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>HTD delivered mixed 1H23 results with upbeat margin. Rev +6.6% YoY, 6.2% below consensus, while adj. net profit +20% YoY, in line with consensus.</li><li>We modeled rev +12.9% YoY in FY23E, in which 2H23E rev would accelerate to +19.5% YoY.</li><li>Consumer electronics and vehicles continue to be the main drivers, on supply chain expansion and low product penetration in low-tier cities. </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>

HTD delivered mixed 1H23 results with upbeat margin. Rev +6.6% YoY, 6.2% below consensus, while adj. net profit +20% YoY, in line with consensus.We modeled rev +12.9% YoY in FY23E, in which 2H23E rev would accelerate to +19.5% YoY.Consumer electronics and vehicles continue to be the main drivers, on supply chain expansion and low product penetration in low-tier cities. 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.

Huitongda Network (9878 HK) – Looking into Recovery in 2H23E

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

<ul>
<li>We expect Huitongda (HTD) 1H23 revenue in-line with consensus, and non-IFRS NI 15.6% lower than consensus. </li>
<li>The lower bottom-line is due to 1) product mix change result in lower gross margin; 2) higher impairment loss from account receivables due to its SME focused model.</li>
<li>We maintain the stock as SELL. We raise TP by HK$2.5 to HK$20.5 to factor in the upward revision of NI from downsizing of minority interest.</li>
</ul>


We expect Huitongda (HTD) 1H23 revenue in-line with consensus, and non-IFRS NI 15.6% lower than consensus. 
The lower bottom-line is due to 1) product mix change result in lower gross margin; 2) higher impairment loss from account receivables due to its SME focused model.
We maintain the stock as SELL. We raise TP by HK$2.5 to HK$20.5 to factor in the upward revision of NI from downsizing of minority interest.


[Huitongda (9878 HK, SELL, TP HK$20.5) TP Change]: Downsizing Minority Interest Drive up Earnings

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

J&T Global Express / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>J&amp;T Global Express (J&amp;T) is a global logistics service provider. </li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
</ul>



J&amp;T Global Express (1936374D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
J&amp;T Global Express (J&amp;T) is a global logistics service provider. 
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation. </li>
</ul>



JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation. 


JD Property Pre-IPO - Initial Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.</li>
</ul>



JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.


JD Property Pre-IPO Peer Comparison - Small Amongst Giants, and Sentiment Isn't the Greatest

China

Huitongda Network is a China-based company primarily engaged in supply chain retail, focusing on lower-tier cities and rural areas. It sells a wide range of merchandise and offers intelligent business and marketing subscription services, including SaaS+ solutions and merchant solutions. The company was founded in 2010 and is headquartered in Nanjing, China.

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Huitongda Network (9878 HK)