(-)</li>
<li>JD: JD provides free AI services for new 3P merchants (+)</li>
</ul>


BABA/PDD/CPNG: South Korean commissions investigating compliance of Chinese ecommerce platforms (-/-/+)
ByteDance/3690 HK: Douyin life service business had organizational restructure, and set annual sales target at RMB600bn, 100% yoy(-)
JD: JD provides free AI services for new 3P merchants (+)


[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>In Q423 JD Logistics booked 10% top-line growth &amp; solid margin improvement</li>
<li>We analyze the impacts of JD.com &amp; Deppon Logistics on JD Logistics' Q423</li>
<li>Given still-low profitability, JD Logistics does not appear cheap, in our view</li>
</ul>


In Q423 JD Logistics booked 10% top-line growth &amp; solid margin improvement
We analyze the impacts of JD.com &amp; Deppon Logistics on JD Logistics' Q423
Given still-low profitability, JD Logistics does not appear cheap, in our view


Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

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
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JD.com (9618 HK)

Currys Lifts Profit Outlook After Suitors Walk Away

Neither Elliot nor JD.com intend to pursue Currys PLC at this stage and thus won't be able to present an offer for the next six months. Meanwhile...

Jesus Rodriguez Aguilar

ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Belle Fashion Pre-IPO - Refiling Updates

Belle Fashion (BF) aims to raise up to US$1bn in its Hong Kong listing. The company recently refiled its application proof after a gap of two years.

Sumeet Singh

[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.

Blue Lotus Research Institute

Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

JD Logistics reported +10% top-line growth in Q423, and strong improvements in margins. In this insight we look at the dynamics between JD...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Currys Lifts Profit Outlook After Suitors Walk Away

Neither Elliot nor JD.com intend to pursue Currys PLC at this stage and thus won't be able to present an offer for the next six months. Meanwhile...

Jesus Rodriguez Aguilar

ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Belle Fashion Pre-IPO - Refiling Updates

Belle Fashion (BF) aims to raise up to US$1bn in its Hong Kong listing. The company recently refiled its application proof after a gap of two years.

Sumeet Singh

[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

​South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.

Blue Lotus Research Institute

Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

JD Logistics reported +10% top-line growth in Q423, and strong improvements in margins. In this insight we look at the dynamics between JD...

Tracking Traffic

South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.