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>In Q2, Full Truck Alliance posted strong revenue growth and dramatic margin expansion</li>
<li>Revenue mix continues to improve, which is driving down unit costs and lifting margins</li>
<li>At just 19x forecast 2023 adjusted net earnings, the company's shares are not expensive</li>
</ul>


In Q2, Full Truck Alliance posted strong revenue growth and dramatic margin expansion
Revenue mix continues to improve, which is driving down unit costs and lifting margins
At just 19x forecast 2023 adjusted net earnings, the company's shares are not expensive


Full Truck Alliance Q223 Earnings: Strong Top-Line | Sharp Margin Expansion | Shares Inexpensive

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a> released another set of positive results but this time the balance between profitability and growth was well-struck, as it reduced incentives yet increased its market share. </li>
<li>Grab saw GMV growth in both deliveries more notably in mobility, with revenues growing at a faster pace and adjusted EBITDA surprising on the upside, bringing forward breakeven to 3Q2023. </li>
<li>Prospects for 2H2023 look even better with Grab's affordability initiatives gaining traction and improving retention and profitability.</li>
</ul>



Grab Holdings (GRAB US) released another set of positive results but this time the balance between profitability and growth was well-struck, as it reduced incentives yet increased its market share. 
Grab saw GMV growth in both deliveries more notably in mobility, with revenues growing at a faster pace and adjusted EBITDA surprising on the upside, bringing forward breakeven to 3Q2023. 
Prospects for 2H2023 look even better with Grab's affordability initiatives gaining traction and improving retention and profitability.


Grab Holdings (GRAB US) - Growth with Scale from a Stable Platform

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Uber Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>However, it has faced its fair share of challenges in the competitive landscape and increasing complexity of marketplace management.</li><li>We give Uber Technologies a 'Hold' rating with a revised target price.</li></ul>

Uber Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.However, it has faced its fair share of challenges in the competitive landscape and increasing complexity of marketplace management.We give Uber Technologies a 'Hold' rating with a revised target price.

Uber Technologies Inc.: Breaking the Mold With New Strategies! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>I remain bullish on the stock and reiterate a $37 PT. <a href="https://www.smartkarma.com/entities/confluent-inc" target="_blank" data-smartkarma-citation="entities:33443:1" rel="noopener">Confluent (CFLT US)</a> delivered upside to total revenue, gross margin, and non-GAAP operating margin estimates.</li>
<li>The company raised guidance for CY23 total revenue and profitability. There were plenty of positives, including cloud momentum and customer demand.</li>
<li>The US-based data streaming pioneer appears well positioned to outperform my estimates, and I see a path to profitability (non-GAAP) in CY24 at the earliest.</li>
</ul>


I remain bullish on the stock and reiterate a $37 PT. Confluent (CFLT US) delivered upside to total revenue, gross margin, and non-GAAP operating margin estimates.
The company raised guidance for CY23 total revenue and profitability. There were plenty of positives, including cloud momentum and customer demand.
The US-based data streaming pioneer appears well positioned to outperform my estimates, and I see a path to profitability (non-GAAP) in CY24 at the earliest.


Confluent. 2Q Wrap: Solid Results and Leadership Position In a $60B+ TAM

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>In Aug 2022, Zomato completed the acquisition of Blinkit’s outstanding shares via issuing its own shares. These issued shares will come up for lockup release on 10th Aug 2023.</li>
<li>Zomato is one of two leading food delivery app operators in India. Its acquisition of Blinkit marked its foray into the instant grocery segment.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato completed the acquisition of Blinkit’s outstanding shares via issuing its own shares. These issued shares will come up for lockup release on 10th Aug 2023.
Zomato is one of two leading food delivery app operators in India. Its acquisition of Blinkit marked its foray into the instant grocery segment.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - A US$650m+ Worth Acquisition Linked Lockup Release

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Full Truck Alliance Q223 Earnings: Strong Top-Line | Sharp Margin Expansion | Shares Inexpensive

Full Truck Alliance is transforming its revenue profile as it continues to grow. The transformation is resulting in sustainably lower costs,...

Tracking Traffic

Grab Holdings (GRAB US) - Growth with Scale from a Stable Platform

Grab Holdings (GRAB US) released another set of positive results but this time the balance between profitability and growth was well-struck, as it...

Angus Mackintosh

Uber Technologies Inc.: Breaking the Mold With New Strategies! - Major Drivers

Uber Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but...

Baptista Research

Confluent. 2Q Wrap: Solid Results and Leadership Position In a $60B+ TAM

Confluent reported solid results and achieved sustained high growth despite a choppy macro environment and smaller average deal sizes. The company...

Andrei Zakharov

Zomato Lock-Up - A US$650m+ Worth Acquisition Linked Lockup Release

In Aug 2022, Zomato completed the acquisition of Blinkit’s outstanding shares via issuing its own shares. These issued shares will come up for...

Sumeet Singh

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