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>There has been renewed push for the German carmakers to enter the BEV market, at the expense of the PHEV market. </li>
<li>We believe it will benefit Chinese battery makers and PHEV makers; We, however, prefer to look at the issue through the lens of industry standardization.</li>
<li>Battery is the Intel and Advanced Driving Assistance System (ADAS) is the Windows of EV. Only China and US are in the ADAS ring.</li>
</ul>


There has been renewed push for the German carmakers to enter the BEV market, at the expense of the PHEV market. 
We believe it will benefit Chinese battery makers and PHEV makers; We, however, prefer to look at the issue through the lens of industry standardization.
Battery is the Intel and Advanced Driving Assistance System (ADAS) is the Windows of EV. Only China and US are in the ADAS ring.


[Blue Lotus Transportation Sector Update]: German Cars’ EV Push Belies Issue of Standardization

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> looks set to have another year of positive growth driven by strong performance from its Auto and 2W businesses and steady performance from <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors.</a>
</li>
<li>The company's move into the EV space has begun with 16 models hybrid or BEV models already launched, with 4W hybrid outperforming ICE given narrowing price differentials. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> continues to invest in core growth areas of the Indonesian economy, with a strong sustainability bent. Valuations are attractive versus history on 8.3x FY2024E PER. </li>
</ul>



Astra International (ASII IJ) looks set to have another year of positive growth driven by strong performance from its Auto and 2W businesses and steady performance from United Tractors.

The company's move into the EV space has begun with 16 models hybrid or BEV models already launched, with 4W hybrid outperforming ICE given narrowing price differentials. 

Astra International (ASII IJ) continues to invest in core growth areas of the Indonesian economy, with a strong sustainability bent. Valuations are attractive versus history on 8.3x FY2024E PER. 


Astra International (ASII IJ) - Crossing EV Boundaries

<ul>
<li>BYD/CATL: Renewed effort of German carmakers in EV positive to Chinese battery makers</li>
<li>700HK: Tencent’s management said “Hunyuan” LLM will be launched within this month(+)</li>
<li>NetEase's "Eggy Party" announced that they reached over 100 mn MAUs and surpassing 100 mn UGC maps. (+)</li>
</ul>


BYD/CATL: Renewed effort of German carmakers in EV positive to Chinese battery makers
700HK: Tencent’s management said “Hunyuan” LLM will be launched within this month(+)
NetEase's "Eggy Party" announced that they reached over 100 mn MAUs and surpassing 100 mn UGC maps. (+)


China TMT Update-BYD/CATL/700HK/NTES-“Hunyuan” LLM Will Be Launched/"Eggy Party" Reached 100 Mn MAUs

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 Meituan, CCB, China Mobile, CNOOC, HKEX.</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 Meituan, CCB, China Mobile, CNOOC, HKEX.


Hong Kong Connect Flows (August): $8.8bn Outflows

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/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raisebetween US$4.5-4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a>' US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.</li>
</ul>



Softbank Group (9984 JP) aims to raisebetween US$4.5-4.9bn via selling some of its stake in ARM Holdings' US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.


ARM Holdings IPO - Thoughts on Valuation - Still Very Demanding

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

[Blue Lotus Transportation Sector Update]: German Cars’ EV Push Belies Issue of Standardization

There has been renewed push for the German carmakers to enter the BEV market, at the expense of the PHEV market. We believe it will benefit Chinese...

Blue Lotus Research Institute

Astra International (ASII IJ) - Crossing EV Boundaries

Astra International continues to invest in core growth areas of the Indonesian economy, with a strong sustainability bent. Valuations are...

Angus Mackintosh

China TMT Update-BYD/CATL/700HK/NTES-“Hunyuan” LLM Will Be Launched/"Eggy Party" Reached 100 Mn MAUs

German carmakers in EV positive to Chinese battery makers;700HK: “Hunyuan” LLM will be launched within this month(+);NetEase's "Eggy Party"...

Blue Lotus Research Institute

Hong Kong Connect Flows (August): $8.8bn Outflows

We analyzed the Hong Kong Connect Scheme for the month of August and highlight flows for Meituan, CCB, China Mobile, CNOOC, HKEX.

Ke Yan, CFA, FRM

ARM Holdings IPO - Thoughts on Valuation - Still Very Demanding

Softbank Group (9984 JP) aims to raisebetween US$4.5-4.9bn via selling some of its stake in ARM Holdings' US IPO. In this note, we provide our...

Sumeet Singh

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