Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Jcontentree has hit a home-run with <em>"All of Us Are Dead"</em> zombie drama reaching number one in Netflix Inc's global charts.</li>
<li>According to Flixpatrol on the 31 January, <em>All of Us Are Dead</em> took the top spot in Netflix's global popularity rankings for two consecutive days from its release.</li>
<li>Jcontentree's valuation multiples are likely to rise 20-30% or more in the coming days, driven by the global success of the All of Us Are Dead zombie drama.</li>
</ul>


Jcontentree has hit a home-run with "All of Us Are Dead" zombie drama reaching number one in Netflix Inc's global charts.
According to Flixpatrol on the 31 January, All of Us Are Dead took the top spot in Netflix's global popularity rankings for two consecutive days from its release.
Jcontentree's valuation multiples are likely to rise 20-30% or more in the coming days, driven by the global success of the All of Us Are Dead zombie drama.


Jcontentree: "All of Us Are Dead" Zombie Drama Surges to #1 in Netflix Global Charts

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

The Walt Disney Co / Equity Capital Markets

<ul><li>Netflix and Disney are two of the world's largest players in online audiovisual content creation and streaming services.</li><li>While Disney operates a highly diversified conglomerate that goes far beyond just streaming, the fact remains that the company's biggest growth driver today is its Disney+ streaming business where it rivals Netflix.</li><li>While Netflix is the clear market leader in streaming with the largest global subscriber base, it has been growing slower than Disney and its Originals building capability is a work-in-progress.</li></ul>

Netflix and Disney are two of the world's largest players in online audiovisual content creation and streaming services.While Disney operates a highly diversified conglomerate that goes far beyond just streaming, the fact remains that the company's biggest growth driver today is its Disney+ streaming business where it rivals Netflix.While Netflix is the clear market leader in streaming with the largest global subscriber base, it has been growing slower than Disney and its Originals building capability is a work-in-progress.

Netflix vs. Disney - The Battle of the Streaming Behemoths (12/2021)

Analysis on GARP with strong economic moats, Moat Investing

Moat Investing

Analysis on GARP with strong economic moats

We are a group of experienced investors that like to dig deeper into stocks to find growth stories at a reasonable price with strong economic moats. We also aim to conduct high-quality analysis by doing deep dive on valuations, key business drivers, risk/reward, and different future scenarios.

GARP with strong economic moats

<ul>
<li>We believe Disney is currently overvalued, but that changes to structure might unlock future value for the Disney Direct-to-Consumer segment.</li>
<li>Disney+’s limited content library can be the cause of disappointing subscriber growth when compared to Netflix's metrics.</li>
<li>Our analysis shows that comparing Disney DTC to Netflix is not sustainable given Disney's limited content library, that much focuses on Marvel and Star Wars, compared to Netflix's wider range.</li>
</ul>


We believe Disney is currently overvalued, but that changes to structure might unlock future value for the Disney Direct-to-Consumer segment.
Disney+’s limited content library can be the cause of disappointing subscriber growth when compared to Netflix's metrics.
Our analysis shows that comparing Disney DTC to Netflix is not sustainable given Disney's limited content library, that much focuses on Marvel and Star Wars, compared to Netflix's wider range.


Comparing Disney+ Valuation Multiples To Netflix's

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.

<ul>
<li>Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO.</li>
<li>The company has obtained investments from Baidu and Alibaba, along with other investors.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>


Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO.
The company has obtained investments from Baidu and Alibaba, along with other investors.
In this note, we will talk about the trading dynamics.


Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

<ul>
<li>Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$450m in its Hong Kong IPO.</li>
<li>The company has also obtained investments from Baidu and Alibaba, along with other investors.</li>
<li>In this note, we will run the deal through our ECM framework and talk about valuations.</li>
</ul>


Cloud Village Inc. (CVI), also known as NetEase Music, plans to raise around US$450m in its Hong Kong IPO.
The company has also obtained investments from Baidu and Alibaba, along with other investors.
In this note, we will run the deal through our ECM framework and talk about valuations.


Cloud Village (NetEase Music) IPO - Cornered Deal but Offers Limited Upside

United States

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

Wayfair Inc. retails household goods online. The Company offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. Wayfair offers products and services in the United States.

TripAdvisor Inc. is an online travel research company. The Company's travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts ("B&Bs"), specialty lodging and vacation rentals), restaurants and activities throughout the world.

1-800-FLOWERS.COM, Inc. is an e-commerce provider of floral products and gifts. The Company's product offerings, including fresh-cut and seasonal flowers, plants, floral arrangements, and home and garden merchandise, can be purchased online or by calling its toll-free telephone number.

Lands' End, Inc. manufactures men's, women's and children's apparel and accessories. The Company produces and distributes swimwear, clothing, bedding, totes, furniture, bath accessories, uniforms, outter wear and various related products. Lands' End offers its products through its catalog and website around the world.

Overstock.com, Inc. offers discounted brand-name merchandise for sale over the Internet. Products include bed-and-bath goods, kitchenware, jewelry, sporting goods, electronics, and designer accessories.

Stitch Fix, Inc. operates as an online subscription and personal shopping platform. The Company offers shirts, jackets, sweaters, blazers, leggings, vests, scarfs, jeans, loafers, and boots for men and women. Stitch Fix serves customers in the United States.

Porter Holding International, Inc. operates online to offline (O2O) business platforms for consumer manufacturing enterprises. The Company operates cloud platforms that provide Internet-based intelligent e-commerce information services.

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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.

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

Vipshop Holdings Ltd. retails branded products at discount over the Internet. The Company retails through flash sales, in which limited quantities of an item are sold at deep discount for a specified period of time.

ZOZO Inc operates internet shopping sites for apparel.  The Company also provides communication services relating to apparel such as blogs by fashion moguls and internet chat room for users.

Mango Excellent Media Co.,Ltd. offers television based services. The Company provides television shopping, online shopping, outbound shopping, and other services. Mango Excellent Media also operates new media platform operation.

Momo.com Inc is an e-commerce services company. The Company offers TV shopping and Internet shopping services, including beauty products, clothing, leather goods and food shops.

Webjet Limited provides branded online travel services for travelers.  The Company offers one-stop travel shopping and reservation services, providing real-time access to schedule, pricing, and availability information for airlines hotels, and major car rental companies.

Ocado Group PLC distributes a wide range of retail consumer products.  The Company provides home delivery of a wide range of products including food and drink, toiletries and baby, household, pet care, and holiday products.

zooplus AG retails pet supplies over the Internet.

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Jcontentree: "All of Us Are Dead" Zombie Drama Surges to #1 in Netflix Global Charts

Jcontentree has hit a home-run with "All of Us Are Dead" zombie drama reaching number one in Netflix Inc's global charts.

Douglas Kim

Netflix vs. Disney - The Battle of the Streaming Behemoths (12/2021)

Netflix and Disney are two of the world's largest players in online audiovisual content creation and streaming services. While Disney operates a...

Baptista Research

Comparing Disney+ Valuation Multiples To Netflix's

We believe Disney is currently overvalued, but that changes to structure might unlock future value for the Disney Direct-to-Consumer...

Moat Investing

Cloud Village (NetEase Music) IPO Trading - One of the Lowest Insti Subscriptions Yet

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO. In this note, we will talk about the trading...

Sumeet Singh

Cloud Village (NetEase Music) IPO - Cornered Deal but Offers Limited Upside

Cloud Village, also known as NetEase Music, plans to raise around US$450m in its Hong Kong IPO. In this note, we run the deal through our ECM...

Sumeet Singh

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