Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The fourth quarter looks like a weak quarter according to the growth and the loss.</li>
<li>However, deducting the termination cost for game studios, we believe the financials will be promising in 2023.</li>
<li>We believe the stock has an upside of 19% for the yearend 2023.</li>
</ul>


The fourth quarter looks like a weak quarter according to the growth and the loss.
However, deducting the termination cost for game studios, we believe the financials will be promising in 2023.
We believe the stock has an upside of 19% for the yearend 2023.


Bilibili (9626 HK): 4Q22, Not Really Weak Quarter, But Transition for Dropping Games

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> will report 4Q2022 and full-year results on 23rd March 2023.</li>
<li>The company’s livestreaming revenues have made significant progress since 4Q2021 while its domestic business reported an operating profit for the first time in 3Q2022.</li>
<li>Though the company’s share price has not moved up yet, we think there is further upside to the current share price driven by improved earnings.</li>
</ul>



Kuaishou Technology (1024 HK) will report 4Q2022 and full-year results on 23rd March 2023.
The company’s livestreaming revenues have made significant progress since 4Q2021 while its domestic business reported an operating profit for the first time in 3Q2022.
Though the company’s share price has not moved up yet, we think there is further upside to the current share price driven by improved earnings.


Kuaishou 4Q2022E Preview: Continued Recovery in Earnings

China/Asia TMT

Shawn Yang

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>While BILI's top line in 4Q22/2023 would be in line, we suggest that its bottom line in 4Q22/2023 would beat cons. by 6%/18% due to cost-savings and optimized monetization efficiency. </li>
<li>BILI’s adjusted net loss would be significantly narrowed to (3.2)bn RMB in 2023, per our estimation. However, we still have concerns about some of BILI’s fundamentals.</li>
<li>Maintain SELL but raise TP to US$ 16.4, implying 1.8X PS in 2023.</li>
</ul>


While BILI's top line in 4Q22/2023 would be in line, we suggest that its bottom line in 4Q22/2023 would beat cons. by 6%/18% due to cost-savings and optimized monetization efficiency. 
BILI’s adjusted net loss would be significantly narrowed to (3.2)bn RMB in 2023, per our estimation. However, we still have concerns about some of BILI’s fundamentals.
Maintain SELL but raise TP to US$ 16.4, implying 1.8X PS in 2023.


Bilibili(Bili.US) 4Q22 Preview: Raise TP for More Optimistic Outlook in 2023

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many months</li><li>January’s licenses are an upbeat sign from the NPPA, which follows regulatory signals in July that the permit process would be streamlined after years of uncertainty. </li><li><p>Games must have a license from the regulator before they can enter the market. Typically handed out monthly, licenses were issued just seven times last year after an eight-month freeze that ended in April.</p></li></ul>

China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many monthsJanuary’s licenses are an upbeat sign from the NPPA, which follows regulatory signals in July that the permit process would be streamlined after years of uncertainty. Games must have a license from the regulator before they can enter the market. Typically handed out monthly, licenses were issued just seven times last year after an eight-month freeze that ended in April.

China’s Video Game Regulator Issues Fresh Licenses in Positive Sign for Recovering Industry

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>Some shareholders of <a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a> are looking to raise US$151.5m via an International Only Follow-on offering. </li>
<li>The deal is a relatively small one to digest in terms of ADV, representing only 4 days of three-month ADV.  Although, it is still 10% of current mcap. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Some shareholders of Anycolor (5032 JP) are looking to raise US$151.5m via an International Only Follow-on offering. 
The deal is a relatively small one to digest in terms of ADV, representing only 4 days of three-month ADV.  Although, it is still 10% of current mcap. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Anycolor Placement - First Placement Since Listing but Should Do Fine

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (9626 HK)

Bilibili (9626 HK): 4Q22, Not Really Weak Quarter, But Transition for Dropping Games

The fourth quarter looks like a weak quarter; however, deducting the termination cost for game s, we believe the financials will be promising in...

Ming Lu

Kuaishou 4Q2022E Preview: Continued Recovery in Earnings

Kuaishou will report 4Q2022 results on 23rd March. We expect further improvement in earnings during 4Q2022E driven by growth in online marketing...

Shifara Samsudeen, FCMA, CGMA

Bilibili(Bili.US) 4Q22 Preview: Raise TP for More Optimistic Outlook in 2023

While we forecast that BILI's top line would be basically in line, we suggest that its bottom line in 4Q22/2023 would beat cons. by 6%/18% due to...

Blue Lotus Research Institute

China’s Video Game Regulator Issues Fresh Licenses in Positive Sign for Recovering Industry

China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many months. January’s licenses are an...

Caixin Global

Anycolor Placement - First Placement Since Listing but Should Do Fine

Some shareholders of Anycolor (5032 JP) are looking to raise US$151.5m via an International Only Follow-on offering. We will talk about the deal...

Ethan Aw

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