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>We believe total revenue will grow by 9% YoY and game revenue began to rise in 2Q24.</li>
<li>We believe the operating margin will continue to improve YoY in 2Q24 after the seven-year high in 1Q24.</li>
<li>We set the upside at 35% and the price target at HK$496 for the end of 2025.</li>
</ul>


We believe total revenue will grow by 9% YoY and game revenue began to rise in 2Q24.
We believe the operating margin will continue to improve YoY in 2Q24 after the seven-year high in 1Q24.
We set the upside at 35% and the price target at HK$496 for the end of 2025.


Tencent (700 HK): 2Q24 Preview, Both Growth and Margin to Improve

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the prior week witnessed a number of listings with divergent results.</li>
<li>Given the market volatility, there was only one large placements in the prior week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the prior week witnessed a number of listings with divergent results.
Given the market volatility, there was only one large placements in the prior week.


ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 9th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Xiaomi Corporation, CCB, CNOOC, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Xiaomi Corporation, CCB, CNOOC, HSBC.


Hong Kong Connect Flows (Aug 9th): Tencent, Xiaomi Corporation, CCB, CNOOC, HSBC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Hang Seng Bank, Bud Apac, CCB, Baba, Tracker Fund.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 2nd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Hang Seng Bank, Bud Apac, CCB, Baba, Tracker Fund.


HK Short Interest Weekly: Hang Seng Bank, Budweiser Apac, CCB, Baba

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Hang Seng Bank (11 HK), Swire Pacific (19 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), AIA (1299 HK), Tencent (700 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Hang Seng Bank (11 HK), Swire Pacific (19 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), AIA (1299 HK), Tencent (700 HK).


Hong Kong Buybacks Weekly (Aug 9th): Aia, Hang Seng Bank, Swire Pacific

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Tencent (700 HK): 2Q24 Preview, Both Growth and Margin to Improve

We believe total revenue will grow by 9% YoY and game revenue began to rise in 2Q24. We believe the operating will continue to improve YoY in 2Q24....

Ming Lu

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Hong Kong Connect Flows (Aug 9th): Tencent, Xiaomi Corporation, CCB, CNOOC, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Xiaomi Corporation, CCB, CNOOC, HSBC.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Hang Seng Bank, Budweiser Apac, CCB, Baba

We analyzed the latest HK SFC report for aggregate short position as of Aug 2nd and highlight short interest changes in Hang Seng Bank, Bud Apac,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Aug 9th): Aia, Hang Seng Bank, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK), Hang...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)