Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a></strong><a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener"></a>'s discount to NAV is less than half its 12-month average. And Geely is generally trading tighter to listed PRC auto peers. </li>
<li>Preceding my comments on Geely - and <strong><a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a></strong> - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Geely Auto (175 HK)'s discount to NAV is less than half its 12-month average. And Geely is generally trading tighter to listed PRC auto peers. 
Preceding my comments on Geely - and NTT Data Corp (9613 JP) - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Geely Is (Mostly) Trading "Rich"; And May Still Bump Zeekr Terms

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.</li>
<li>The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.</li>
<li>We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.</li>
</ul>


Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.
The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.
We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.


Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

<ul>
<li>Total revenue increased by 34% and total sales volume increased by 32%.</li>
<li>The operating margin improved to 4% in 2024, compared to 2% in 2023.</li>
<li>We conclude an upside of 51% and a price target of HK$28.00. Buy.</li>
</ul>


Total revenue increased by 34% and total sales volume increased by 32%.
The operating margin improved to 4% in 2024, compared to 2% in 2023.
We conclude an upside of 51% and a price target of HK$28.00. Buy.


Geely Auto (175 HK): 2024 Result Accelerating, 50% Upside

<ul>
<li>Geely’s sales volume grew by 32% in 2024 and management set a growth target of 25% for 2025.</li>
<li>BEV boomed in 2H24 and will be the protagonist in 2025.</li>
<li>We believe the overseas market will also be promising for Geely.</li>
</ul>


Geely’s sales volume grew by 32% in 2024 and management set a growth target of 25% for 2025.
BEV boomed in 2H24 and will be the protagonist in 2025.
We believe the overseas market will also be promising for Geely.


Geely (175 HK): Deliveries Up by 32% in 2024 - BEV Supporting 2H24

<ul>
<li>Geely’s sales volume grew by 27% YoY in November 2024.</li>
<li>BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July.</li>
<li>Geely’s forward financial ratios are lower than its major competitors.</li>
</ul>


Geely’s sales volume grew by 27% YoY in November 2024.
BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July.
Geely’s forward financial ratios are lower than its major competitors.


Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

StubWorld: Geely Is (Mostly) Trading "Rich"; And May Still Bump Zeekr Terms

Geely is trading at a 20% disc. to NAV, half the 12-mth average. Shares are up 22% in the past month, and 78% over the past year. It may still bump...

David Blennerhassett

Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

Geely’s deliveries reached 46% of BYD in 1Q25. The delivery growth rate accelerated since December 2024. We believe BEV deliveries can grow...

Ming Lu

Geely Auto (175 HK): 2024 Result Accelerating, 50% Upside

Total revenue increased by 34% and sales volume increased by 32%. The operating margin improved to 4% in 2024, compared to 2% in 2023. We conclude...

Ming Lu

Geely (175 HK): Deliveries Up by 32% in 2024 - BEV Supporting 2H24

Geely’s sales volume grew by 32% in 2024 and management set a growth target of 25% for 2025. BEV boomed in 2H24. We believe the overseas market...

Ming Lu

Geely (175 HK): Turning from PHEV to BEV

Geely’s deliveries grew by 27% YoY in November 2024. BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July. Geely’s...

Ming Lu

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