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): 2Q23, External Revenue Still Grew Rapidly, 70% Upside

China Internet Weekly (4Sep2023): Quarterly Results See Growing – BIDU, VIPS, ZTO, Giant, BEKE

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

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

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>Total revenue increased by 41% YoY and revenue from external customers increased by 69% YoY in 4Q22.</li>
<li>We believe total revenue will grow by 26% in 2023 and 17% in 2024.</li>
<li>We also believe the stock has an upside of 58% and a price target of HK$20.</li>
</ul>


Total revenue increased by 41% YoY and revenue from external customers increased by 69% YoY in 4Q22.
We believe total revenue will grow by 26% in 2023 and 17% in 2024.
We also believe the stock has an upside of 58% and a price target of HK$20.


JD Logistics (2618 HK): 4Q22, Outside Customer Revenue Continued Surging, Buy