EM Fund Positioning: All You Need to Know
In this analysis, we provide a detailed overview of investor positioning among 250 active Global Emerging Market funds with combined AUM of $500bn.
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JOYY Inc Privatisation: Our Thoughts on Valuation
The rumoured deal price of US$75-100 per share offers a good upside to our SOTP price of US$74.27 per share. Assigning a target EV/Revenue of 1.0x...
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Joyy’s Potential Privatisation by Top Two Shareholders
Joyy's rumoured privatisation bid is at $75-$100 per ADS. Our base-case SOTP valuation is $71.69, a 16% premium to the last close. Consequently,...
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Kuaishou (1024 HK): 2Q21, Direct-Response Sales Raised Growth and Gross Margin
Kuaishou’s revenue increased by 49% YoY in 2Q21 versus 37% YoY in 1Q21. Direct-response sales video raised time on site and revenue per user. The...
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Kuaishou: Livestreaming Continues to Decelerate, Losses Widen; No Disclosure on Paying User Numbers
Kuaishou’s core livestreaming revenues continue to decelerate and the company has not disclosed the number of MPUs for livestreaming. Our implied...
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