Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>It's time to revisit the network of Alibaba's ( <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> ) affiliated listed companies for near term investment opportunities</li>
<li>After investing in an ecosystem of online and offline companies over the last 10 years, Alibaba is rapidly restructuring its businesses to refocus on its most profitable opportunities</li>
<li>
<a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a> will benefit from the synergies of Baba's restructuring</li>
</ul>


It's time to revisit the network of Alibaba's ( Alibaba Group Holding (9988 HK) ) affiliated listed companies for near term investment opportunities
After investing in an ecosystem of online and offline companies over the last 10 years, Alibaba is rapidly restructuring its businesses to refocus on its most profitable opportunities

Sun Art Retail (6808 HK) will benefit from the synergies of Baba's restructuring


BABA's Babies: They're All Grown Up Now! Sun Art Retail: A Restructuring Opportunity

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Easyhome New Retail Group / Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> formed a JV and a capital tie-up with <a href="https://www.smartkarma.com/entities/dufry-ag" target="_blank" data-smartkarma-citation="entities:22344:1" rel="noopener">Dufry AG (DUFN SW)</a> (an operator of more than 2,400 travel retail stores globally under several famous brands including Dufry and World Duty Free) in October last year. It shows that Alibaba is quite eager to capture a significant portion of the Chinese travel retail market.  Please refer: <a href="https://www.smartkarma.com/insights/alibaba-to-buy-10-of-dufry" target="_blank" rel="noopener">Alibaba to Buy 10% of Dufry</a> for details.</li></ul><ul>
<li><a href="https://www.smartkarma.com/entities/easyhome-new-retail-group-corporation-limited" target="_blank" data-smartkarma-citation="entities:15290:1" rel="noopener">Easyhome New Retail Group (000785 CH)</a> is a small Hypermarket chain in the home improvement, home furnishing, smart home and household products businesses and operates 416 chain stores and 706 franchised stores in 272 Chinese cities. Additionally, Easyhome operates a small finance business, which provides factoring, microfinance and financing guarantees mainly to its Hypermarket customers.</li>
<li>Alibaba is already the second-largest shareholder of Easyhome with 14.73% ownership share. Alibaba acquired Easyhome shares in February 2018 in a private market transaction. Easyhome was later listed on the Shenzhen Stock Exchange through a reverse merger with Wuhan Zhongnan Commercial Group.</li>
</ul>

Alibaba Group (9988 HK) formed a JV and a capital tie-up with Dufry AG (DUFN SW) (an operator of more than 2,400 travel retail stores globally under several famous brands including Dufry and World Duty Free) in October last year. It shows that Alibaba is quite eager to capture a significant portion of the Chinese travel retail market.  Please refer: Alibaba to Buy 10% of Dufry for details.
Easyhome New Retail Group (000785 CH) is a small Hypermarket chain in the home improvement, home furnishing, smart home and household products businesses and operates 416 chain stores and 706 franchised stores in 272 Chinese cities. Additionally, Easyhome operates a small finance business, which provides factoring, microfinance and financing guarantees mainly to its Hypermarket customers.
Alibaba is already the second-largest shareholder of Easyhome with 14.73% ownership share. Alibaba acquired Easyhome shares in February 2018 in a private market transaction. Easyhome was later listed on the Shenzhen Stock Exchange through a reverse merger with Wuhan Zhongnan Commercial Group.


Easyhome New Retail Group: Could Become a Key Piece of Alibaba’s Chinese Travel Retail Puzzle

China

Easyhome New Retail Group Corporation Limited operates department store retail business.The Company conducts department store, shopping mall, affordable supermarket, and other business. Easyhome New Retail Group provides services in China

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Easyhome New Retail Group (000785 CH)

BABA's Babies: They're All Grown Up Now! Sun Art Retail: A Restructuring Opportunity

BABA accepted an offer to sell its 78% stake in Sun Art to DCP Capital, a PE firm. The price is a significant discount of 44% to its last traded...

David Mudd

Easyhome New Retail Group: Could Become a Key Piece of Alibaba’s Chinese Travel Retail Puzzle

Easyhome is entering the Chinese travel retail business via a JV with Hainan Tourism Investment Heihu Science and Technology. If it is successful,...

Oshadhi Kumarasiri

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