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>While Trump's sweeping wins in presidential, senate and house, and supreme court earlier gave him unprecedented mandate to reform the US economy, his agenda is unrealistic to begin with; </li>
<li>ADS/Electrification, GAI/renewable/employment, (3) inflation/trade/ immigration are just three that the Trump Administration will likely backpedal.  Execution of Trump's economic agenda requires perfect coordination which is tough to pull off</li>
<li>For a short term trade, we recommend PDD and BYD. We also like Xiaomi. Consumption stocks can benefit from stimulus package from the Chinese government.</li>
</ul>


While Trump's sweeping wins in presidential, senate and house, and supreme court earlier gave him unprecedented mandate to reform the US economy, his agenda is unrealistic to begin with; 
ADS/Electrification, GAI/renewable/employment, (3) inflation/trade/ immigration are just three that the Trump Administration will likely backpedal.  Execution of Trump's economic agenda requires perfect coordination which is tough to pull off
For a short term trade, we recommend PDD and BYD. We also like Xiaomi. Consumption stocks can benefit from stimulus package from the Chinese government.


What Trump Can and Cannot Accomplish in His 2nd Term

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 Bottom-Up

<ul>
<li>September's growth in activity still solid for domestic &amp; international traffic</li>
<li>Golden Week anecdotes suggests Chinese tourists remain active, but frugal</li>
<li>Trip.com has shown stellar YTD performance, but airlines offer more upside</li>
</ul>


September's growth in activity still solid for domestic &amp; international traffic
Golden Week anecdotes suggests Chinese tourists remain active, but frugal
Trip.com has shown stellar YTD performance, but airlines offer more upside


Monthly Chinese Tourism Tracker | Still-Solid Growth in September | Consider Airlines (October 2024)

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>700 HK: Tencent Timi L1 Studio General Manager Huang Lanxiao Steps Down, Will Fully Oversee &lt;Honor of Kings&gt; Global Esports Development (/)</li>
<li>700 HK/300027 CH: &lt;Black Myth: Wukong&gt; DLC Development May Have Started (+/+)</li>
<li>700 HK: Tencent Extends Partnership with NBA Until 2027 as “NBA China’s Exclusive Digital Media Partner” (+)</li>
</ul>


700 HK: Tencent Timi L1 Studio General Manager Huang Lanxiao Steps Down, Will Fully Oversee &lt;Honor of Kings&gt; Global Esports Development (/)
700 HK/300027 CH: &lt;Black Myth: Wukong&gt; DLC Development May Have Started (+/+)
700 HK: Tencent Extends Partnership with NBA Until 2027 as “NBA China’s Exclusive Digital Media Partner” (+)


[Blue Lotus Daily-TMT Update]:700 HK/300027 CH/NTES US/TCOM US

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.

<ul>
<li>Tencent repurchased 250 million shares and the market has not paid any attention to its significant margin improvements.</li>
<li>Lalatech updated its IPO file for 1H24, in which both GTV  and revenue were up by 18% YoY.</li>
<li>Seres expects its revenue will grow by 518% YoY to 559% YoY for 3Q24.</li>
</ul>


Tencent repurchased 250 million shares and the market has not paid any attention to its significant margin improvements.
Lalatech updated its IPO file for 1H24, in which both GTV  and revenue were up by 18% YoY.
Seres expects its revenue will grow by 518% YoY to 559% YoY for 3Q24.


China Consumption Weekly (14 Oct 2024): Tencent, Lalatech, Seres, BYD, NIO, Trip.com

<ul>
<li>By many metrics, Chinese airlines' recent performance exceeds pre-Covid levels</li>
<li>Medium-Term, ongoing int'l recovery and benign fuel prices can boost margins</li>
<li>We believe the airlines could recoup weak relative performance vs Trip.com</li>
</ul>


By many metrics, Chinese airlines' recent performance exceeds pre-Covid levels
Medium-Term, ongoing int'l recovery and benign fuel prices can boost margins
We believe the airlines could recoup weak relative performance vs Trip.com


Rebound in Int'l Demand & Benign Fuel Prices Could Support Recovery in Chinese Airlines' Share Perf

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.

Price Gauge
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Trip.com (TCOM US)

What Trump Can and Cannot Accomplish in His 2nd Term

Trump's ambitious economic agenda faces challenges and backpedaling. We see energy electrification, GAI power demand and inflation/immigration...

Blue Lotus Research Institute

Monthly Chinese Tourism Tracker | Still-Solid Growth in September | Consider Airlines (October 2024)

Chinese domestic and outbound air travel continued to show solid growth in September and Q3. The airlines have managed capacity restoration well...

Tracking Traffic

[Blue Lotus Daily-TMT Update]:700 HK/300027 CH/NTES US/TCOM US

Tencent makes strategic moves in esports and digital media partnerships, with leadership changes and new developments in gaming.

Blue Lotus Research Institute

China Consumption Weekly (14 Oct 2024): Tencent, Lalatech, Seres, BYD, NIO, Trip.com

Tencent repurchased 250 million shares in the first three quarters. Lalatech's GTV and revenue were up by 18% YoY. Seres expects its revenue will...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

What Trump Can and Cannot Accomplish in His 2nd Term

​Trump's ambitious economic agenda faces challenges and backpedaling. We see energy electrification, GAI power demand and inflation/immigration...

Blue Lotus Research Institute

Monthly Chinese Tourism Tracker | Still-Solid Growth in September | Consider Airlines (October 2024)

Chinese domestic and outbound air travel continued to show solid growth in September and Q3. The airlines have managed capacity restoration well...

Tracking Traffic

[Blue Lotus Daily-TMT Update]:700 HK/300027 CH/NTES US/TCOM US

​Tencent makes strategic moves in esports and digital media partnerships, with leadership changes and new developments in gaming.

Blue Lotus Research Institute

China Consumption Weekly (14 Oct 2024): Tencent, Lalatech, Seres, BYD, NIO, Trip.com

Tencent repurchased 250 million shares in the first three quarters. Lalatech's GTV and revenue were up by 18% YoY. Seres expects its revenue will...

Ming Lu

Rebound in Int'l Demand & Benign Fuel Prices Could Support Recovery in Chinese Airlines' Share Perf

We believe improvement in Chinese outbound demand combined with benign fuel prices could lift shares of China's large state-owned airlines,...

Tracking Traffic

Trump's ambitious economic agenda faces challenges and backpedaling. We see energy electrification, GAI power demand and inflation/immigration...

Tencent makes strategic moves in esports and digital media partnerships, with leadership changes and new developments in gaming.