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>Plummeting ASPs likely pushed STO and Yunda OpInc margins below 0% in Q423</li>
<li>The companies' operating cash flow may be insufficient to fund needed capex</li>
<li>Reduced investment could lead to slower growth, consolidation pressure in '24</li>
</ul>


Plummeting ASPs likely pushed STO and Yunda OpInc margins below 0% in Q423
The companies' operating cash flow may be insufficient to fund needed capex
Reduced investment could lead to slower growth, consolidation pressure in '24


STO & Yunda May Report Operating Losses in Q423, Hampering Their Ability to Invest & Grow in '24

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

Alibaba Group Holding  / 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, we continued our coverage of <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> and looked at <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> Hong Kong filings.</li>
<li>Placements continued to trickle in throught the week, across the region, apart from Hong Kong.</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, we continued our coverage of Amer Sports (AS US) and looked at Mixue Group Hong Kong filings.
Placements continued to trickle in throught the week, across the region, apart from Hong Kong.


ECM Weekly (21st Jan 2024) - Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

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

<ul>
<li>The review period for a global index commenced last week and will run through this week as well.</li>
<li>The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.</li>
<li>Huge inflows to <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> trackers during the week while there was a big outflow from <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong (2800 HK)</a>. </li>
</ul>


The review period for a global index commenced last week and will run through this week as well.
The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.
Huge inflows to CSI 300 Index trackers during the week while there was a big outflow from Tracker Fund of Hong Kong (2800 HK). 


Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

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>NTES: NetEase Announces &lt;Eggy Party&gt;’s Spin-off Game &lt;Project Three&gt; (+)</li>
<li>1219 HK/ PDD/ SHEIN/ BABA: Temu negotiating with J&amp;T for cooperation in overseas last-mile services (+)</li>
<li>PDD/ SHEIN/ AMZN/  SE/ MELI: Temu launches in South Africa (+/-)</li>
</ul>


NTES: NetEase Announces &lt;Eggy Party&gt;’s Spin-off Game &lt;Project Three&gt; (+)
1219 HK/ PDD/ SHEIN/ BABA: Temu negotiating with J&amp;T for cooperation in overseas last-mile services (+)
PDD/ SHEIN/ AMZN/  SE/ MELI: Temu launches in South Africa (+/-)


[Blue Lotus Daily - TMT Update]:NTES/BABA/PDD/3690 HK/JD/VIPS/1219 HK/SHEIN/AMZN/SE/MELI

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul><li>(I didn’t want to send it out right away, because I wanted to proofread my post before sending it, and unfortunately DADA is already up 10% since writing :( )</li><li>Recently Dada Nexus (DADA) , a Chinese last mile delivery service and on demand retail platform reported that about 500mn RMB ($70mn US) of revenue and costs were overstated for the first 3 reported quarters of 2023.</li><li>This news came right after 2 JD executives had taken over management of the company in December last year.</li></ul>

(I didn’t want to send it out right away, because I wanted to proofread my post before sending it, and unfortunately DADA is already up 10% since writing :( )Recently Dada Nexus (DADA) , a Chinese last mile delivery service and on demand retail platform reported that about 500mn RMB ($70mn US) of revenue and costs were overstated for the first 3 reported quarters of 2023.This news came right after 2 JD executives had taken over management of the company in December last year.

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JD.com (9618 HK)

STO & Yunda May Report Operating Losses in Q423, Hampering Their Ability to Invest & Grow in '24

Plummeting prices and already-low profitability could force second-tier Chinese express names STO and Yunda to be part of industry consolidation in...

Tracking Traffic

ECM Weekly (21st Jan 2024) - Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

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

Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

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

Brian Freitas

[Blue Lotus Daily - TMT Update]:NTES/BABA/PDD/3690 HK/JD/VIPS/1219 HK/SHEIN/AMZN/SE/MELI

NetEase announces spin-off game; Temu negotiates with J&T for overseas last-mile services; Temu launches in South Africa.

Blue Lotus Research Institute

Two New Chinese Stocks

Recently Dada Nexus (DADA) , a Chinese last mile delivery service and on demand retail platform reported that about 500mn RMB ($70mn US) of revenue...

Turtles all the way down

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

STO & Yunda May Report Operating Losses in Q423, Hampering Their Ability to Invest & Grow in '24

Plummeting prices and already-low profitability could force second-tier Chinese express names STO and Yunda to be part of industry consolidation in...

Tracking Traffic

ECM Weekly (21st Jan 2024) - Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

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

Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

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

Brian Freitas

[Blue Lotus Daily - TMT Update]:NTES/BABA/PDD/3690 HK/JD/VIPS/1219 HK/SHEIN/AMZN/SE/MELI

​NetEase announces spin-off game; Temu negotiates with J&T for overseas last-mile services; Temu launches in South Africa.

Blue Lotus Research Institute

Two New Chinese Stocks

Recently Dada Nexus (DADA) , a Chinese last mile delivery service and on demand retail platform reported that about 500mn RMB ($70mn US) of revenue...

Turtles all the way down

NetEase announces spin-off game; Temu negotiates with J&T for overseas last-mile services; Temu launches in South Africa.