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

KE (BEKE): New Policy Not Fatal at All, Time to Accumulate

KE (BEKE): 2Q21, Expected Revenue and Unexpected Margin, Still Over Impacted

KE (BEKE): The Estate Agency Grew 53% and Housing Market Continues to Boom

KE (BEKE): Pre-IPO Anjuke Asks Authorities to Fine KE Following Alibaba Case

KE (BEKE): Outperform Competitors in Booming Property Market

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

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

<ul>
<li>We do not believe that the death of the founder will negatively impact BEKE.</li>
<li>The 1Q21 result is much better than the market consensus.</li>
<li>The booming existing home is exactly the market BEKE is good at.</li>
<li>We believe the stock will have an upside of 36% for the end of 2022.</li>
</ul>


We do not believe that the death of the founder will negatively impact BEKE.
The 1Q21 result is much better than the market consensus.
The booming existing home is exactly the market BEKE is good at.
We believe the stock will have an upside of 36% for the end of 2022.


BK (BEKE): Buy for Strong Quarter When Others Fear for Founder’s Death

KE Holdings

BK (BEKE): Buy for Strong Quarter When Others Fear for Founder’s Death