China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Per Tmall tracking data, in 1Q23 we expect Xiaomi’s (1) phone unit sales fell 18% YoY to 31.7mn (2) phone ASP rose 2% YoY,  (3) IoT revenue fell 10% YoY</li>
<li>We estimate 1Q23/FY23 operating profit is (16%)/(13%) vs. the street. We expect Xiaomi to spend more on OPEX to support its EV investment; </li>
<li>We maintain SELL and HK$8.2 TP given rising costs despite lack of growth.</li>
</ul>


Per Tmall tracking data, in 1Q23 we expect Xiaomi’s (1) phone unit sales fell 18% YoY to 31.7mn (2) phone ASP rose 2% YoY,  (3) IoT revenue fell 10% YoY
We estimate 1Q23/FY23 operating profit is (16%)/(13%) vs. the street. We expect Xiaomi to spend more on OPEX to support its EV investment; 
We maintain SELL and HK$8.2 TP given rising costs despite lack of growth.


[Xiaomi (1810 HK, SELL, TP HK$8.2) Company Update]: EV Expense Acceleration at the Starting Line

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Li Auto, Wuxi Bio, Baba, Tencent, Sensetime.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 14th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Li Auto, Wuxi Bio, Baba, Tencent, Sensetime.


HK Short Interest Weekly: Li Auto, Wuxi Bio, Baba, Tencent, Sensetime

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 31st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Jd, Petrochina, Kingsoft, Link Reit, Bidu.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 31st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Jd, Petrochina, Kingsoft, Link Reit, Bidu.


HK Short Interest Weekly: Jd, Petrochina, Kingsoft, Link Reit, Bidu

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> ’s share price has been down more than 10% over the last 12-months with weakening of the company’s earnings particularly the smartphone business.</li>
<li>Xiaomi’s entry into premium segment has not much helped its smartphone biz as it faces stiff competition from Apple and Samsung in the premium segment.</li>
<li>The company spends aggressively on EVs to drive growth, however, with EV subsidies not renewed and intense competition, this may not help Xiaomi in the near term.</li>
</ul>



Xiaomi Corp (1810 HK) ’s share price has been down more than 10% over the last 12-months with weakening of the company’s earnings particularly the smartphone business.
Xiaomi’s entry into premium segment has not much helped its smartphone biz as it faces stiff competition from Apple and Samsung in the premium segment.
The company spends aggressively on EVs to drive growth, however, with EV subsidies not renewed and intense competition, this may not help Xiaomi in the near term.


Xiaomi: Aggressive Spending on EVs as Smartphone Growth Slows Down

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for nearly 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for nearly 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

[Xiaomi (1810 HK, SELL, TP HK$8.2) Company Update]: EV Expense Acceleration at the Starting Line

Per Tmall tracking data, in 1Q23 we expect Xiaomi’s (1) phone unit sales fell 18% YoY to 31.7mn (2) phone ASP rose 2% YoY, (3) IoT revenue fell...

Blue Lotus Research Institute

HK Short Interest Weekly: Li Auto, Wuxi Bio, Baba, Tencent, Sensetime

We analyzed the latest HK SFC report for aggregate short position as of Apr 14th and highlight short interest changes in Li Auto, Wuxi Bio, Baba,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Jd, Petrochina, Kingsoft, Link Reit, Bidu

We analyzed the latest HK SFC report for aggregate short position as of Mar 31st and highlight short interest changes in Jd, Petrochina, Kingsoft,...

Ke Yan, CFA, FRM

Xiaomi: Aggressive Spending on EVs as Smartphone Growth Slows Down

Xiaomi's entry into premium segment has not been of much help given competition from Apple and Samsung. Aggressive EV spending has led to cash burn...

Shifara Samsudeen, FCMA, CGMA

Screening for GEMs: April 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

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52-week Range

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