External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>CTGR reported a 10.31% YoY increase in 3Q23 electricity generation, with wind and solar power showing robust growth.</li><li>Cumulatively, from 1Q23 to 3Q23, the company’s electricity generation grew by 13.36% YoY to 40.03bn kWh.</li><li>We remain optimistic about CTGR’s full-year power generation. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CTGR reported a 10.31% YoY increase in 3Q23 electricity generation, with wind and solar power showing robust growth.Cumulatively, from 1Q23 to 3Q23, the company’s electricity generation grew by 13.36% YoY to 40.03bn kWh.We remain optimistic about CTGR’s full-year power generation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) – 3Q23 Preview: Loss Reduction Remains on Track

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

Thematic (Sector/Industry)

<ul>
<li>BABA：Taobao upgrades its membership program in preparation for 11.11（ / ）</li>
<li>BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU( / ) </li>
<li>U: Unity CEO Resigns After the Runtime Fees Incident ( + )</li>
</ul>


BABA：Taobao upgrades its membership program in preparation for 11.11（ / ）
BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU( / ) 
U: Unity CEO Resigns After the Runtime Fees Incident ( + )


CHina TMT Update Oct.12-Pt.2-BABA/BILI/U:：Taobao Upgrades Membership/Bilibili Aims to Double DAU

<ul>
<li>We view the recent cooperation between Alimama and Tencent a true change that both parties need to enter a new paradigm of business priorities in China Internet;</li>
<li>Middle-Sized social/video companies like Kuaishou and Bilibili have historically exploited the disconnect between Alibaba’s e-commerce merchandise shelf and Tencent’s advertising inventory. This opportunity is diminishing;</li>
<li>We raised Tencent's TP by 4% to HK$417 while keeping Alibaba unchanged. We cut Kuaishou and Bilibili’s TP by 8% and 3% and maintain SELL.</li>
</ul>


We view the recent cooperation between Alimama and Tencent a true change that both parties need to enter a new paradigm of business priorities in China Internet;
Middle-Sized social/video companies like Kuaishou and Bilibili have historically exploited the disconnect between Alibaba’s e-commerce merchandise shelf and Tencent’s advertising inventory. This opportunity is diminishing;
We raised Tencent's TP by 4% to HK$417 while keeping Alibaba unchanged. We cut Kuaishou and Bilibili’s TP by 8% and 3% and maintain SELL.


[Blue Lotus Internet Sector Update]: Increasing Marginalization of Middle-Sized Companies

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/vertex-technology-acquisition-corporation-ltd" target="_blank" data-smartkarma-citation="entities:35394:1" rel="noopener">Vertex Technology Acquisition Corporation (VTAC SP)</a> agreed to a De-SPAC transaction with 17LIVE, the top pure-play live streaming platform (by revenue) in Japan and Taiwan combined.</li>
<li>Industry data and the financials suggest that 17LIVE does not have a sustainable competitive advantage to translate its position into high earnings quality. </li>
<li>The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million (US$682.2 million). Our valuation analysis suggests that this consideration is full.</li>
</ul>



Vertex Technology Acquisition Corporation (VTAC SP) agreed to a De-SPAC transaction with 17LIVE, the top pure-play live streaming platform (by revenue) in Japan and Taiwan combined.
Industry data and the financials suggest that 17LIVE does not have a sustainable competitive advantage to translate its position into high earnings quality. 
The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million (US$682.2 million). Our valuation analysis suggests that this consideration is full.


Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

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.

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> filed for it Japan listing, while <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> continued to work towards its H-share listing.</li>
<li>In the placement space, there were no major deals this week apart from Blue Star and <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) filed for it Japan listing, while Midea Group Co Ltd A (000333 CH) continued to work towards its H-share listing.
In the placement space, there were no major deals this week apart from Blue Star and Sheela Foam Ltd (SFL IN). 


ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

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 (BILI US)

Bilibili (BILI US) – 3Q23 Preview: Loss Reduction Remains on Track

Cumulatively, from 1Q23 to 3Q23, the company’s electricity generation grew by 13.36% YoY to 40.03bn kWh. We remain optimistic about CTGR’s full...

CMB International

CHina TMT Update Oct.12-Pt.2-BABA/BILI/U:：Taobao Upgrades Membership/Bilibili Aims to Double DAU

BABA：Taobao upgrades its membership program in preparation for 11.11; BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU; U: Unity CEO...

Blue Lotus Research Institute

[Blue Lotus Internet Sector Update]: Increasing Marginalization of Middle-Sized Companies

We raised Tencent's TP by 4% to HK$417 while keeping Alibaba unchanged. We cut Kuaishou and Bilibili’s TP by 8% and 3% and maintain SELL.

Blue Lotus Research Institute

Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

Industry data and the financials suggest caution is warranted. The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million...

Arun George

ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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