Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> declared an interim dividend by way of in-specie distribution of <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> / <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> shares. </li>
<li>The distribution is 457,326,671 Tencent-held (86.4% of holdings) Class A Ordinary shares of JD.com - 1 share per 21 Tencent shares held - to Qualifying Shareholders on the record...</li>
<li>...date which is 25 January 2022, with 'delivery' on or about 25 March 2022. Non-Qualifying Shareholders will get cash. The details matter.</li>
</ul>


This morning, Tencent (700 HK) declared an interim dividend by way of in-specie distribution of JD.com Inc (ADR) (JD US) / JD.com Inc. (9618 HK) shares. 
The distribution is 457,326,671 Tencent-held (86.4% of holdings) Class A Ordinary shares of JD.com - 1 share per 21 Tencent shares held - to Qualifying Shareholders on the record...
...date which is 25 January 2022, with 'delivery' on or about 25 March 2022. Non-Qualifying Shareholders will get cash. The details matter.


Tencent's Big In-Specie Dividend of JD.com Shares

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Alibaba’s share price is very close to its four year low due to the Tech fallout and regulatory concerns about the Chinese government; nonetheless, much bad news is now discounted</li>
<li>The share price weakness also reflects investor concerns about BABA’s potential NYSE delisting, following Didi’s NYSE delisting announcement last month under pressure from the Chinese authorities</li>
<li>Alibaba is very close to a long term PEG ratio of 1x based on consensus estimates, and trades on very modest earnings and EBITDA multiples given its continued growth potential</li>
</ul>


Alibaba’s share price is very close to its four year low due to the Tech fallout and regulatory concerns about the Chinese government; nonetheless, much bad news is now discounted
The share price weakness also reflects investor concerns about BABA’s potential NYSE delisting, following Didi’s NYSE delisting announcement last month under pressure from the Chinese authorities
Alibaba is very close to a long term PEG ratio of 1x based on consensus estimates, and trades on very modest earnings and EBITDA multiples given its continued growth potential


Alibaba (BABA US): Looking to a Better ‘22

Forensic Analyst

Jason Yap, CFA

<ul>
<li>In its Investor Day, Alibaba Group announced its plans to focus on overseas e-commerce, amongst other initiatives. Alibaba's SEA unit, Lazada, is central to this plan.</li>
<li>The initiatives come amid investor concerns about Alibaba's long term growth prospects and competition, as well as regulatory and macroeconomic headwinds in its home market.</li>
<li>In this Insight, we examine a blue sky scenario for the incremental contribution of Alibaba's planned SEA expansion to Alibaba's overall performance and its impact on valuation. </li>
</ul>


In its Investor Day, Alibaba Group announced its plans to focus on overseas e-commerce, amongst other initiatives. Alibaba's SEA unit, Lazada, is central to this plan.
The initiatives come amid investor concerns about Alibaba's long term growth prospects and competition, as well as regulatory and macroeconomic headwinds in its home market.
In this Insight, we examine a blue sky scenario for the incremental contribution of Alibaba's planned SEA expansion to Alibaba's overall performance and its impact on valuation. 


Alibaba (BABA US) Investor Day Takeaways - The SEA Blue Sky

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>
Muddy Waters and Beike: Tencent Holdings (700.HK) [Tencent] must deal with an allegation of “significant” fraud by short seller from Muddy Waters at a large investment: KE Holdings (BEKE.US) [Beike];</li>
<li>
Value At Risk: Tencent owns 11% of Beike’s outstanding shares, having a market value of USD 1.8 bn; and</li>
<li>
Fundamental and Regulatory Challenges Remain:Tencent still has numerous challenges: weaker revenues in its core business, mainland China’s clampdown on gaming/internet companies, and the reining-in of Fintech businesses.</li>
</ul>



Muddy Waters and Beike: Tencent Holdings (700.HK) [Tencent] must deal with an allegation of “significant” fraud by short seller from Muddy Waters at a large investment: KE Holdings (BEKE.US) [Beike];

Value At Risk: Tencent owns 11% of Beike’s outstanding shares, having a market value of USD 1.8 bn; and

Fundamental and Regulatory Challenges Remain:Tencent still has numerous challenges: weaker revenues in its core business, mainland China’s clampdown on gaming/internet companies, and the reining-in of Fintech businesses.


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

Chervon Holdings / Equity Capital Markets

<ul>
<li>Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will talk about the not so positive aspects of the deal.


Chervon Holdings Pre-IPO - The Negatives - Patchy Disclosures Including About Its Largest Customers

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)

Tencent's Big In-Specie Dividend of JD.com Shares

Tencent has decided to distribute the vast majority of the JD.com shares it holds. JD.com got sold off and Tencent got a bump. The Tencent bump is...

Travis Lundy

Alibaba (BABA US): Looking to a Better ‘22

Alibaba's big discounts on valuations to its Tech peers, and reduced short interest, indicate that regulatory concerns and the risk of NYSE...

Victor Galliano

Alibaba (BABA US) Investor Day Takeaways - The SEA Blue Sky

Alibaba announced plans to focus on SEA e-commerce amid growth concerns. We examine a blue sky scenario for the planned expansion and associated...

Jason Yap, CFA

Tencent Holdings – Adding To Its Woes

TENCENT: Tencent must now deal with a “significant” fraud allegation at its investment, Beike. Tencent owns 11% of Beike’s outstanding shares,...

Thomas J. Monaco

Chervon Holdings Pre-IPO - The Negatives - Patchy Disclosures Including About Its Largest Customers

Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO. In this note, we look at the not so pleasant aspects.

Sumeet Singh

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