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 class="">
<li>Huya (HUYA)’s security guard carried an employee out of the office by force.</li>
<li>Shenzhen Municipal Anti-Pornography Office suspended Tencent Music (TME)’s karaoke platform for 30 days.</li>
<li>Alibaba (BABA) is facing class action for the investment in Ant Group.</li>
<li>Baidu (BAIDU) acquired Joyy (YY)’s business in China, which is a short target.</li>
</ul>


Huya (HUYA)’s security guard carried an employee out of the office by force.
Shenzhen Municipal Anti-Pornography Office suspended Tencent Music (TME)’s karaoke platform for 30 days.
Alibaba (BABA) is facing class action for the investment in Ant Group.
Baidu (BAIDU) acquired Joyy (YY)’s business in China, which is a short target.


China Internet Weekly (23Nov2020): HUYA’s Violence, TME’s Porn, and BIDU Acquired a Short Target

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Hitachi Construction Machinery / Equity Bottom-Up

We view <a href="https://www.smartkarma.com/entities/19433" target="_blank" data-smartkarma-citation="entities:19433:1">Hitachi Construction Machinery (6305 JP)</a>'s offer for <a href="https://www.smartkarma.com/entities/66" target="_blank" data-smartkarma-citation="entities:66:1">Bradken Ltd (BKN AU)</a> as a strong fit in their strategy to expand their product lineup and expand their mining and parts related businesses. As HCM pursues a higher level of profitability and greater scale to match perennial competitor <a href="https://www.smartkarma.com/entities/8416" target="_blank" data-smartkarma-citation="entities:8416:1">Komatsu Ltd (6301 JP)</a> , it has gradually expanded its product lineup, which was heavily concentrated on hydraulic excavators. Since the early 2000s the company has significantly strengthened its offerings…

We view Hitachi Construction Machinery (6305 JP)'s offer for Bradken Ltd (BKN AU) as a strong fit in their strategy to expand their product lineup and expand their mining and parts related businesses. As HCM pursues a higher level of profitability and greater scale to match perennial competitor Komatsu Ltd (6301 JP) , it has gradually expanded its product lineup, which was heavily concentrated on hydraulic excavators. Since the early 2000s the company has significantly strengthened its offerings…

Brighter Construction Machinery Outlook Fully Priced. Bradken Deal Fits HCM's Strategy

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

A seasoned antitrust attorney with knowledge of the mining equipment sector sees the US antitrust review of the Joy Global/Komatsu combination requiring a lengthy review that likely ends with meaningful divestitures.

A seasoned antitrust attorney with knowledge of the mining equipment sector sees the US antitrust review of the Joy Global/Komatsu combination requiring a lengthy review that likely ends with meaningful divestitures.

Joy Global/Komatsu Deal Looking at Lengthy Antitrust Review

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

We think Komatsu’s USD 2.9 billion all-cash offer for U.S. heavy equipment firm Joy Global is strategically positive. The acquisition will round out Komatsu’s mining product portfolio, add estimated annual free cash flow of JPY 35 billion-JPY 45 billion, and expand the company’s revenue base by 13%-15%.Komatsu’s existing mining product portfolio focuses heavily on surface-mining equipment, and the acquisition of Joy Global makes long-term strategic sense, as it provides the company with direct access to much-needed below-ground mining equipment product lines.Analyst: John Hu

We think Komatsu’s USD 2.9 billion all-cash offer for U.S. heavy equipment firm Joy Global is strategically positive. The acquisition will round out Komatsu’s mining product portfolio, add estimated annual free cash flow of JPY 35 billion-JPY 45 billion, and expand the company’s revenue base by 13%-15%.Komatsu’s existing mining product portfolio focuses heavily on surface-mining equipment, and the acquisition of Joy Global makes long-term strategic sense, as it provides the company with direct access to much-needed below-ground mining equipment product lines.Analyst: John Hu

Komatsu's Acquisition of Joy Global to Enhance Its Mining Portfolio and Free Cash Flow Generation

Over the next 24 months, a range of heavy equipment makers in agricultural, construction, mining, and trucking equipment will begin offering telematics as standard equipment in their products. This is a little-discussed $15 billion market that encompasses practically all technologies for sending, receiving, and storing data via telecommunications devices.As this theme continues to play out, we see a few attractive investment opportunities to own excellent franchises with solid exposure to telematics, attractive moats, and reasonable valuationsAnalyst: Kwame Webb

Over the next 24 months, a range of heavy equipment makers in agricultural, construction, mining, and trucking equipment will begin offering telematics as standard equipment in their products. This is a little-discussed $15 billion market that encompasses practically all technologies for sending, receiving, and storing data via telecommunications devices.As this theme continues to play out, we see a few attractive investment opportunities to own excellent franchises with solid exposure to telematics, attractive moats, and reasonable valuationsAnalyst: Kwame Webb

Telematics in Heavy Equipment: Significant Potential to Strengthen Moats, but Many OEMs Are Passing

United States

Joy Global Inc. manufactures and markets underground mining equipment and surface mining equipment.  The Company's equipment is used for the extraction of ores and minerals.

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Joy Global Inc (JOY US)

China Internet Weekly (23Nov2020): HUYA’s Violence, TME’s Porn, and BIDU Acquired a Short Target

Huya security guard carried an employee out of office by force. Shenzhen Authorities suspended Tencent Music ’s karaoke for 30 days. Baidu acquired...

Ming Lu

Brighter Construction Machinery Outlook Fully Priced. Bradken Deal Fits HCM's Strategy

We view Hitachi Construction Machinery (6305 JP)'s offer for Bradken Ltd (BKN AU) as a strong fit in their strategy to expand their product lineup...

Mio Kato

Joy Global/Komatsu Deal Looking at Lengthy Antitrust Review

A seasoned antitrust attorney with knowledge of the mining equipment sector sees the US antitrust review of the Joy Global/Komatsu combination...

CTFN

Komatsu's Acquisition of Joy Global to Enhance Its Mining Portfolio and Free Cash Flow Generation

We think Komatsu’s USD 2.9 billion all-cash offer for U.S. heavy equipment firm Joy Global is strategically positive. The acquisition will round...

Morningstar, Inc.

Telematics in Heavy Equipment: Significant Potential to Strengthen Moats, but Many OEMs Are Passing

Over the next 24 months, a range of heavy equipment makers in agricultural, construction, mining, and trucking equipment will begin offering...

Morningstar, Inc.

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