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>We believe revenue will grow by 44% in 2023 according to the sales volume and the price trend.</li>
<li>We believe net profit will increase by 100%, higher than the company’s estimate.</li>
<li>We conclude an upside of 54% and a price target of HK$304. Buy.</li>
</ul>


We believe revenue will grow by 44% in 2023 according to the sales volume and the price trend.
We believe net profit will increase by 100%, higher than the company’s estimate.
We conclude an upside of 54% and a price target of HK$304. Buy.


BYD (1211 HK) 2023 Earnings Preview: Strong Top Line and Bottom Line

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

<ul>
<li>BYD is also making an inroad towards intelligence driving, democratizing LIDAR but also made The World’s First Dual "Full Damage Coverage" Pledge.  
</li>
<li>2026 1H was marked with a combination of a slow 1Q and a more promising 2Q thanks to new model launch and growing export business. </li>
<li>
<a href="https://www.smartkarma.com/entities/byd-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD Company (1211 HK)</a> is trading at 6.5x EV//EBITDA while still being the largest EV makers globally. </li>
</ul>


BYD is also making an inroad towards intelligence driving, democratizing LIDAR but also made The World’s First Dual "Full Damage Coverage" Pledge.  

2026 1H was marked with a combination of a slow 1Q and a more promising 2Q thanks to new model launch and growing export business. 

BYD Company (1211 HK) is trading at 6.5x EV//EBITDA while still being the largest EV makers globally. 


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

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)

BYD (1211 HK) 2023 Earnings Preview: Strong Top Line and Bottom Line

We believe revenue will grow by 44% in 2023 according to the sales volume and the price trend. We also believe net profit will increase by 100%,...

Ming Lu

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

BYD (1211): Stabile and Growing Export

BYD is leading in intelligence driving and offers the world's first dual "full damage coverage" pledge, trading at 6.5x EV/EBITDA as the largest...

Henry Soediarko

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD (1211 HK) 2023 Earnings Preview: Strong Top Line and Bottom Line

We believe revenue will grow by 44% in 2023 according to the sales volume and the price trend. We also believe net profit will increase by 100%,...

Ming Lu

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

BYD (1211): Stabile and Growing Export

​BYD is leading in intelligence driving and offers the world's first dual "full damage coverage" pledge, trading at 6.5x EV/EBITDA as the largest...

Henry Soediarko

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

BYD is leading in intelligence driving and offers the world's first dual "full damage coverage" pledge, trading at 6.5x EV/EBITDA as the largest...