Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Kavin Stewart is partner at Tribe Capital and former VP of Product at Reddit.</li><li>Reddit monetizes with ads and its subscription product Premium.</li><li>For people who have passionate interests, Reddit's basically the number one place to go.</li></ul>

Kavin Stewart is partner at Tribe Capital and former VP of Product at Reddit.Reddit monetizes with ads and its subscription product Premium.For people who have passionate interests, Reddit's basically the number one place to go.

Kavin Stewart, Partner At Tribe Capital, On Reddit's 10x Opportunity

Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Equity Bottom-Up

<ul>
<li>Shopee, Southeast Asia’s largest e-commerce player, has been on a strict financial diet to reach profitability in the last year.</li>
<li>That’s been welcome news for shareholders of its listed parent, Sea Ltd, but more challenging for sellers on the platform who have faced lower sales growth and higher selling costs after years of heavily subsidised operations. </li>
<li>In this blog post we report on the most important figures from Shopee’s newly published Q1-2023 results (<a href="https://www.sea.com/investor/quarterlyresults" target="_blank" rel="noopener">released 16 May</a>) as well as the key implications for e-commerce sellers in Southeast Asia.</li>
</ul>


Shopee, Southeast Asia’s largest e-commerce player, has been on a strict financial diet to reach profitability in the last year.
That’s been welcome news for shareholders of its listed parent, Sea Ltd, but more challenging for sellers on the platform who have faced lower sales growth and higher selling costs after years of heavily subsidised operations. 
In this blog post we report on the most important figures from Shopee’s newly published Q1-2023 results (released 16 May) as well as the key implications for e-commerce sellers in Southeast Asia.


Shopee Enters a New Era of Slower GMV Growth and Higher Fees for Sellers

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

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.

Pico Technology / Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-pico-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36878:1" rel="noopener">Pico Technology (1870309D CH)</a>  is a Virtual Reality (VR) / Extended reality (XR) technology company that develops and sells VR glasses and comprehensive XR solutions.</li>
<li>The company is the market leader in the XR market in China and has a global presence. It was acquired by ByteDance in 2021.</li>
<li>PICO is a company to watch for in the VR/XR segment given it operates in a growing market and has already established itself as a prominent player in this space.</li>
</ul>



Pico Technology (1870309D CH)  is a Virtual Reality (VR) / Extended reality (XR) technology company that develops and sells VR glasses and comprehensive XR solutions.
The company is the market leader in the XR market in China and has a global presence. It was acquired by ByteDance in 2021.
PICO is a company to watch for in the VR/XR segment given it operates in a growing market and has already established itself as a prominent player in this space.


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

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

Hang Seng China Enterprises Index (HSCEI INDEX)

<ul>
<li>The HSCEI 2023 dividend futures have dropped over the last week as results have trickled in and some of the larger dividend payers have cut their final dividends.</li>
<li>Over 50% of the DIPS are confirmed now and that number will increase significantly over the next couple of days as the remaining companies announce their final dividends.</li>
<li>From our estimates, just over 80% of the DIPS will be confirmed by tomorrow though over 66% of the total DIPS will have CNYHKD risk attached to it.</li>
</ul>


The HSCEI 2023 dividend futures have dropped over the last week as results have trickled in and some of the larger dividend payers have cut their final dividends.
Over 50% of the DIPS are confirmed now and that number will increase significantly over the next couple of days as the remaining companies announce their final dividends.
From our estimates, just over 80% of the DIPS will be confirmed by tomorrow though over 66% of the total DIPS will have CNYHKD risk attached to it.


HSCEI Dividend Futures: Nearing the Pointy End of Results Season

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>’s 3Q22 results beat both revenue and adjusted EBITDA consensus estimates. Chindata raised its full-year guidance for the second time this year.</li>
<li>Chindata continues to attract rumours of takeover interest, most recently from China Merchants. Its track record of beating guidance, modest leverage and beaten-down rating make it a target. </li>
<li>A forward EV/EBITDA multiple of 10.8x, in line with <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>’s multiple implied by its founder’s offer (at US$8.20), would imply Chindata’s price of US$8 per ADS.  </li>
</ul>



Chindata Group (CD US)’s 3Q22 results beat both revenue and adjusted EBITDA consensus estimates. Chindata raised its full-year guidance for the second time this year.
Chindata continues to attract rumours of takeover interest, most recently from China Merchants. Its track record of beating guidance, modest leverage and beaten-down rating make it a target. 
A forward EV/EBITDA multiple of 10.8x, in line with 21Vianet Group (VNET US)’s multiple implied by its founder’s offer (at US$8.20), would imply Chindata’s price of US$8 per ADS.  


2023 High Conviction: Chindata's Track Record & Rating Makes It a Takeover Target

China

Beijing Douyin Information Service Co. Ltd. provides online information and contents. The Company develops and operates short video platform, original short video community, news platform, and other related products. Beijing Douyin Information Service offers services worldwide.

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ByteDance (1439927D CH)

Kavin Stewart, Partner At Tribe Capital, On Reddit's 10x Opportunity

Sacra interview with Kavin Stewart, partner at Tribe Capital and former VP of Product at Reddit.

Sacra

Shopee Enters a New Era of Slower GMV Growth and Higher Fees for Sellers

Shopee, Southeast Asia’s largest e-commerce player, has been on a strict financial diet to reach profitability in the last year. That’s been...

Simon Torring

PICO: Leader in Chinese XR Market

PICO is the market leader in the XR market in China with a global presence and was acquired by ByteDance in 2021. PICO is a company to watch for...

Shifara Samsudeen, FCMA, CGMA

HSCEI Dividend Futures: Nearing the Pointy End of Results Season

Over half of 2023 DIPS are now confirmed & will rise to 80% by close tomorrow. There is FX risk attached to most dividends. The 2023/24 steepener...

Brian Freitas

2023 High Conviction: Chindata's Track Record & Rating Makes It a Takeover Target

Chindata raised its full-year guidance for the second time this year. Its track record of beating guidance, modest leverage and beaten-down rating...

Arun George

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