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>The main businesses, hotel and air ticket bookings increased by 131% YoY and 86% YoY in 4Q23.</li>
<li>The Chinese traveling market continued its recovery after the lift of the lockdown at the end of 2022.</li>
<li>The stock price is close to our last price target - Downgrade to Hold.</li>
</ul>


The main businesses, hotel and air ticket bookings increased by 131% YoY and 86% YoY in 4Q23.
The Chinese traveling market continued its recovery after the lift of the lockdown at the end of 2022.
The stock price is close to our last price target - Downgrade to Hold.


Trip.com (9961 HK, TCOM US): 4Q23, Revenue Up by 105%, But Reached Our Last Price Target

<ul>
<li>Overseas traveling revenue recovered strongly in China during the Chinese New Year.</li>
<li>Great Wall Motor’s vehicle deliveries increased by 69% in January 2024.</li>
<li>JD.com plans to raise the salaries for customer service employees by 30% in 2024.</li>
</ul>


Overseas traveling revenue recovered strongly in China during the Chinese New Year.
Great Wall Motor’s vehicle deliveries increased by 69% in January 2024.
JD.com plans to raise the salaries for customer service employees by 30% in 2024.


China Consumption Weekly (19 Feb 2024): Ant Group, Great Wall Motor, JD.com, Baidu, Autohome

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>By one metric, outbound tourism in December improved to 89% of 2019 levels</li>
<li>Meanwhile, domestic activity in December remained close to pre-Covid levels</li>
<li>In this month's edition we track the tourism recovery in ten illustrative charts</li>
</ul>


By one metric, outbound tourism in December improved to 89% of 2019 levels
Meanwhile, domestic activity in December remained close to pre-Covid levels
In this month's edition we track the tourism recovery in ten illustrative charts


Monthly Chinese Tourism Tracker | China's 2023 Recovery in Ten Charts | (January 2024)

<ul>
<li>The stock has risen by 38% since our last buy rate.</li>
<li>The 3Q24 results are still healthy – both growth rate and operating margin.</li>
<li>We set a downside of 19% for the end of 2025.</li>
</ul>


The stock has risen by 38% since our last buy rate.
The 3Q24 results are still healthy – both growth rate and operating margin.
We set a downside of 19% for the end of 2025.


Trip.com (9961.HK, TCOM): 3Q24, Still Healthy, But Stock Price Exceeded Our Last Target

<ul>
<li>"Pent-Up demand"? No signs of it anywhere in outbound or domestic metrics</li>
<li>Sluggish outbound demand, capacity trajectories continued to lag in November</li>
<li>YTD share performance weak, mirrors disappointing recovery in travel activity</li>
</ul>


"Pent-Up demand"? No signs of it anywhere in outbound or domestic metrics
Sluggish outbound demand, capacity trajectories continued to lag in November
YTD share performance weak, mirrors disappointing recovery in travel activity


Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Trip.com (9961 HK, TCOM US): 4Q23, Revenue Up by 105%, But Reached Our Last Price Target

The main businesses, hotel and air ticket bookings increased by 131% YoY and 86% YoY in 4Q23. The Chinese traveling market continued its recovery...

Ming Lu

China Consumption Weekly (19 Feb 2024): Ant Group, Great Wall Motor, JD.com, Baidu, Autohome

Overseas traveling recovered strongly during the Chinese New Year. Great Wall Motor’s vehicle deliveries increased by 69% in Jan 2024. JD.com plans...

Ming Lu

Monthly Chinese Tourism Tracker | China's 2023 Recovery in Ten Charts | (January 2024)

In this insight we document China's ongoing recovery in outbound and domestic tourism demand by sharing with readers ten illustrative charts.

Tracking Traffic

Trip.com (9961.HK, TCOM): 3Q24, Still Healthy, But Stock Price Exceeded Our Last Target

The stock has risen by 38% since our last buy rate. The 3Q24 results are still healthy – both growth rate and operating margin. We set a down side...

Ming Lu

Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

November outbound data were disappointing, and even domestic travel activity metrics appeared to move in the wrong direction. Not surprisingly,...

Tracking Traffic

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