In today’s briefing:
- Meituan 4Q Food Delivery Updates
- Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, HSI, HSCI, KS200, KQ150, CSI300, SENSEX, LQ45, PSEi
- Pinduoduo(PDD.US) 4Q22 Preview: Expect Moderate Margin Beat
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- ECM Weekly (8th Jan 2022) – Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert
- Weekly Deals Digest (08 Jan) – Acotec, Halycon, Warrego, Nitro, Norwest, VinFast
- Hong Kong CEO & Director Dealings (8 Jan): Tian An, Differ Group, Pharmaron, Joinn Lab, Gushengtang
Meituan 4Q Food Delivery Updates
- Food delivery daily order growth gradually recovered in late Dec
- Instashopping continued its growth momentum. Community group purchase has transformed into Next Day Delivery
- With the recovery of restaurants and travel post re-opening, Meituan is expected to be one of the biggest beneficiaries.
Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, HSI, HSCI, KS200, KQ150, CSI300, SENSEX, LQ45, PSEi
- End December was the end of the review cutoff for a lot of indices that will rebalance within the next couple of months.
- PEXA Group (PXA AU) replaces Pendal Group (PDL AU) in the S&P/ASX 200 (AS51 INDEX) at the close on 12 January.
- There were big outflows from Hong Kong and China focused ETFs led by Hang Seng H Share Index ETF (2828 HK) and Tracker Fund of Hong Kong Ltd (2800 HK).
Pinduoduo(PDD.US) 4Q22 Preview: Expect Moderate Margin Beat
- We expect PDD’s total revenue in C4Q22 to be in line with cons., and non-GAAP net income to beat cons. by 9%.
- Faster-Than-Peers user growth, increase in brand product contribution and newly launched marketing program support PDD’s strong GMV trend and high take rate in the near term.
- Temu is moving to increase order volume and ASP to improve scale and save logistics cost.
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
ECM Weekly (8th Jan 2022) – Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
- On the IPO front, only the smaller issuers were active with most following through on year end listing plans.
- On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.
Weekly Deals Digest (08 Jan) – Acotec, Halycon, Warrego, Nitro, Norwest, VinFast
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments – Quiet week as VinFast (1905332D VN) continues to pre-market a US$1bn IPO.
- Event-Driven developments – Acotec Scientific Holdings (6669 HK), Nitro Software Ltd (NTO AU), Norwest Energy NL (NWE AU), Warrego Energy (WGO AU), Halcyon Agri (HACL SP).
Hong Kong CEO & Director Dealings (8 Jan): Tian An, Differ Group, Pharmaron, Joinn Lab, Gushengtang
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
- Stocks mentioned include Tian An China Investment (28 HK), Differ Group Auto (6878 HK), Pharmaron Beijing Co Ltd-H (3759 HK), Joinn Laboratories (H) (6127 HK), and Gushengtang (2273 HK).
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