Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • ABN Amro | to start EUR 250m share buyback today • KPN | two formal investigations into Odido following last month’s major data breach • Philips | request to the Enterprise Chamber to investigate role of Management Board in the sleep apnea devices controversy • E-commerce & Logistics | EU to hold platforms liable for safety products</li></ul>

In this edition: • ABN Amro | to start EUR 250m share buyback today • KPN | two formal investigations into Odido following last month’s major data breach • Philips | request to the Enterprise Chamber to investigate role of Management Board in the sleep apnea devices controversy • E-commerce & Logistics | EU to hold platforms liable for safety products

What's New(s) in Amsterdam 27 March (ABN Amro | KPN/Odido | Philips | E-commerce & Logistics)

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>JD.com reported its financial results for the fourth quarter and full year 2025, illustrating a mixed performance characterized by solid long-term strategic progress amid short-term challenges.</li><li>The company's diversified growth approach, particularly its focus on general merchandise and service revenue, remained robust, while categories like electronics and home appliances faced headwinds due to high base comparisons.</li><li>Revenue for JD.com increased by 2% year-on-year to RMB 352 billion in the fourth quarter, with full-year revenue growing by 13% to RMB 1.3 trillion.</li></ul>

JD.com reported its financial results for the fourth quarter and full year 2025, illustrating a mixed performance characterized by solid long-term strategic progress amid short-term challenges.The company's diversified growth approach, particularly its focus on general merchandise and service revenue, remained robust, while categories like electronics and home appliances faced headwinds due to high base comparisons.Revenue for JD.com increased by 2% year-on-year to RMB 352 billion in the fourth quarter, with full-year revenue growing by 13% to RMB 1.3 trillion.

JD.com: Leveraging AI, Logistics, and Merchant Infrastructure to Reinvent E-Commerce!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>As expected, there are no constituent changes for the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in March. However, there are float and capping changes.</li>
<li>Estimated one-way turnover is 2.6% leading to a round-trip trade of HK$18.15bn (US$2.3bn). Most stocks will have same-way flows from passive trackers of other indices in the Hang Seng family.</li>
<li>Short interest is elevated in some of the stocks with large flows and shorts could be active in the stocks over the next couple of weeks.</li>
</ul>


As expected, there are no constituent changes for the Hang Seng TECH Index (HSTECH INDEX) in March. However, there are float and capping changes.
Estimated one-way turnover is 2.6% leading to a round-trip trade of HK$18.15bn (US$2.3bn). Most stocks will have same-way flows from passive trackers of other indices in the Hang Seng family.
Short interest is elevated in some of the stocks with large flows and shorts could be active in the stocks over the next couple of weeks.


HSTECH Index Rebalance: No Constituent Changes; Float/Capping Changes Lead to US$2.3bn Trade

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Alibaba plans to raise $10.2 billion to enhance its AI infrastructure and expand data centers.</li><li>JD has won a $2.1 billion project tender in Hong Kong's Northern Metropolis, showcasing growth.</li><li>Gaw Unit GCP Hospitality partners with IHG to manage 14 hotels in Kyoto, indicating real estate activity.</li></ul>

Alibaba plans to raise $10.2 billion to enhance its AI infrastructure and expand data centers.JD has won a $2.1 billion project tender in Hong Kong's Northern Metropolis, showcasing growth.Gaw Unit GCP Hospitality partners with IHG to manage 14 hotels in Kyoto, indicating real estate activity.

Asia Real Estate Tracker (25-Aug-2026): Alibaba raising $10.2B for AI and data centers.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: This Insight provides volatility analysis for the Hang Seng and eight prominent Hong Kong stocks. Volatility cones provide the framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights: Historically low implied volatility in <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> offers attractive pre-earnings hedging opportunities.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: This Insight provides volatility analysis for the Hang Seng and eight prominent Hong Kong stocks. Volatility cones provide the framework to evaluate whether options are trading cheap or rich.

Highlights: Historically low implied volatility in Meituan (3690 HK), JD.com (9618 HK), Xiaomi (1810 HK) and Tencent (700 HK) offers attractive pre-earnings hedging opportunities.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Tencent (700), Xiaomi (1810), Meituan (3690), and JD.com (9618): Cheap Vol Into Earnings

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JD.com (ADR) (JD US)

What's New(s) in Amsterdam 27 March (ABN Amro | KPN/Odido | Philips | E-commerce & Logistics)

In this edition: • ABN Amro | to start EUR 250m share buyback today • KPN | two formal investigations into Odido following last month’s major data...

The IDEA!

JD.com: Leveraging AI, Logistics, and Merchant Infrastructure to Reinvent E-Commerce!

JD.com reported its financial results for the fourth quarter and full year 2025, illustrating a mixed performance characterized by solid long-term...

Baptista Research

HSTECH Index Rebalance: No Constituent Changes; Float/Capping Changes Lead to US$2.3bn Trade

There are no constituent changes but float and capping changes result in one-way turnover of 2.6% and a round-trip trade of US$2.3bn. Shorts are...

Brian Freitas

Asia Real Estate Tracker (25-Aug-2026): Alibaba raising $10.2B for AI and data centers.

Alibaba seeks $10.2 billion for AI infrastructure, JD wins a $2.1 billion project in Hong Kong, while GCP Hospitality partners with IHG and Hulic...

Asia Real Estate Tracker

Tencent (700), Xiaomi (1810), Meituan (3690), and JD.com (9618): Cheap Vol Into Earnings

Volatility cones identify hedging opportunities in prominent Hong Kong stocks ahead of earnings. Term structure analysis helps traders spot...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)