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

Xiaomi Earnings: Option Market Expectations, Past Performance and Hedge Opportunities

Hong Kong Single Stock Options Weekly (March 10 – 14): Sentiment Shifts, Option Volumes Cool

Tencent Earnings: Implied Vs Realized Price Changes and a Post Earnings Pattern

Xiaomi (1810 HK): Three Months Surge Overvalued Vehicle Business

China Consumption Weekly (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

China Consumption Weekly (4 Oct 2024): Seres, Great Wall Motor, JD, Nongfu, Caocao, Hozon

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 believe all business, including smartphone and vehicle, will grow strongly in 4Q24 and 2025.</li>
<li>We expect EPS will increase by 15% YoY in 4Q24 and 41% in 2025.</li>
<li>However, we believe the market overvalues the newly launched vehicle business.</li>
</ul>


We believe all business, including smartphone and vehicle, will grow strongly in 4Q24 and 2025.
We expect EPS will increase by 15% YoY in 4Q24 and 41% in 2025.
However, we believe the market overvalues the newly launched vehicle business.


Xiaomi (1810 HK): 4Q24 Preview, All Businesses Healthy, But Vehicle Overvalued

Xiaomi Corp

Xiaomi (1810 HK): 4Q24 Preview, All Businesses Healthy, But Vehicle Overvalued