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>In August, Tesla’s shipments grew by 3% YoY, while top domestic producers’ shipments grew over 30% YoY.</li>
<li>The revenues of two domestic sneaker makers, 361 Degree and Anta, increased by 19% YoY and 14% YoY in 1H24.</li>
<li>In 2Q24, NIO’s deliveries and revenue increased by 144% YoY and 99% YoY, but its losses were still significant.</li>
</ul>


In August, Tesla’s shipments grew by 3% YoY, while top domestic producers’ shipments grew over 30% YoY.
The revenues of two domestic sneaker makers, 361 Degree and Anta, increased by 19% YoY and 14% YoY in 1H24.
In 2Q24, NIO’s deliveries and revenue increased by 144% YoY and 99% YoY, but its losses were still significant.


China Consumption Weekly (9 Sep 2024): Tesla, NIO, PDD, Anta, 361 Degree

Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Thematic (Sector/Industry)

<ul>
<li>Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.</li>
<li>Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.</li>
<li>Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.</li>
</ul>


Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.
Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.
Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.


Improvement in Solar and Battery Technology

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late).</li><li>The most impactful presentation by far was the Broadcom CPO presentation, SuperMicro water cooling, MTIA, and some honorable mentions to Enfabrica and Dojo/Mojo from Tesla.</li><li>The biggest disappointment was AMD, which presented nothing incremental and, of course, the CPU announcements.</li></ul>

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late).The most impactful presentation by far was the Broadcom CPO presentation, SuperMicro water cooling, MTIA, and some honorable mentions to Enfabrica and Dojo/Mojo from Tesla.The biggest disappointment was AMD, which presented nothing incremental and, of course, the CPU announcements.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Tesla, a company once at the forefront of the electric vehicle revolution, is now facing growing skepticism from even its most loyal investors, including Ross Gerber.</li><li>Gerber, a longtime Tesla investor, recently sold a significant portion of his shares, citing concerns that the company is losing its edge in the automotive market.</li><li>His stance reflects a cautious investment thesis, highlighting both the company's innovative potential and its looming challenges.</li></ul>

Tesla, a company once at the forefront of the electric vehicle revolution, is now facing growing skepticism from even its most loyal investors, including Ross Gerber.Gerber, a longtime Tesla investor, recently sold a significant portion of his shares, citing concerns that the company is losing its edge in the automotive market.His stance reflects a cautious investment thesis, highlighting both the company's innovative potential and its looming challenges.

Ross Gerber Sells Tesla Shares: Is Tesla Headed for Trouble?

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Recap of 1H 24 on two of the largest and most influential EV makers; <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> .</li>
<li>BYD performance is superior to Tesla yet it trades at a discount to Tesla, notably 0.2x vs 3x PEG.</li>
<li>BYD faces tailwinds in North America and the EU, but those are not its main destinations.</li>
</ul>


Recap of 1H 24 on two of the largest and most influential EV makers; Tesla (TSLA US) and BYD (1211 HK) .
BYD performance is superior to Tesla yet it trades at a discount to Tesla, notably 0.2x vs 3x PEG.
BYD faces tailwinds in North America and the EU, but those are not its main destinations.


United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

China Consumption Weekly (9 Sep 2024): Tesla, NIO, PDD, Anta, 361 Degree

In August, Tesla’s shipments grew by only 3% YoY in China, much lower than the industry average 30%. NIO denied bankruptcy.

Ming Lu

Improvement in Solar and Battery Technology

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

Hotchips Conference Sparknotes

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late). The most impactful presentation by...

Fabricated Knowledge

Ross Gerber Sells Tesla Shares: Is Tesla Headed for Trouble?

Tesla, a company once at the forefront of the electric vehicle revolution, is now facing growing skepticism from even its most loyal investors,...

Baptista Research

BYD Vs Tesla: 1H 2024 Updates

BYD performed much better than Tesla yet the former trades at a discount to the latter. BYD's main markets are not in North America and the EU but...

Henry Soediarko

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Consumption Weekly (9 Sep 2024): Tesla, NIO, PDD, Anta, 361 Degree

In August, Tesla’s shipments grew by only 3% YoY in China, much lower than the industry average 30%. NIO denied bankruptcy.

Ming Lu

Improvement in Solar and Battery Technology

​Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

Hotchips Conference Sparknotes

Hot Chips this year was primarily about AI chips (per the theme of every semiconductor conference as of late). The most impactful presentation by...

Fabricated Knowledge

Ross Gerber Sells Tesla Shares: Is Tesla Headed for Trouble?

Tesla, a company once at the forefront of the electric vehicle revolution, is now facing growing skepticism from even its most loyal investors,...

Baptista Research

BYD Vs Tesla: 1H 2024 Updates

BYD performed much better than Tesla yet the former trades at a discount to the latter. BYD's main markets are not in North America and the EU but...

Henry Soediarko

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...