China/Asia TMT

Shawn Yang

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>3690HK：WeChat is testing delivery platform in Guangzhou and Shenzhen (-)</li>
<li>Gaming Industry: China Game Industry Annual Conference (GIAC) is held（+）</li>
<li>BEKE：Home price decline narrowed in Jan 2023, where first tier turn positive MoM, and new home outpace existing home (+)</li>
</ul>


3690HK：WeChat is testing delivery platform in Guangzhou and Shenzhen (-)
Gaming Industry: China Game Industry Annual Conference (GIAC) is held（+）
BEKE：Home price decline narrowed in Jan 2023, where first tier turn positive MoM, and new home outpace existing home (+)


China TMT Update(Feb.15-16）：Tencent, Meituan, BEKE - WeChat Is Testing Delivery Platform

<ul>
<li>We expect online gaming has a better performance: 1) improved content supply and 2) strong user demand for social interactions in top games like Tencent’s HOK and NetEase’s Egg Party.</li>
<li>We suggest that eCommerce and advertising have relatively weak performances in January because offline consumption enjoyed faster rebound and attracted users away from online platforms.</li>
<li>We are more positive about Tencent in C1Q23, and we expect that major ads platforms like Kuaishou, Baidu, Bili, iQIYI, and Weibo will have the fastest YoY growth in C2Q23.</li>
</ul>


We expect online gaming has a better performance: 1) improved content supply and 2) strong user demand for social interactions in top games like Tencent’s HOK and NetEase’s Egg Party.
We suggest that eCommerce and advertising have relatively weak performances in January because offline consumption enjoyed faster rebound and attracted users away from online platforms.
We are more positive about Tencent in C1Q23, and we expect that major ads platforms like Kuaishou, Baidu, Bili, iQIYI, and Weibo will have the fastest YoY growth in C2Q23.


China Internet CNY Holiday Update: Gaming Performed Better than Ads and ECom

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>We believe total revenue growth rate will accelerate from 4Q22 and grow by 9% in 2023.</li>
<li>We believe the operating margin will be stable from 4Q22 to 2Q23, but the margin will climb up from 3Q23.</li>
<li>We believe that EPS will increase by 16% and the stock will have an upside of 21%~44%.</li>
</ul>


We believe total revenue growth rate will accelerate from 4Q22 and grow by 9% in 2023.
We believe the operating margin will be stable from 4Q22 to 2Q23, but the margin will climb up from 3Q23.
We believe that EPS will increase by 16% and the stock will have an upside of 21%~44%.


Tencent (700 HK): Risen 100% in Three Months, But Still 21%~44% Upside

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: China boots record number of companies from its bourses</li><li>Covid deaths fall nearly 80% from January peak, China CDC says</li><li>China shivers through freezing Lunar New Year as temperature records tumble</li></ul>

In Depth: China boots record number of companies from its boursesCovid deaths fall nearly 80% from January peak, China CDC saysChina shivers through freezing Lunar New Year as temperature records tumble

CX Daily: China Boots Record Number of Companies From Its Bourses

<ul>
<li>The authorities approved three of Tencent’s games in January 2023 after five in December 2022.</li>
<li>Tencent closed its XR business and terminated a property rental contract.</li>
<li>NetEase refused to extend service for Activision Blizzard for additional six months.</li>
</ul>


The authorities approved three of Tencent’s games in January 2023 after five in December 2022.
Tencent closed its XR business and terminated a property rental contract.
NetEase refused to extend service for Activision Blizzard for additional six months.


China Internet Weekly (23Jan2023): Tencent, Meituan, NetEase, Activision Blizzard

China

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

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NetEase (9999 HK)

China TMT Update(Feb.15-16）：Tencent, Meituan, BEKE - WeChat Is Testing Delivery Platform

3690HK：WeChat is testing delivery platform in Guangzhou and Shenzhen (-); Gaming Industry: China Game Industry Annual Conference (GIAC) is...

Blue Lotus Research Institute

China Internet CNY Holiday Update: Gaming Performed Better than Ads and ECom

Our recent channel check indicates that online gaming has a better performance than online ads and eCommerce during the Chinese New Year holiday....

Blue Lotus Research Institute

Tencent (700 HK): Risen 100% in Three Months, But Still 21%~44% Upside

We believe revenue growth will rise by 9% in 2023. We believe the operating margin will climb up from 3Q23. We also believe the stock will have an...

Ming Lu

CX Daily: China Boots Record Number of Companies From Its Bourses

In Depth: China boots record number of companies from its bourses. Covid deaths fall nearly 80% from January peak, China CDC says

Caixin Global

China Internet Weekly (23Jan2023): Tencent, Meituan, NetEase, Activision Blizzard

The authorities approved three of Tencent’s games in January 2023 after five in December 2022. Tencent closed its XR business. NetEase refused to...

Ming Lu

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