Pinduoduo Placement: As Expensive As It May Seem, There Could Be More Upside
Pinduoduo (PDD US) plans to raise around $5bn through an issue of ADS and convertible bonds. In this note, we revisit our thesis on PDD ahead of...
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Singpost (SPOST): Riding the E-Commerce Awakening in ASEAN
SPOST trades at the lowest EV/EBITDA multiples to its peers and below book value. Q4 has traditionally a strong season and now that it has become...
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Kerry Express Thailand (KEX) IPO: Approach to Valuation
What's the right valuation approach to Kerry Express (KEX), which hopes to complete its IPO in Thailand in the coming weeks?
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The Week that Was in ASEAN@Smartkarma - A Digitally Enhanced SE Asia, Cement, and Thai Equities
The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South...
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Sea Limited 3Q Results: Driving a New Pillar of Growth
The most positive development came from Sea’s payments division, which showed accelerating growth – suggesting a surprisingly smooth transition to...
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