Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>After hitting a low point in Q4 2023, Research on Hong Kong companies has been slow to pick up reflecting the ongoing skepticism from investors. </li>
<li>Reports on the large China tech companies dominated the top ten companies covered over the last couple of years and in the first half of 2024.</li>
<li>As China continues to dominate and make news in the global EV market, research in that sector has picked up.</li>
</ul>


After hitting a low point in Q4 2023, Research on Hong Kong companies has been slow to pick up reflecting the ongoing skepticism from investors. 
Reports on the large China tech companies dominated the top ten companies covered over the last couple of years and in the first half of 2024.
As China continues to dominate and make news in the global EV market, research in that sector has picked up.


BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, amidst changing customer preferences.</li>
<li>Despite a growing vehicle market, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HMIL)</a> faces a tough battle to defend its market share given changing industry dynamics.</li>
<li>With more competitors in the fray, including its parent group company Kia and EV leader BYD, Hyundai Motor India is in for a challenging ride.</li>
</ul>


India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, amidst changing customer preferences.
Despite a growing vehicle market, Hyundai Motor India (HMIL) faces a tough battle to defend its market share given changing industry dynamics.
With more competitors in the fray, including its parent group company Kia and EV leader BYD, Hyundai Motor India is in for a challenging ride.


Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

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

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul>
<li>Making EV itself doesn't make money, which is why independents like Nio and XPeng are thinking alternative ways to breakeven;</li>
<li>Tesla envisioned to make money through scale, of which BYD bettered. Tesla also envisioned to make money from autonomous driving (ADS);</li>
<li>Nio plans to sell its battery swapping service while XPeng is selling ADS to Volkswagen. Both are experiments aiming at breakeven. Both also have new models to launch.</li>
</ul>


Making EV itself doesn't make money, which is why independents like Nio and XPeng are thinking alternative ways to breakeven;
Tesla envisioned to make money through scale, of which BYD bettered. Tesla also envisioned to make money from autonomous driving (ADS);
Nio plans to sell its battery swapping service while XPeng is selling ADS to Volkswagen. Both are experiments aiming at breakeven. Both also have new models to launch.


New Experiments in China's Crowded EV Space

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>Stellantis invested in Leapmotor and their joint venture will sell electric cars in Europe.</li>
<li>Two vehicle producers, GAC and Li Auto, are dismissing employees.</li>
<li>Tencent Music’s music revenue grew by 43% YoY in 1Q24.</li>
</ul>


Stellantis invested in Leapmotor and their joint venture will sell electric cars in Europe.
Two vehicle producers, GAC and Li Auto, are dismissing employees.
Tencent Music’s music revenue grew by 43% YoY in 1Q24.


China Consumption (20 May 2024): Leapmotor, Stellantis, GAC, Honda, Li Auto, ZTO, Tencent Music

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

China

Zhejiang Leapmotor Technologies Ltd. operates as an electric vehicles manufacturer. The Company develops and sells electric vehicles and other products. Zhejiang Leapmotor Technologies markets its products throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zhejiang Leapmotor Technologie (9863 HK)

BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

Tech NEV companies continue to dominate the research landscape for Hong Kong coverage. Bosideng, China Water Affairs, Topsports, BYD and Xiaomi...

David Mudd

Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...

Devi Subhakesan

New Experiments in China's Crowded EV Space

Chinese EV makers are trying to breakeven by trying new business models and launching new cars. We believe they have challenges. Buying battery...

Blue Lotus Research Institute

China Consumption (20 May 2024): Leapmotor, Stellantis, GAC, Honda, Li Auto, ZTO, Tencent Music

Stellantis and Leapmotor's joint venture will sell electric cars in Europe. GAC and Li Auto, are dismissing employees. Tencent Music’s music...

Ming Lu

Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

Tech NEV companies continue to dominate the research landscape for Hong Kong coverage. Bosideng, China Water Affairs, Topsports, BYD and Xiaomi...

David Mudd

Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

​India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...

Devi Subhakesan

New Experiments in China's Crowded EV Space

Chinese EV makers are trying to breakeven by trying new business models and launching new cars. We believe they have challenges. Buying battery...

Blue Lotus Research Institute

China Consumption (20 May 2024): Leapmotor, Stellantis, GAC, Honda, Li Auto, ZTO, Tencent Music

Stellantis and Leapmotor's joint venture will sell electric cars in Europe. GAC and Li Auto, are dismissing employees. Tencent Music’s music...

Ming Lu

Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top. In this...

Sumeet Singh

India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...