Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity rebounded about 33% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK rebounded.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> was again the top buy 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> and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> the top two sells. Tech is having a mixed outing now.</li>
<li>Gross SOUTHBOUND volumes back up this week to levels seen just off the autumn peak. An interesting week as stocks popped Monday, opened high Tuesday, then fell all week.</li>
</ul>


SOUTHBOUND gross trading activity rebounded about 33% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK rebounded.

Alibaba Group Holding (9988 HK) was again the top buy and Tencent (700 HK) and Meituan (3690 HK) the top two sells. Tech is having a mixed outing now.
Gross SOUTHBOUND volumes back up this week to levels seen just off the autumn peak. An interesting week as stocks popped Monday, opened high Tuesday, then fell all week.


HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying

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.

Equity Bottom-Up

<ul><li>Alibaba Group's September Quarter 2024 results reveal a balance of positive developments and ongoing challenges.</li><li>The company has shown resilience in its core business segments, leveraging an AI-driven strategy to enhance user engagement and operational efficiency.</li><li>Steady growth has been noted in both domestic and international e-commerce segments, with Alibaba International Digital Commerce recording a substantial 29% revenue growth.</li></ul>

Alibaba Group's September Quarter 2024 results reveal a balance of positive developments and ongoing challenges.The company has shown resilience in its core business segments, leveraging an AI-driven strategy to enhance user engagement and operational efficiency.Steady growth has been noted in both domestic and international e-commerce segments, with Alibaba International Digital Commerce recording a substantial 29% revenue growth.

Alibaba Group Holdings: The Tale Of International E-commerce & Cross-border Growth! - Major Drivers

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Global Digital Niaga Tbk PT / Equity Bottom-Up

<ul>
<li>A recent meeting with <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga (BELI IJ)</a> looking at its longer-term strategy confirmed its differentiated standing, with a keen focus on an omnichannel strategy across key verticals.</li>
<li>The restructuring of its 1P business is yielding positive returns and higher margins, whilst its 3P business is being driven by strong performance from tiket.com, with offline stores performing well.</li>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">BELI</a> recently opened a new 100,000 sqm distribution centre, which will further underpin its logistics excellence and improve delivery times even further. Valuations are attractive with profitability ahead in FY2025.</li>
</ul>


A recent meeting with Global Digital Niaga (BELI IJ) looking at its longer-term strategy confirmed its differentiated standing, with a keen focus on an omnichannel strategy across key verticals.
The restructuring of its 1P business is yielding positive returns and higher margins, whilst its 3P business is being driven by strong performance from tiket.com, with offline stores performing well.

BELI recently opened a new 100,000 sqm distribution centre, which will further underpin its logistics excellence and improve delivery times even further. Valuations are attractive with profitability ahead in FY2025.


Global Digital Niaga (BELI IJ) - Speeding the Horses to Profitability

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

IGI (India) Limited / Equity Capital Markets

<ul>
<li>International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.</li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>In this note, we will look at the company’s past performance and talk about the IPO valuations.</li>
</ul>


International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will look at the company’s past performance and talk about the IPO valuations.


IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Inventurus Knowledge Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inventurus-knowledge-solutions" target="_blank" data-smartkarma-citation="entities:43880:1" rel="noopener">Inventurus Knowledge Solutions (IKSINCD IN)</a> is looking to raise up to US$295m in its upcoming India IPO.</li>
<li>IKS is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia. It is a one-stop shop designed to handle physicians administrative tasks.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Inventurus Knowledge Solutions (IKSINCD IN) is looking to raise up to US$295m in its upcoming India IPO.
IKS is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia. It is a one-stop shop designed to handle physicians administrative tasks.
In this note, we look at the firm's past performance.


Inventurus Pre-IPO - Accelerating Growth with Major Aquity Acquisition

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying

SOUTHBOUND continues to buy, picking up what others don't want. Gross volumes higher, led by tech but tech flows are mixed. Financials continue to...

Travis Lundy

Alibaba Group Holdings: The Tale Of International E-commerce & Cross-border Growth! - Major Drivers

Alibaba Group's September Quarter 2024 results reveal a balance of positive developments and ongoing challenges. The company has shown resilience...

Baptista Research

Global Digital Niaga (BELI IJ) - Speeding the Horses to Profitability

A recent meeting with Global Digital Niaga (BELI IJ) looking at its longer-term strategy confirmed its differentiated standing, with a keen focus...

Angus Mackintosh

IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO. In this note, we look at...

Sumeet Singh

Inventurus Pre-IPO - Accelerating Growth with Major Aquity Acquisition

Inventurus (IKS) is looking to raise up to US$295m in its upcoming India IPO. It is a technology-enabled healthcare solutions provider, assisting...

Nicholas Tan

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