Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Another set of strong results from YMM, revenue and core earnings both up</li>
<li>Need to monitor orders per MAU; reason for decline in Q224 unclear</li>
<li>Maintain US$9.45/ADS target price, ADSs are attractive closer to US$7</li>
</ul>


Another set of strong results from YMM, revenue and core earnings both up
Need to monitor orders per MAU; reason for decline in Q224 unclear
Maintain US$9.45/ADS target price, ADSs are attractive closer to US$7


Full Truck Alliance Q224 Results: Generally Strong Growth | Attractive Closer to US$7 Per ADS

Equity Capital Markets

<ul>
<li>First, we offer a recent history of Didi going back to its June 2021 IPO </li>
<li>Next, we review the company's annual results from 2020-23 plus Q124</li>
<li>Finally, we try to answer the question, "Does Didi need to raise cash soon?"</li>
</ul>


First, we offer a recent history of Didi going back to its June 2021 IPO 
Next, we review the company's annual results from 2020-23 plus Q124
Finally, we try to answer the question, "Does Didi need to raise cash soon?"


Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Chenqi Technology Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chenqi-technology-limited" target="_blank" data-smartkarma-citation="entities:40058:1" rel="noopener">Chenqi Technology Limited (CT HK)</a> is looking to raise up to US$174m in its Hong Kong IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.</li>
<li>In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Chenqi Technology Limited (CT HK) is looking to raise up to US$174m in its Hong Kong IPO, after downsizing from an earlier reported float of US$300m.
Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.
In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Chenqi Technology IPO - Smallest in Scale, Sentiment Might Not Be the Best

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chenqi-technology-limited" target="_blank" data-smartkarma-citation="entities:40058:1" rel="noopener">Chenqi Technology Limited (CT HK)</a> is looking to raise US$130m in its upcoming Hong Kong IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its PHIP updates.</li>
</ul>



Chenqi Technology Limited (CT HK) is looking to raise US$130m in its upcoming Hong Kong IPO, after downsizing from an earlier reported float of US$300m.
Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its PHIP updates.


Chenqi Technology Pre-IPO - PHIP Updates - Sales Growth Accelerated but Sustainability in Question

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>Lyft's first quarter of 2024 exhibited a robust start, underpinned by notable growth across several key parameters indicative of a thriving ridesharing business in both the U.S. and Canadian markets.</li><li>Revenues, gross bookings, and the total number of rides all recorded substantial increases year over year.</li><li>The implementation of strategic changes and enhancements in the service and operational model seems to have borne fruit, reflecting in the reported financial figures and operational metrics.</li></ul>

Lyft's first quarter of 2024 exhibited a robust start, underpinned by notable growth across several key parameters indicative of a thriving ridesharing business in both the U.S. and Canadian markets.Revenues, gross bookings, and the total number of rides all recorded substantial increases year over year.The implementation of strategic changes and enhancements in the service and operational model seems to have borne fruit, reflecting in the reported financial figures and operational metrics.

Lyft Inc.: Optimization of Supply and Demand through Price and Incentives Management! - Major Drivers

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Full Truck Alliance Q224 Results: Generally Strong Growth | Attractive Closer to US$7 Per ADS

Full Truck Alliance reported another strong set of numbers in Q224. After a surprisng Y/Y decline in orders per MAU, we will monitor this number...

Tracking Traffic

Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

In this insight we review Didi Global's recent history dating back to its US IPO, analyze financial results from FY20 through Q124, and try to...

Tracking Traffic

Chenqi Technology IPO - Smallest in Scale, Sentiment Might Not Be the Best

Chenqi Technology Limited (CT HK) is looking to raise up to US$174m in its Hong Kong IPO, after downsizing from an earlier reported float of US$300m.

Ethan Aw

Chenqi Technology Pre-IPO - PHIP Updates - Sales Growth Accelerated but Sustainability in Question

Chenqi Technology Limited (CT HK) is looking to raise US$130m in its upcoming Hong Kong IPO, after downsizing from an earlier reported float of...

Ethan Aw

Lyft Inc.: Optimization of Supply and Demand through Price and Incentives Management! - Major Drivers

Lyft's first quarter of 2024 exhibited a robust start, underpinned by notable growth across several key parameters indicative of a thriving...

Baptista Research

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