Overseas Chinese Equities, Aequitas Research

Ming Lu

A veteran with 19-year experience in equity research.

Geographical coverage:
* Companies operating in China, but listed in Hong Kong and the U.S.
* Previously China A-share (listed in mainland China).

Equity sector coverage:
* Chinese App / Internet-based consumption in China, e.g., Alibaba, Tencent, etc.
* Previously covered education, transportation, telecom, power, bank, advertisement, hotel, etc.

Research methods:
* Generally bottom-up.
* Talk to related people on the ground.  Talk to readers and independent writers for analyzing a news portal.  Talk to parents and teachers for analyzing a tutoring school. 
* Visit stores and show photos as evidence in notes.
* Do technical analysis when finding a short-seller attacking an equity.

Languages:
* English
* Mandarin Chinese (Official language of China)
* Shanghainese (Language of Shanghai, the most developed city in China)
* Cantonese (Language of Hong Kong and Canton Province, one of the most developed provinces in China)

Overseas Chinese Equities

Alibaba (BABA): FY1Q22, Physical Stores Growing Strongly, Margin Lower but Controllable, 30% Upside

Alibaba (BABA US): Why I Remain Constructive

Alibaba (BABA): Sexual Harassment Just Before Department Reform

Alibaba (BABA): Restructure Again, The Bad Business Cleaner Comes Back

Alibaba (BABA): China E-Commerce Growth Rate Not Declining, But Accelerating

TAL Education (TAL): In New Rule on Tutoring School, “Article 13” Harsher Than “Non-Profit”

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul class="">
<li>The stock price has plunged since October 2020.</li>
<li>Over the past few days, BABA became a casualty of the policy against tutoring companies.</li>
<li>However, we believe the China online retail has been recovering.</li>
<li>We also believe the stock has an upside of 27% in nine months.</li>
</ul>


The stock price has plunged since October 2020.
Over the past few days, BABA became a casualty of the policy against tutoring companies.
However, we believe the China online retail has been recovering.
We also believe the stock has an upside of 27% in nine months.


Alibaba (BABA): Over Impacted Before Quarter Result