Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Perhaps, misled by the Chinese tech rally due to the change in stance from the Chinese Government, Sea's shares rose by 33% compared to the broader market's 8.3%.</li>
<li>With fundamentals deteriorating and the Federal Reserve signalling an aggressive rate hike outlook, <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>’s 33% move seems unwarranted.</li>
<li>Meanwhile, the downside potential is quite significant as Sea trades at a significant FY+2 EV/Sales premium to regional peers whose cyclical bottoms are unknown.</li>
</ul>


Perhaps, misled by the Chinese tech rally due to the change in stance from the Chinese Government, Sea's shares rose by 33% compared to the broader market's 8.3%.
With fundamentals deteriorating and the Federal Reserve signalling an aggressive rate hike outlook, Sea Ltd (SE US)’s 33% move seems unwarranted.
Meanwhile, the downside potential is quite significant as Sea trades at a significant FY+2 EV/Sales premium to regional peers whose cyclical bottoms are unknown.


Sea Ltd.'s Money Machine Is Broken, Downside Is Not Fully Priced-In

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

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. </li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the company's valuation.</li>
</ul>


GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. 
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the company's valuation.


GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>Softbank is a $23bn winner on the China bounce as Alibaba (+37% over 2 days, $18bn) and Vision Fund (+$4.8bn) recovered from selling pressure over the last week</li>
<li>Improving sentiment aside the discount remains above 50% and the rebound appears to be more about correcting excess selling than a change in market outlook</li>
<li>We remain wary of Chinese exposure in the near-term on political, regulatory and economic risks although the worst appears to be over for now</li>
</ul>


Softbank is a $23bn winner on the China bounce as Alibaba (+37% over 2 days, $18bn) and Vision Fund (+$4.8bn) recovered from selling pressure over the last week
Improving sentiment aside the discount remains above 50% and the rebound appears to be more about correcting excess selling than a change in market outlook
We remain wary of Chinese exposure in the near-term on political, regulatory and economic risks although the worst appears to be over for now


Softbank Group - China Bounce Erases a Week of Losses

<ul>
<li>GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. </li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we talk about the company's past performance.</li>
</ul>


GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. 
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we talk about the company's past performance.


GoTo IPO - Past Performance Hasn't All Been Great

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Layoff rumors are spreading, which shadow two departments and 10% of Tencent’s employees.</li>
<li>China Banking Regulatory Commission (CBRC) will fine Tencent for money laundering.</li>
<li>Short video apps are taking time on site from Tencent’s WeChat app.</li>
</ul>


Layoff rumors are spreading, which shadow two departments and 10% of Tencent’s employees.
China Banking Regulatory Commission (CBRC) will fine Tencent for money laundering.
Short video apps are taking time on site from Tencent’s WeChat app.


Tencent (700 HK): Layoff and Penalty Before 4Q21 Result

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 (9988 HK)

Sea Ltd.'s Money Machine Is Broken, Downside Is Not Fully Priced-In

With fundamentals deteriorating and the Fed signalling an aggressive rate hike outlook, Sea’s 33% move seems unwarranted. The downside potential is...

Oshadhi Kumarasiri

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

Softbank Group - China Bounce Erases a Week of Losses

China bounce has added $4.8bn to Vision Fund and $18bn to Alibaba and that is enough to get us back to early March levels. We have updated the main...

Kirk Boodry

GoTo IPO - Past Performance Hasn't All Been Great

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we look at the...

Sumeet Singh

Tencent (700 HK): Layoff and Penalty Before 4Q21 Result

Layoff rumors are spreading, which cover two departments and 10% of Tencent’s employees. China Banking Regulatory Commission (CBRC) will fine...

Ming Lu

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