Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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>700 HK:&lt;DnF Mobile&gt; officially launched today, with good first-day performance.（+）</li>
<li>JD US/AAPL US/1810 HK: iPhone prices cut by 20%+ for 6.18 shopping festival (+/-/-)</li>
<li>JD US/2618 HK/BABA US/PDD US/VIPS US: JD begins cracking down on “big enterprise disease” through layoffs and stricter corporate culture (+/+/-/-/-)</li>
</ul>


700 HK:&lt;DnF Mobile&gt; officially launched today, with good first-day performance.（+）
JD US/AAPL US/1810 HK: iPhone prices cut by 20%+ for 6.18 shopping festival (+/-/-)
JD US/2618 HK/BABA US/PDD US/VIPS US: JD begins cracking down on “big enterprise disease” through layoffs and stricter corporate culture (+/+/-/-/-)


[Blue Lotus Daily - TMT Update]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>JD.com, a China-based multinational technology conglomerate, has announced its first-quarter results for 2024 in an earnings call and reported robust profit and revenue growth, along with an encouragingly high Net Promoter Score (NPS).</li><li>The revenue growth was accelerated by strong execution amidst evolving industry dynamics, improved user experience, price competitiveness, and platform ecosystems.</li><li>Importantly, the general merchandise and supermarket category recorded a notable jump in terms of gross merchandise value (GMV) and revenue growth.</li></ul>

JD.com, a China-based multinational technology conglomerate, has announced its first-quarter results for 2024 in an earnings call and reported robust profit and revenue growth, along with an encouragingly high Net Promoter Score (NPS).The revenue growth was accelerated by strong execution amidst evolving industry dynamics, improved user experience, price competitiveness, and platform ecosystems.Importantly, the general merchandise and supermarket category recorded a notable jump in terms of gross merchandise value (GMV) and revenue growth.

JD.com Inc.: How Are They Strengthening the Platform Ecosystem & Continuing Their Market Dominance? - Major Drivers

Analyst

Steve

Equity Capital Markets

<ul>
<li>
<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> and <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> both announced the issuance of convertible debt last week (Alibaba on May 23 and JD.com on May 21). </li>
<li>Both have mentioned that the reasons for the issuance are the low funding cost (0.25% coupon for JD.com and 0.5% for Alibaba) and to fund their current share repurchase program. </li>
<li>I think the convertible debt structures makes sense and it is beneficial for both companies to buy back as much as possible at the current share price.</li>
</ul>



Alibaba Group Holding (9988 HK) and JD.com (9618 HK) both announced the issuance of convertible debt last week (Alibaba on May 23 and JD.com on May 21). 
Both have mentioned that the reasons for the issuance are the low funding cost (0.25% coupon for JD.com and 0.5% for Alibaba) and to fund their current share repurchase program. 
I think the convertible debt structures makes sense and it is beneficial for both companies to buy back as much as possible at the current share price.


Alibaba/JD.com:  Thoughts On The Recent Convertible Bond Issuance

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Since late 2020, Search’s share of digital advertising revenue has stabilised at around 8-10%, seemingly retaining its core advertising customers and industries.</li>
<li>Baidu management expects AI Cloud to maintain strong revenue growth momentum in the upcoming quarters.</li>
<li>Baidu trades on a 3.6x NTM EV/EBITDA multiple, well below one standard deviation lower than its 5-year historical average trading range and the lowest it has ever been.</li>
</ul>


Since late 2020, Search’s share of digital advertising revenue has stabilised at around 8-10%, seemingly retaining its core advertising customers and industries.
Baidu management expects AI Cloud to maintain strong revenue growth momentum in the upcoming quarters.
Baidu trades on a 3.6x NTM EV/EBITDA multiple, well below one standard deviation lower than its 5-year historical average trading range and the lowest it has ever been.


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.

Renesas Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit</a> managed to do well despite somewhat tepid subscription rates, while <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> was looking to be the next hot listing in Korea.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> mega-block kept the cross-shareholding unwind going.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Go Digit managed to do well despite somewhat tepid subscription rates, while Shift Up (462870 KS) was looking to be the next hot listing in Korea.
On the placement front, Renesas Electronics (6723 JP) mega-block kept the cross-shareholding unwind going.


ECM Weekly (27th May 2024) - Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Price Gauge
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JD.com (9618 HK)

[Blue Lotus Daily - TMT Update]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...

Blue Lotus Research Institute

JD.com Inc.: How Are They Strengthening the Platform Ecosystem & Continuing Their Market Dominance? - Major Drivers

JD.com, a China-based multinational technology conglomerate, has announced its first-quarter results for 2024 in an earnings call and reported...

Baptista Research

Alibaba/JD.com: Thoughts On The Recent Convertible Bond Issuance

I think the convertible debt structures makes sense and it is beneficial for both companies to buy back as much as possible at the current share...

Steve

Baidu: Priced to Fail

In this insight, we analyse Baidu’s search query and digital advertising revenue market share trends, revenue growth outlook, margin expansion...

Wium Malan, CFA

ECM Weekly (27th May 2024) - Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

​New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...

Blue Lotus Research Institute

JD.com Inc.: How Are They Strengthening the Platform Ecosystem & Continuing Their Market Dominance? - Major Drivers

JD.com, a China-based multinational technology conglomerate, has announced its first-quarter results for 2024 in an earnings call and reported...

Baptista Research

Alibaba/JD.com: Thoughts On The Recent Convertible Bond Issuance

I think the convertible debt structures makes sense and it is beneficial for both companies to buy back as much as possible at the current share...

Steve

Baidu: Priced to Fail

In this insight, we analyse Baidu’s search query and digital advertising revenue market share trends, revenue growth outlook, margin expansion...

Wium Malan, CFA

ECM Weekly (27th May 2024) - Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...