Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-meidong-auto-holdings-limited" target="_blank" data-smartkarma-citation="entities:10795:1" rel="noopener">China MeiDong Auto (1268 HK)</a> raised 800mn HKD in a top placement (px~15 HKD/share), resulting in a ~4% dilution, citing an opportunistic raise for M&amp;A.</li>
<li>While the company asserts there is a well-defined pipeline, it was not very specific on the size and scope of its targets which was not taken well by the market.</li>
<li>We continue to like the company, trading at a 15x/9x PE FY22e/23e, with a 5.2%/8.8% dividend yield (assuming an 80% payout ratio), with the optionality of M&amp;A potential. </li>
</ul>



China MeiDong Auto (1268 HK) raised 800mn HKD in a top placement (px~15 HKD/share), resulting in a ~4% dilution, citing an opportunistic raise for M&amp;A.
While the company asserts there is a well-defined pipeline, it was not very specific on the size and scope of its targets which was not taken well by the market.
We continue to like the company, trading at a 15x/9x PE FY22e/23e, with a 5.2%/8.8% dividend yield (assuming an 80% payout ratio), with the optionality of M&amp;A potential. 


Meidong: Capital Raise, There's Never a Right Time

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>I've long warned 2H this year will mark passing of Tesla's dominance—mainly because the larger EV market is catching up and doing EV better. </li>
<li>Fading China sales &amp; Elon's Twitter mess has been taking it down even faster.</li>
<li>Q4 deliveries are due out next week, and they're likely to be ugly.</li>
</ul>


I've long warned 2H this year will mark passing of Tesla's dominance—mainly because the larger EV market is catching up and doing EV better. 
Fading China sales &amp; Elon's Twitter mess has been taking it down even faster.
Q4 deliveries are due out next week, and they're likely to be ugly.


Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.</li><li>Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.</li><li>It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.</li></ul>

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.

Trade Idea - Competition Heats up in the BEV Market Globally

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>China-Middle East /: Historic Middle East summits cap Xi’s year-end diplomatic push</li><li>Covid-19 /: China ends quarantine requirement for inbound travelers despite surge in Covid-19 cases</li><li>Fraud /: Fuyuan Beauty Salon’s chairman gets 16-year sentence for fundraising fraud</li></ul>

China-Middle East /: Historic Middle East summits cap Xi’s year-end diplomatic pushCovid-19 /: China ends quarantine requirement for inbound travelers despite surge in Covid-19 casesFraud /: Fuyuan Beauty Salon’s chairman gets 16-year sentence for fundraising fraud

CX Daily: Historic Middle East Summits Cap Xi’s Year-End Diplomatic Push

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we provide an update to our long-short pair trade of Hyundai Motor (long) and Tesla Motors (short), which we presented back in June 2022.</li>
<li>Since 9 June 2022, Hyundai Motor's share price is down 13.4% and Tesla's share price is down 48.6% in the same period, resulting in net gains of 35.2%.</li>
<li>We discuss five major factors impacting Tesla's share price this year including market share losses, Musk's acquisition of Twitter, valuation multiples decline, China operations, and global recessionary fears in 2023.</li>
</ul>


In this insight, we provide an update to our long-short pair trade of Hyundai Motor (long) and Tesla Motors (short), which we presented back in June 2022.
Since 9 June 2022, Hyundai Motor's share price is down 13.4% and Tesla's share price is down 48.6% in the same period, resulting in net gains of 35.2%.
We discuss five major factors impacting Tesla's share price this year including market share losses, Musk's acquisition of Twitter, valuation multiples decline, China operations, and global recessionary fears in 2023.


An Update to the Long-Short Pair Trade on Hyundai Motor & Tesla

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Meidong: Capital Raise, There's Never a Right Time

Despite its capital raise, Meidong is still a great investment, trading at a 15x/9x PE FY22e/23e, with a 5.2%/8.8% dividend yield (assuming an 80%...

Sameer Taneja

Tesla Q4: Elon's Burning It All Down

I've long warned 2H this year will mark passing of Tesla's dominance—mainly cuz larger EV mkt is catching up & doing EV better. Fading China sales...

Vicki Bryan

Trade Idea - Competition Heats up in the BEV Market Globally

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak. Market worries that the global EV leader cannot sustain its competitive...

Quam Securities

CX Daily: Historic Middle East Summits Cap Xi’s Year-End Diplomatic Push

Historic Middle East summits cap Xi’s year-end diplomatic push. China ends quarantine requirement for inbound travelers. Fuyuan Beauty Salon’s...

Caixin Global

An Update to the Long-Short Pair Trade on Hyundai Motor & Tesla

In this insight, we provide an update to our long-short pair trade of Hyundai Motor (long) and Tesla Motors (short), which we presented back in...

Douglas Kim

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