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

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (CRB HK)</a> is looking to raise up to US$1bn in its upcoming Hong Kong IPO.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>In our earlier notes, we talked about the company’s past performance and provided our initial thoughts on valuations. In this note, we will relook at valuations post its PHIP updates.</li>
</ul>



China Resources Beverage (CRB HK) is looking to raise up to US$1bn in its upcoming Hong Kong IPO.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
In our earlier notes, we talked about the company’s past performance and provided our initial thoughts on valuations. In this note, we will relook at valuations post its PHIP updates.


China Resources Beverage Pre-IPO - Updated Thoughts on Valuation

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.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

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

<ul>
<li>NTES US: Blizzard's &lt;Hearthstone&gt; Resumes Operations in China Today with High Player Enthusiasm (+)</li>
<li>BABA US/PDD US/AMZN US/SHEIN: AliExpress to promote new merchant models and faster logistics at Double 11 and Black Friday promotions (+/-/-/-) </li>
<li>BABA US/PDD US/JD US: Taobao/Tmall to offer no extra service fees on “buy-now pay-later” orders during Double 11 (-/-/-)</li>
</ul>


NTES US: Blizzard's &lt;Hearthstone&gt; Resumes Operations in China Today with High Player Enthusiasm (+)
BABA US/PDD US/AMZN US/SHEIN: AliExpress to promote new merchant models and faster logistics at Double 11 and Black Friday promotions (+/-/-/-) 
BABA US/PDD US/JD US: Taobao/Tmall to offer no extra service fees on “buy-now pay-later” orders during Double 11 (-/-/-)


[Blue Lotus Daily-TMT Update]:NTES US/BABA US/PDD US/AMZN US/SHEIN/JD US/2230CH/600398CH/3690HK/TCOM

<ul>
<li>JD US/1810 HK/BABA US:NRDC announces positive results for “old-for-new” trade-in during September (+)</li>
<li>BILI US:Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Robust Gross Billings Performance After Season 3 Update (+)</li>
<li>PDD US/BABA US/JD US: PDD reduces the minimum withdrawal threshold for funds (/)</li>
</ul>


JD US/1810 HK/BABA US:NRDC announces positive results for “old-for-new” trade-in during September (+)
BILI US:Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Robust Gross Billings Performance After Season 3 Update (+)
PDD US/BABA US/JD US: PDD reduces the minimum withdrawal threshold for funds (/)


[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

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.

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PDD Holdings (PDD US)

China Resources Beverage Pre-IPO - Updated Thoughts on Valuation

China Resources Beverage (CRB HK) is looking to raise up to US$1bn in its upcoming Hong Kong IPO. In this note, we talk about our updated thoughts...

Sumeet Singh

Screening for GEMs: October 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

[Blue Lotus Daily-TMT Update]:NTES US/BABA US/PDD US/AMZN US/SHEIN/JD US/2230CH/600398CH/3690HK/TCOM

Blizzard's resumes operations in China with high player enthusiasm, AliExpress to promote new merchant models and faster logistics at Double 11...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Resources Beverage Pre-IPO - Updated Thoughts on Valuation

China Resources Beverage (CRB HK) is looking to raise up to US$1bn in its upcoming Hong Kong IPO. In this note, we talk about our updated thoughts...

Sumeet Singh

Screening for GEMs: October 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

[Blue Lotus Daily-TMT Update]:NTES US/BABA US/PDD US/AMZN US/SHEIN/JD US/2230CH/600398CH/3690HK/TCOM

​Blizzard's resumes operations in China with high player enthusiasm, AliExpress to promote new merchant models and faster logistics at Double 11...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

​NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...

Blue Lotus Research Institute

Blizzard's resumes operations in China with high player enthusiasm, AliExpress to promote new merchant models and faster logistics at Double 11...

NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...