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.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> ’s 1Q2023 earnings beat consensus estimates and the key highlight was the company turning into adjusted operating profits after two years.</li>
<li>Revenue from Core local commerce continued to see strong growth in earnings though we expected growth rates to decline with pandemic conditions easing off.</li>
<li>Meituan has launched its food delivery app “KeeTa” in Hong Kong which is dominated by Foodpanda and Deliveroo.</li>
</ul>



Meituan (3690 HK) ’s 1Q2023 earnings beat consensus estimates and the key highlight was the company turning into adjusted operating profits after two years.
Revenue from Core local commerce continued to see strong growth in earnings though we expected growth rates to decline with pandemic conditions easing off.
Meituan has launched its food delivery app “KeeTa” in Hong Kong which is dominated by Foodpanda and Deliveroo.


Meituan: Strong 1Q with Operating Profits; No Disclosure on User Numbers and Delivery Costs

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

Cross Asset Strategy

<ul><li>Debt /: Cover Story: China’s effort to move mountain of ‘hidden debt’ faces uphill climb</li><li>G7 /: China protests G7 communique, saying it interferes in domestic affairs</li><li>Covid-19 /: China’s post-reopening second Covid wave could peak in late June, expert says</li></ul>

Debt /: Cover Story: China’s effort to move mountain of ‘hidden debt’ faces uphill climbG7 /: China protests G7 communique, saying it interferes in domestic affairsCovid-19 /: China’s post-reopening second Covid wave could peak in late June, expert says

CX Daily: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb

<ul><li>Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by foreign on-demand service leaders foodpanda and Deliveroo.</li><li>Meituan is hiring delivery workers including motorcycle and bike riders as well as so-called foot soldiers who can dispatch orders by foot, a recruitment document showed.</li><li>As an incentive, Meituan said new riders who complete a certain volume of orders will receive a bonus of HK$2,500 ($319).</li></ul>

Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by foreign on-demand service leaders foodpanda and Deliveroo.Meituan is hiring delivery workers including motorcycle and bike riders as well as so-called foot soldiers who can dispatch orders by foot, a recruitment document showed.As an incentive, Meituan said new riders who complete a certain volume of orders will receive a bonus of HK$2,500 ($319).

Meituan Gears Up for Hong Kong Expansion With Rider Recruitment

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.

Event-Driven

GoTo Gojek Tokopedia Tbk PT / Event-Driven

<ul>
<li>GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price.</li>
<li>We had written about the upcoming lockup expiry in our earlier note, <a href="https://www.smartkarma.com/insights/goto-ipo-lockup-expiry-us-13bn-lockup-release-or-in-other-words-the-real-ipo" target="_blank" data-smartkarma-citation="insights:84796" rel="noopener">GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO</a>.</li>
<li>While the price appears to be settling down now, given the intra-day trading limits in Indonesia,  very little volumes have been transacted compared to the shares released from lockup.</li>
</ul>


GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price.
We had written about the upcoming lockup expiry in our earlier note, GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO.
While the price appears to be settling down now, given the intra-day trading limits in Indonesia,  very little volumes have been transacted compared to the shares released from lockup.


GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>In Mar 2022, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> raised around US$1bn from what was essentially a domestic Indonesian IPO. </li>
<li>GoTo has already burnt through the cash it raised from the listing and cash burn still remains high, while its cash balance is amongst the lowest in its peer set.</li>
<li>At its current cash burn pace, the company will have to come to the markets again soon.</li>
</ul>


In Mar 2022, GoTo (GOTO IJ) raised around US$1bn from what was essentially a domestic Indonesian IPO. 
GoTo has already burnt through the cash it raised from the listing and cash burn still remains high, while its cash balance is amongst the lowest in its peer set.
At its current cash burn pace, the company will have to come to the markets again soon.


2023 High Conviction - GoTo - Burnt Through All Cash From the IPO, Weakest Cash Position Among Peers

United Kingdom

Deliveroo PLC provides software solutions. The Company offers an online food delivery platform which allows users to order meals from partner restaurants, grocery stores, and other food suppliers. Deliveroo serves customers worldwide.

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Deliveroo (ROO LN)

Meituan: Strong 1Q with Operating Profits; No Disclosure on User Numbers and Delivery Costs

Meituan reported adj. OP and core local commerce biz seeing strong growth. There is no disclosure on user/merchant numbers and delivery costs which...

Shifara Samsudeen, FCMA, CGMA

CX Daily: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb

Debt /: Cover Story: China’s effort to move mountain of ‘hidden debt’ faces uphill climb G7 /: China protests G7 communique, saying it interferes...

Caixin Global

Meituan Gears Up for Hong Kong Expansion With Rider Recruitment

Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by...

Caixin Global

GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price. While the stock has...

Sumeet Singh

2023 High Conviction - GoTo - Burnt Through All Cash From the IPO, Weakest Cash Position Among Peers

In Mar 2022, GoTo (GOTO IJ) raised around US$1bn from what was essentially a domestic Indonesian IPO. At its current cash burn pace, the company...

Clarence Chu

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