Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
Macro data points: Chinese PMI data, South Korean exports data.</li>
<li>
Companies mentioned:<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>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings (PDD US)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

Macro data points: Chinese PMI data, South Korean exports data.

Companies mentioned:Alibaba Group Holding (9988 HK), Taiwan Semiconductor (TSMC) (2330 TT), PDD Holdings (PDD US)



GEMWeekly (1 Nov 2024): China New Home Sales Growth; South Korea Macro; Alibaba, TSMC, PDD

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Alibaba, Xiaomi, SMIC, Geely, CCB and outflows from Meituan.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Alibaba, Xiaomi, SMIC, Geely, CCB and outflows from Meituan.


Hong Kong Connect Flows (October): $12 Bn Inflows

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>BABA US/SE US: Lazada launches user-focused AI features across its platform (+)</li>
<li>BABA US: Alibaba launches four new AI agents for international B2B sellers (+)</li>
<li>700 HK: Tencent Denies Rumors of Significant Layoffs and Budget Cut in Gaming Division (/)</li>
</ul>


BABA US/SE US: Lazada launches user-focused AI features across its platform (+)
BABA US: Alibaba launches four new AI agents for international B2B sellers (+)
700 HK: Tencent Denies Rumors of Significant Layoffs and Budget Cut in Gaming Division (/)


[Blue Lotus Daily-TMT Update]:BABA US/SE US/700 HK/BIDU US

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Hong Kong Singapore Depository Receipts provide a strategic and efficient means for investors to access Hong Kong’s leading companies.</li><li>Five top quintile Hang Seng Index stocks by weight—Tencent, Alibaba, Bank of China, HSBC, and BYD—are now tradable on SGX via HK SDRs, representing key sectors like Information Technology, Financials, and Consumer Discretionary, and offering a microcosm of the Index, with varied China exposure.</li><li>All five stocks are now available for trading on Singapore Exchange (SGX) through Hong Kong Singapore Depository Receipts (HK SDRs).</li></ul>

Hong Kong Singapore Depository Receipts provide a strategic and efficient means for investors to access Hong Kong’s leading companies.Five top quintile Hang Seng Index stocks by weight—Tencent, Alibaba, Bank of China, HSBC, and BYD—are now tradable on SGX via HK SDRs, representing key sectors like Information Technology, Financials, and Consumer Discretionary, and offering a microcosm of the Index, with varied China exposure.All five stocks are now available for trading on Singapore Exchange (SGX) through Hong Kong Singapore Depository Receipts (HK SDRs).

New Flexible and Convenient Access to Hong Kong Stocks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> is planning to raise around US$1.25bn through its upcoming India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.</li>
</ul>



Swiggy is planning to raise around US$1.25bn through its upcoming India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.


Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

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.

Price Gauge
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Alibaba (9988 HK)

GEMWeekly (1 Nov 2024): China New Home Sales Growth; South Korea Macro; Alibaba, TSMC, PDD

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Hong Kong Connect Flows (October): $12 Bn Inflows

We analyzed the Hong Kong Connect Scheme for October and highlighted flows for Alibaba, Xiaomi, SMIC, Geely, CCB, and Meituan.

Ke Yan, CFA, FRM

[Blue Lotus Daily-TMT Update]:BABA US/SE US/700 HK/BIDU US

Lazada and Alibaba introduce AI features for user experience, while Tencent denies rumors of layoffs in gaming division.

Blue Lotus Research Institute

New Flexible and Convenient Access to Hong Kong Stocks

Hong Kong Singapore Depository Receipts provide a strategic and efficient means for investors to access Hong Kong’s leading companies. Five top...

Singapore Exchange Ltd (SGX)

Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

Swiggy is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GEMWeekly (1 Nov 2024): China New Home Sales Growth; South Korea Macro; Alibaba, TSMC, PDD

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Hong Kong Connect Flows (October): $12 Bn Inflows

We analyzed the Hong Kong Connect Scheme for October and highlighted flows for Alibaba, Xiaomi, SMIC, Geely, CCB, and Meituan.

Ke Yan, CFA, FRM

[Blue Lotus Daily-TMT Update]:BABA US/SE US/700 HK/BIDU US

​Lazada and Alibaba introduce AI features for user experience, while Tencent denies rumors of layoffs in gaming division.

Blue Lotus Research Institute

New Flexible and Convenient Access to Hong Kong Stocks

Hong Kong Singapore Depository Receipts provide a strategic and efficient means for investors to access Hong Kong’s leading companies. Five top...

Singapore Exchange Ltd (SGX)

Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

Swiggy is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Lazada and Alibaba introduce AI features for user experience, while Tencent denies rumors of layoffs in gaming division.