In today’s briefing:
- Jasmine International: Last Minute Wrinkle To Broadband Sale
- Meituan – What to Look for in 3Q22 Result?
- Blibli IPO: Valuation Insights
- Shanghai/Shenzhen Southbound Connect: Weekly Moves (21 October 2022)
- Bumble Inc.: New Feature Additions & Other Developments
Jasmine International: Last Minute Wrinkle To Broadband Sale
- Jasmine International (JAS TB) is looking to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in Jasmine Broadband (JASIF TB) to Advanced Info Service (ADVANC TB).
- The sale required JASIF shareholder approval, but not all resolutions were approved at an EGM this week.
- This is a setback. However, the transaction remains on track.
Meituan – What to Look for in 3Q22 Result?
- Key areas to pay attention in 3Q22: 1) Meituan Instashopping’s growth rate, 2) Meituan Select’s unit economics,
- 3) 4Q guidance for food delivery and in-store, hotel and travel recovery.
- Valuation is entering an attractive territory with recent stock price correction.
Blibli IPO: Valuation Insights
- Blibli (1437710D IJ), a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.
- We have previously discussed the IPO in Blibli IPO: The Bull Case, Blibli IPO: The Bear Case and Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee.
- Our valuation analysis suggests that the IPO price range is unattractive. We would give the IPO a pass.
Shanghai/Shenzhen Southbound Connect: Weekly Moves (21 October 2022)
- Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
- Overall, the net inflow over the past week was ~US$2.7bn, split (+US$1.38bn) for Shanghai and (+US$1.36bn) for Shenzhen.
- The largest inflows were into Tencent (700 HK) and Wuxi (2269 HK). The largest outflows Tracker Fund of Hong Kong (2800 HK) and Hang Seng H Share Index (2828 HK).
Bumble Inc.: New Feature Additions & Other Developments
- Bumble delivered a mixed set of results for the past quarter surpassing Wall Street expectations on the revenue front but missing out on earinings.
- The Bumble app continued to grow as the company performed well in traditional as well as international growth markets.
- In the quarter, Bumble brought a wide portfolio of discovery-oriented products to the market.
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