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

JD Logistics(2618.HK) 4Q22 Preview: Topline Reacceleration Supported by Retail Recovery

China Logistics Sector Update & Downgrade S.F. Holding (2352.CH) To SELL: Pricing Pressure in 1H

[JD Logistics(2618 HK) DG to SELL]: JD’s Low-Price Strategy Hurts JD Logistics

JD Logistics (2618 HK): Surged After 2Q22 Result, Still an Upside of 39%

JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

Down from HK$40 to HK$15, Opportunity to Come After Hard Q2

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

<ul>
<li>The growth rate of total revenue accelerated in the third quarter of 2022.</li>
<li>We believe the organic growth was also strong besides the acquisition of Deppon.</li>
<li>We set an upside of 29% and a price target of HK$19.90.</li>
</ul>


The growth rate of total revenue accelerated in the third quarter of 2022.
We believe the organic growth was also strong besides the acquisition of Deppon.
We set an upside of 29% and a price target of HK$19.90.


JD Logistics (2618 HK): 3Q22 High Growth, Not Just Acquired But Organic, 29% Upside