In today’s briefing:
- Meituan 4Q Food Delivery Updates
- LG Electronics: A SELL Candidate Amid Difficult Business Condition for Consumer Electronics in 2023
- ECM Weekly (8th Jan 2022) – Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Long Apple Vs. Short Quanta & Pegatron: Trade Ahead of Apple’s Upcoming Earnings
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.
LG Electronics: A SELL Candidate Amid Difficult Business Condition for Consumer Electronics in 2023
- After a disappointing earnings results in 4Q 2022, we believe LG Electronics (066570 KS) is a SELL candidate.
- The decline in housing prices in major countries such as the US and South Korea have negatively impacted consumers’ purchases of consumer appliances.
- With the consensus that is likely to cut their operating profit estimates significantly in 2023, we think that LG Electronics’ shares could fall another 20-25% over the next year.
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.
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
Long Apple Vs. Short Quanta & Pegatron: Trade Ahead of Apple’s Upcoming Earnings
- Apple shares have fallen significantly on a weakening outloook; Yet manufacturers Quanta and Pegatron’s shares still haven’t reacted negatively.
- Inventory levels appear too high across Apple’s key contract manufacturers based on our analysis.
- We see Quanta & Pegatron at risk of margin pressure in 2023E with negative operating leverage potentially causing significant profit declines.
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