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

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. </li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the company's valuation.</li>
</ul>


GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. 
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the company's valuation.


GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 22nd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 22nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Nov 22nd): Tencent, AIA, Kuaishou Technology

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

Equity Bottom-Up

<ul>
<li>We upgrade Meituan because we believe its success in Hong Kong might be replicable on a global scale. </li>
<li>The upcoming autonomous driving (ADS) revolution has deep and fundamental implications in permanently cutting Meituan’s logistic cost;</li>
<li>We upgrade the stock from SELL to BUY and raise TP to HK$150/share</li>
</ul>


We upgrade Meituan because we believe its success in Hong Kong might be replicable on a global scale. 
The upcoming autonomous driving (ADS) revolution has deep and fundamental implications in permanently cutting Meituan’s logistic cost;
We upgrade the stock from SELL to BUY and raise TP to HK$150/share


[Meituan (3690 HK,BUY,TP HK$150) Rating Change]: A Turning Point Might Have Arrived on Two Catalysts

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Meituan has navigated through its most challenging period since IPO as competition moderates and reorg comes close to completion. </li>
<li>1Q results should kick off an upward earnings cycle through to the end of 2024 when the company’s efforts to revamp loss-making new initiative businesses gather pace. </li>
<li>That said, lack of clear topline driver remains the key reason for our cautious view about the sustainability of re-rating. Maintain neutral.</li>
</ul>


Meituan has navigated through its most challenging period since IPO as competition moderates and reorg comes close to completion. 
1Q results should kick off an upward earnings cycle through to the end of 2024 when the company’s efforts to revamp loss-making new initiative businesses gather pace. 
That said, lack of clear topline driver remains the key reason for our cautious view about the sustainability of re-rating. Maintain neutral.


Meituan (3690 HK): Lack of Clear Topline Driver Remains a Concern

<ul>
<li>Meituan reported C4Q23 revenue beat our estimate/consensus by 0.7%/1.4%; operating profit beat our estimate/consensus by 37.3%/48.6%, mainly due to order volume surprise, which is unsustainable in our view.</li>
<li>However, we think Meituan’s near term pressures did not change: (1) core biz OPM drop due to rising low-price orders and subsidies; (2) resuming competition from Eleme/Douyin/PDD</li>
<li>We maintain the stock as SELL rating but raise TP by HK$13 to HK$70 to factor in the loss cutting commitment in the community group buying biz.</li>
</ul>


Meituan reported C4Q23 revenue beat our estimate/consensus by 0.7%/1.4%; operating profit beat our estimate/consensus by 37.3%/48.6%, mainly due to order volume surprise, which is unsustainable in our view.
However, we think Meituan’s near term pressures did not change: (1) core biz OPM drop due to rising low-price orders and subsidies; (2) resuming competition from Eleme/Douyin/PDD
We maintain the stock as SELL rating but raise TP by HK$13 to HK$70 to factor in the loss cutting commitment in the community group buying biz.


[Meituan (3690 HK, SELL, TP HK$70) TP Change]: Margin Reflects Persistent Competitive Pressure

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
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Meituan (3690 HK)

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

Hong Kong Buybacks Weekly (Nov 22nd): Tencent, AIA, Kuaishou Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

[Meituan (3690 HK,BUY,TP HK$150) Rating Change]: A Turning Point Might Have Arrived on Two Catalysts

We upgrade Meituan because we believe its success in Hong Kong might be replicable on a global scale. Evidence has also emerged that domestic...

Blue Lotus Research Institute

Meituan (3690 HK): Lack of Clear Topline Driver Remains a Concern

While we expect 1Q24 to kick off an upward earnings cycle for Meituan, lack of clear topline driver remains a concern given its valuation premium...

Eric Chen

[Meituan (3690 HK, SELL, TP HK$70) TP Change]: Margin Reflects Persistent Competitive Pressure

Meituan beats revenue and profit estimates, but unsustainable order volume surprise. Near-term pressures remain, stock maintained as SELL with...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

Hong Kong Buybacks Weekly (Nov 22nd): Tencent, AIA, Kuaishou Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

[Meituan (3690 HK,BUY,TP HK$150) Rating Change]: A Turning Point Might Have Arrived on Two Catalysts

We upgrade Meituan because we believe its success in Hong Kong might be replicable on a global scale. Evidence has also emerged that domestic...

Blue Lotus Research Institute

Meituan (3690 HK): Lack of Clear Topline Driver Remains a Concern

​While we expect 1Q24 to kick off an upward earnings cycle for Meituan, lack of clear topline driver remains a concern given its valuation premium...

Eric Chen

[Meituan (3690 HK, SELL, TP HK$70) TP Change]: Margin Reflects Persistent Competitive Pressure

​Meituan beats revenue and profit estimates, but unsustainable order volume surprise. Near-term pressures remain, stock maintained as SELL with...

Blue Lotus Research Institute

While we expect 1Q24 to kick off an upward earnings cycle for Meituan, lack of clear topline driver remains a concern given its valuation premium...

Meituan beats revenue and profit estimates, but unsustainable order volume surprise. Near-term pressures remain, stock maintained as SELL with...