Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>First, we offer a recent history of Didi going back to its June 2021 IPO </li>
<li>Next, we review the company's annual results from 2020-23 plus Q124</li>
<li>Finally, we try to answer the question, "Does Didi need to raise cash soon?"</li>
</ul>


First, we offer a recent history of Didi going back to its June 2021 IPO 
Next, we review the company's annual results from 2020-23 plus Q124
Finally, we try to answer the question, "Does Didi need to raise cash soon?"


Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent 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.

Equity Bottom-Up

<ul>
<li>BYD’s sales volume increased by 35% YoY in June and by 39% YoY in 2Q24.</li>
<li>Tesla’s Model Y is on the state-owned corporation procurement catalogs.</li>
<li>Microsoft plans to close its franchised store chain in China due to the weak demand for Surface.</li>
</ul>


BYD’s sales volume increased by 35% YoY in June and by 39% YoY in 2Q24.
Tesla’s Model Y is on the state-owned corporation procurement catalogs.
Microsoft plans to close its franchised store chain in China due to the weak demand for Surface.


China Consumption Weekly (8 Jul 2024): BYD, Seres, Tesla, Microsoft, XHS, Mixue

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cirrus-aircraft" target="_blank" data-smartkarma-citation="entities:39858:1" rel="noopener">Cirrus Aircraft (0153126D US)</a> seeks to raise up to US$197m in its Hong Kong IPO.</li>
<li>Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.</li>
<li>In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO.
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>One year after June 30, 2023, only 18% more of total battery capacities were added in US, below EU's 26% more added over the same period;</li>
<li>Chinese companies have largely shunned away from US investments, contributing only 8.7% of total. Most Chinese investments are in the mineral, instead of cell and package segments;</li>
<li>Envision/AESC alone contributed 2/3 of Chinese investments in US and is the only Chinese company investing in the cell segment.None invests in the package segment.</li>
</ul>


One year after June 30, 2023, only 18% more of total battery capacities were added in US, below EU's 26% more added over the same period;
Chinese companies have largely shunned away from US investments, contributing only 8.7% of total. Most Chinese investments are in the mineral, instead of cell and package segments;
Envision/AESC alone contributed 2/3 of Chinese investments in US and is the only Chinese company investing in the cell segment.None invests in the package segment.


US Battery and Solar Investments, One Year After, Part I

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)

Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

In this insight we review Didi Global's recent history dating back to its US IPO, analyze financial results from FY20 through Q124, and try to...

Tracking Traffic

China Consumption Weekly (8 Jul 2024): BYD, Seres, Tesla, Microsoft, XHS, Mixue

BYD’s sales volume increased by 35% YoY in June and by 39% YoY in 2Q24. Tesla’s Model Y is on the state-owned corporation procurement catalogues....

Ming Lu

Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

US Battery and Solar Investments, One Year After, Part I

We view the US having a vigorous and healthy battery reshoring initiative. contributed by battery's relatively flat supply chain and the technology...

Blue Lotus Research Institute

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