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 4Q24, Bilibili’s total revenue increased by 22% YoY and its largest business, value-added services, increased by 24% YoY.</li>
<li>SAIC president, Mr. Jia, removed 63 mid-level managers in the passenger car department.</li>
<li>Mengniu raised a profit warning that net profit will plunge by 95% - 99% in 2024.</li>
</ul>


In 4Q24, Bilibili’s total revenue increased by 22% YoY and its largest business, value-added services, increased by 24% YoY.
SAIC president, Mr. Jia, removed 63 mid-level managers in the passenger car department.
Mengniu raised a profit warning that net profit will plunge by 95% - 99% in 2024.


China Retail Weekly (24 Feb 2025): BILI, SAIC, NIO, Mengniu, JD, IQiyi

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

<ul>
<li>Bilibili (BILI) reported C4Q24 revenue and GAAP operating profit in line, 87% vs. our estimates and in line, 130% vs. consensus. </li>
<li>We see BILI's content strategy to be working to drive higher and better traffic, benefiting the ads business. </li>
<li>We BUY and raised our TP to US$24 awaiting further details on game pipeline. The stock trading at 2025 PE of 31x.</li>
</ul>


Bilibili (BILI) reported C4Q24 revenue and GAAP operating profit in line, 87% vs. our estimates and in line, 130% vs. consensus. 
We see BILI's content strategy to be working to drive higher and better traffic, benefiting the ads business. 
We BUY and raised our TP to US$24 awaiting further details on game pipeline. The stock trading at 2025 PE of 31x.


[Bilibili Inc. (BILI US, BUY, TP US$24) Target Price Change]: C3Q24 Review: Game Slowdown from C2Q25

Thematic (Sector/Industry)

<ul>
<li>With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; </li>
<li>Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;</li>
<li>We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.</li>
</ul>


With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; 
Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;
We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.


How Many Chinese Growth Equity Names Are Growing at Double Digits?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.</li>
<li>Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.


India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI-US. Remain aggressively long/continue to expect more upside into year-end and the early2026.</li>
<li>Europe's EURO STOXX 50 is breaking out from its 7-month base, above the crucial 5500 level, and RS is attempting to reverse its 5-month downtrend -- buy.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI-US. Remain aggressively long/continue to expect more upside into year-end and the early2026.
Europe's EURO STOXX 50 is breaking out from its 7-month base, above the crucial 5500 level, and RS is attempting to reverse its 5-month downtrend -- buy.


Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

China Retail Weekly (24 Feb 2025): BILI, SAIC, NIO, Mengniu, JD, IQiyi

In 4Q24, Bilibili’s total revenue increased by 22% YoY. SAIC removed 63 managers in the passenger car department. Mengtniu raised a profit warning.

Ming Lu

[Bilibili Inc. (BILI US, BUY, TP US$24) Target Price Change]: C3Q24 Review: Game Slowdown from C2Q25

Bilibili's strong revenue and profit performance driven by successful content strategy, leading to a buy recommendation with raised price target.

Blue Lotus Research Institute

How Many Chinese Growth Equity Names Are Growing at Double Digits?

More Chinese growth equity names growing at double digit than single and more are accelerating in growth in C2H24. Pessimism can turn into self...

Blue Lotus Research Institute

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Europe EURO $STOXX 50 Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan $EWT, China $MCHI, Korea $EWY, and the U.S. $SPX; Bullish...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Retail Weekly (24 Feb 2025): BILI, SAIC, NIO, Mengniu, JD, IQiyi

In 4Q24, Bilibili’s total revenue increased by 22% YoY. SAIC removed 63 managers in the passenger car department. Mengtniu raised a profit warning.

Ming Lu

[Bilibili Inc. (BILI US, BUY, TP US$24) Target Price Change]: C3Q24 Review: Game Slowdown from C2Q25

​Bilibili's strong revenue and profit performance driven by successful content strategy, leading to a buy recommendation with raised price target.

Blue Lotus Research Institute

How Many Chinese Growth Equity Names Are Growing at Double Digits?

More Chinese growth equity names growing at double digit than single and more are accelerating in growth in C2H24. Pessimism can turn into self...

Blue Lotus Research Institute

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Europe EURO $STOXX 50 Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan $EWT, China $MCHI, Korea $EWY, and the U.S. $SPX; Bullish...

Vermilion Research

Bilibili's strong revenue and profit performance driven by successful content strategy, leading to a buy recommendation with raised price target.