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>TME announced its 4Q22 financial results on 21 March.</li><li>Total revenue declined 2% YoY to RMB7.4bn in 4Q22, inline with consensus and CMBI estimates.</li><li>2022 Full-year revenue declined 9% YoY, mainly due to soft social entertainment and ad businesses amid macro uncertainty. </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>

TME announced its 4Q22 financial results on 21 March.Total revenue declined 2% YoY to RMB7.4bn in 4Q22, inline with consensus and CMBI estimates.2022 Full-year revenue declined 9% YoY, mainly due to soft social entertainment and ad businesses amid macro uncertainty. 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.

TME (TME US) – Expect a year of mild recovery in FY23

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment" target="_blank" data-smartkarma-citation="entities:27255:1" rel="noopener">Tencent Music (TME US)</a> reported 4Q2022 results yesterday. Revenue decreased 2.4% YoY to RMB7.4bn (vs consensus RMB7.3bn) while reported operating profit more than doubled to RMB1.4bn (vs consensus RMB1.3bn).</li>
<li>Online music revenues grew 24% YoY while social entertainment business continues to see decline in paying users and ARPU. Margin improvements were driven by spending cuts.</li>
<li>Social Entertainment is losing its importance and the segment continues to remain under pressure due to competition from other platforms.</li>
</ul>



Tencent Music (TME US) reported 4Q2022 results yesterday. Revenue decreased 2.4% YoY to RMB7.4bn (vs consensus RMB7.3bn) while reported operating profit more than doubled to RMB1.4bn (vs consensus RMB1.3bn).
Online music revenues grew 24% YoY while social entertainment business continues to see decline in paying users and ARPU. Margin improvements were driven by spending cuts.
Social Entertainment is losing its importance and the segment continues to remain under pressure due to competition from other platforms.


TME: Social Entertainment Losing Its Importance with Top Line Growth Keep Declining

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Survival Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/survival-technologies" target="_blank" data-smartkarma-citation="entities:36720:1" rel="noopener">Survival Technologies (1279515D IN)</a> is looking to raise around US$121m in its upcoming India IPO. </li>
<li>Survival Technologies (ST) is a contract research and manufacturing services (CRAMS) focused speciality chemical manufacturer in India. </li>
<li>ST has seen its profitability grow and margins expand during the track record period. However, the company seems to have had a number of run-ins with the authorities.</li>
</ul>



Survival Technologies (1279515D IN) is looking to raise around US$121m in its upcoming India IPO. 
Survival Technologies (ST) is a contract research and manufacturing services (CRAMS) focused speciality chemical manufacturer in India. 
ST has seen its profitability grow and margins expand during the track record period. However, the company seems to have had a number of run-ins with the authorities.


Survival Technologies Pre-IPO - Growth Has Been Strong but Could Be Better

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.</li>
<li>Placements as well picked up pace, despite the ongoing <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s mega deal set to suck liquidity out of the system for a while. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.
Placements as well picked up pace, despite the ongoing Japan Post Bank (7182 JP)'s mega deal set to suck liquidity out of the system for a while. 


ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carsales-com-ltd" target="_blank" data-smartkarma-citation="entities:701:1" rel="noopener">Carsales.Com Ltd (CAR AU)</a> aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at 28.2 days of three month ADV. </li>
<li>The use of proceeds will be to acquire 40% of Webmotors SA and strengthen its balance sheet. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Carsales.Com Ltd (CAR AU) aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at 28.2 days of three month ADV. 
The use of proceeds will be to acquire 40% of Webmotors SA and strengthen its balance sheet. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Carsales Renounceable Entitlement Offer - Following up on a Decade-Old Acquisition

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

TME (TME US) – Expect a year of mild recovery in FY23

TME announced its 4Q22 financial results on 21 March. Total revenue declined 2% YoY to RMB7.4bn in 4Q22, inline with consensus and CMBI estimates.

CMB International

Survival Technologies Pre-IPO - Growth Has Been Strong but Could Be Better

Survival Technologies (1279515D IN) is looking to raise around US$121m in its upcoming India IPO. It has seen its profitability grow and margins...

Ethan Aw

ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Carsales Renounceable Entitlement Offer - Following up on a Decade-Old Acquisition

Carsales.Com Ltd (CAR AU) aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at...

Ethan Aw

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52-week Range

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TME (TME US) – Expect a year of mild recovery in FY23

TME announced its 4Q22 financial results on 21 March. Total revenue declined 2% YoY to RMB7.4bn in 4Q22, inline with consensus and CMBI estimates.

CMB International

TME: Social Entertainment Losing Its Importance with Top Line Growth Keep Declining

TME's 4Q revenue decreased 2.4% due to decline in social entertainment revenues. This suggests that TME is struggling to monetise its social...

Shifara Samsudeen, ACMA, CGMA

Survival Technologies Pre-IPO - Growth Has Been Strong but Could Be Better

Survival Technologies (1279515D IN) is looking to raise around US$121m in its upcoming India IPO. It has seen its profitability grow and margins...

Ethan Aw

ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Carsales Renounceable Entitlement Offer - Following up on a Decade-Old Acquisition

Carsales.Com Ltd (CAR AU) aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at...

Ethan Aw