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

China Internet Weekly (10Aug2020): Pompeo Mentioned Decoupling List, How About Apple in China?

NetEase (NTES): Better Growth in 2Q20, Margin Down, But Not in Game

NetEase (NTES): Sold Import E-Commerce to Alibaba (BABA), Win-Win Deal

NetEase (NTES): Recruiting 73 Employees During Epidemic, Will Release Result Next Week

NetEase Secondary Trading Update - Index Flows to Provide near Term Support

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

NetEase Secondary Listing - Doing a BeiGene Rather than a Baba, Risk Reward Shifting

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>Fortune announced NetEase had the second-high return on equity among all Chinese listed companies.</li>
<li>We expect revenue to rise by 16% YoY and EPS to rise by 28% YoY in 2Q20.</li>
<li>We believe the stock has an upside of 22% for the year end of 2020.</li>
</ul>


Fortune announced NetEase had the second-high return on equity among all Chinese listed companies.
We expect revenue to rise by 16% YoY and EPS to rise by 28% YoY in 2Q20.
We believe the stock has an upside of 22% for the year end of 2020.


NetEase (NTES): Expect Steady Growth in 2Q20, Fortune No 2. ROE in China

NetEase Inc

NetEase (NTES): Expect Steady Growth in 2Q20, Fortune No 2. ROE in China