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.

Equity Bottom-Up

<ul><li>PDD Holdings (PDD) announced (28 Nov) 3Q23 results: revenue was up 94% YoY to RMB68.8bn, 26% ahead of both our/Bloomberg consensus estimates, which we mainly attribute to stronger-than-expected international expansion, and incremental commission revenue generation from the “Ten billion subsidy” section.</li><li>Non-GAAP net income increased by 37% YoY to RMB17.0bn, 30% ahead of consensus, which we attribute to a likely narrower-than-expected loss generated from Temu business, aided by a stronger-than-expected scale effect, and likely better-than-expected profit generation from Duoduo Grocery, aided by well-established consumer mindshare.</li><li>The results echoed our view that PDD’s overseas business is ramping up quickly, and is on track to support PDD’s long-term revenue and earnings growth. </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>

PDD Holdings (PDD) announced (28 Nov) 3Q23 results: revenue was up 94% YoY to RMB68.8bn, 26% ahead of both our/Bloomberg consensus estimates, which we mainly attribute to stronger-than-expected international expansion, and incremental commission revenue generation from the “Ten billion subsidy” section.Non-GAAP net income increased by 37% YoY to RMB17.0bn, 30% ahead of consensus, which we attribute to a likely narrower-than-expected loss generated from Temu business, aided by a stronger-than-expected scale effect, and likely better-than-expected profit generation from Duoduo Grocery, aided by well-established consumer mindshare.The results echoed our view that PDD’s overseas business is ramping up quickly, and is on track to support PDD’s long-term revenue and earnings growth. 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.

PDD Holdings (PDD US) – International Expansion Drove a Strong Beat for 3Q Results

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>In 3Q23, total revenue surged by 94% YoY, as Temu started operations in nine European countries in August.</li>
<li>Operating profits increased by 60% YoY in 3Q23, so we believe overseas businesses have made profits.</li>
<li>The stock price reached our last target, but we believe there is still an upside of 40% for 2024.</li>
</ul>


In 3Q23, total revenue surged by 94% YoY, as Temu started operations in nine European countries in August.
Operating profits increased by 60% YoY in 3Q23, so we believe overseas businesses have made profits.
The stock price reached our last target, but we believe there is still an upside of 40% for 2024.


PDD (PDD US): 3Q23, Grew Dramatically Overseas, Still Upside After Reaching Our Last Target

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Cainiao Smart Logistics Network / Equity Bottom-Up

<ul>
<li>Alibaba logistics arm CaiNiao's revenue growth slowed in the June quarter</li>
<li>Our main takeaway is that Chinese X-border eComm continues to slow</li>
<li>We believe all of the large X-border eComm platforms may be affected</li>
</ul>


Alibaba logistics arm CaiNiao's revenue growth slowed in the June quarter
Our main takeaway is that Chinese X-border eComm continues to slow
We believe all of the large X-border eComm platforms may be affected


CaiNiao Q1FY Results: Most Interesting Read-Through Is Dramatic Slowdown in X-Border Activity

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

<ul>
<li>Several US customs brokers have been suspended under new, tighter rules</li>
<li>The new rules could make 'de minimis' imports slightly more difficult</li>
<li>Whether it lists in London or NYC, additional rule changes could threaten SHEIN</li>
</ul>


Several US customs brokers have been suspended under new, tighter rules
The new rules could make 'de minimis' imports slightly more difficult
Whether it lists in London or NYC, additional rule changes could threaten SHEIN


SHEIN: Several US Customs Broker Suspensions Tied to Tighter 'de Minimis' Rules

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)