Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>Despite a share price correction this month, <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> remains firmly amid an earnings upgrade cycle driven by improved profitability expectations.</li>
<li>Following significant share price volatility over the past 2 months, JD.com’s near-term momentum indicators currently display bullish signals.</li>
<li>JD.com still trades at more than one standard deviation below its 5-year historic average forward PE ratio, and near the lowest level it has ever been.</li>
</ul>


Despite a share price correction this month, JD.com (9618 HK) remains firmly amid an earnings upgrade cycle driven by improved profitability expectations.
Following significant share price volatility over the past 2 months, JD.com’s near-term momentum indicators currently display bullish signals.
JD.com still trades at more than one standard deviation below its 5-year historic average forward PE ratio, and near the lowest level it has ever been.


JD.com (9618-HK): Positive Technical Analysis Signals

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.

<ul>
<li>On October 18, JD denies there is a run on JD Finance.</li>
<li>Many male users claimed they boycott JD for the invitation of Miss Yang, a talk show celebrity.</li>
<li>We believe the event will negatively impact JD and benefit Alibaba.</li>
</ul>


On October 18, JD denies there is a run on JD Finance.
Many male users claimed they boycott JD for the invitation of Miss Yang, a talk show celebrity.
We believe the event will negatively impact JD and benefit Alibaba.


JD.com (JD US): Boycotted by Male Users, Denies Run on JD Finance

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the live IPOs front,  the coming week will see a whole lot of listings across the region.</li>
<li>On the placements front, there were mainly deals in Australia this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the live IPOs front,  the coming week will see a whole lot of listings across the region.
On the placements front, there were mainly deals in Australia this week.


ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise up to US$696m in its Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>It has become evident that Chinese economy needs stimulus. But why is it not happening? The latest by NDRC and MOF suggests US rate and presidential election are the keys;</li>
<li>What has come forward in the forms of local government debt swap and bank reserve injection is similar to fueling a liquid-fueled missile. Once it starts, it can't roll back;</li>
<li>The biggest swing factor from US presidential election is the Trump Tariff, which can cut China's GDP growth by half. The fueling hopefully can handle impact of such magnitude.</li>
</ul>


It has become evident that Chinese economy needs stimulus. But why is it not happening? The latest by NDRC and MOF suggests US rate and presidential election are the keys;
What has come forward in the forms of local government debt swap and bank reserve injection is similar to fueling a liquid-fueled missile. Once it starts, it can't roll back;
The biggest swing factor from US presidential election is the Trump Tariff, which can cut China's GDP growth by half. The fueling hopefully can handle impact of such magnitude.


What Is Chinese Government Waiting for to Stimulate Its Economy?

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PDD Holdings (PDD US)

JD.com (9618-HK): Positive Technical Analysis Signals

In this insight, we perform a technical analysis of JD.com by looking at earnings forecast revision trends, momentum indicators, and current...

Wium Malan, CFA

JD.com (JD US): Boycotted by Male Users, Denies Run on JD Finance

JD denies there is a run on JD Finance. Many male users claimed they boycott JD for the invitation of Miss Yang, a talk show celebrity.

Ming Lu

ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

What Is Chinese Government Waiting for to Stimulate Its Economy?

Chinese economy needs stimulus but it's not happening due to US rate and election uncertainties. Debt swap and reserve injection are getting...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JD.com (9618-HK): Positive Technical Analysis Signals

In this insight, we perform a technical analysis of JD.com by looking at earnings forecast revision trends, momentum indicators, and current...

Wium Malan, CFA

JD.com (JD US): Boycotted by Male Users, Denies Run on JD Finance

JD denies there is a run on JD Finance. Many male users claimed they boycott JD for the invitation of Miss Yang, a talk show celebrity.

Ming Lu

ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

What Is Chinese Government Waiting for to Stimulate Its Economy?

​Chinese economy needs stimulus but it's not happening due to US rate and election uncertainties. Debt swap and reserve injection are getting...

Blue Lotus Research Institute

Chinese economy needs stimulus but it's not happening due to US rate and election uncertainties. Debt swap and reserve injection are getting...