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.

Equity Capital Markets

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the prior week witnessed a number of listings with divergent results.</li>
<li>Given the market volatility, there was only one large placements in the prior week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the prior week witnessed a number of listings with divergent results.
Given the market volatility, there was only one large placements in the prior week.


ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We believe revenue will grow by 11% YoY and the company will make money for the fifth consecutive quarter in 2Q24.</li>
<li>We believe both adverting and e-commerce revenue will grow strongly in 2Q24.</li>
<li>We set an upside of 140% and a price target at HK$104 for the end of 2025. Buy.</li>
</ul>


We believe revenue will grow by 11% YoY and the company will make money for the fifth consecutive quarter in 2Q24.
We believe both adverting and e-commerce revenue will grow strongly in 2Q24.
We set an upside of 140% and a price target at HK$104 for the end of 2025. Buy.


KS/Kuaishou (1024 HK): 2Q24 Preview, 2-Digit Growth, 5th Profitable Quarter, and Significant Upside

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Low Volatility and High Dividend yield stocks in Hong Kong outperformed the region during recent global market sell off.</li>
<li>
<a href="https://www.smartkarma.com/entities/mgm-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China Holdings (2282 HK)</a> is outperforming its peers with revenue now exceeding pre-COVID levels.
</li>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> maintains a high cash flow and dividend yield in China's tech sector.  <a href="https://www.smartkarma.com/entities/zhuzhou-crrc-times-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18:1" rel="noopener">Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK)</a> benefits from China's new large-scale maintenance cycle.
</li>
</ul>


Low Volatility and High Dividend yield stocks in Hong Kong outperformed the region during recent global market sell off.

MGM China Holdings (2282 HK) is outperforming its peers with revenue now exceeding pre-COVID levels.


Weibo (9898 HK) maintains a high cash flow and dividend yield in China's tech sector.  Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK) benefits from China's new large-scale maintenance cycle.



BUY/SELL/HOLD: Hong Kong Stock Updates (August 6)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage</a> is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>In our earlier note, we talked about the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
In our earlier note, we talked about the company’s past performance. In this note, we will undertake a peer comparison.


China Resources Beverage Pre-IPO - Peer Comparison - Middling

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

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>Tencent's game performance was mixed. &lt;DnF Mobile&gt; continued to perform well, with popularity increasing after the summer update. &lt;Peacekeeper Elite&gt; saw a natural decline due to the game's lifespan.</li>
<li>NetEase's &lt;Naraka Mobile&gt; launched on July 25 and showed an impressive performance with a large influx of players. It is expected to be a blockbuster with billions in annual grossing</li>
<li>Bilibili's &lt;FGO&gt; surged to fifth place on the grossing chart after its anniversary event, demonstrating the strong spending enthusiasm and loyalties of players for this nearly decade-old game.</li>
</ul>


Tencent's game performance was mixed. &lt;DnF Mobile&gt; continued to perform well, with popularity increasing after the summer update. &lt;Peacekeeper Elite&gt; saw a natural decline due to the game's lifespan.
NetEase's &lt;Naraka Mobile&gt; launched on July 25 and showed an impressive performance with a large influx of players. It is expected to be a blockbuster with billions in annual grossing
Bilibili's &lt;FGO&gt; surged to fifth place on the grossing chart after its anniversary event, demonstrating the strong spending enthusiasm and loyalties of players for this nearly decade-old game.


China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

KS/Kuaishou (1024 HK): 2Q24 Preview, 2-Digit Growth, 5th Profitable Quarter, and Significant Upside

We believe revenue will grow by 11% YoY and the company will be profitable for the fifth quarter in 2Q24. We believe both adverting and e-commerce...

Ming Lu

BUY/SELL/HOLD: Hong Kong Stock Updates (August 6)

Low Vol and High Dividend factors outperformed the region during recent sell off. MGM i EBITDA exceeds pre-COVID levels. Weibo will benefit from...

David Mudd

China Resources Beverage Pre-IPO - Peer Comparison - Middling

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous...

Sumeet Singh

Online Game Monitor: July 15-29, 2024

Tencent's games have mixed performance, NetEase's <naraka mobile> shows performance and Bilibili's climbed the grossing chart after the...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

KS/Kuaishou (1024 HK): 2Q24 Preview, 2-Digit Growth, 5th Profitable Quarter, and Significant Upside

We believe revenue will grow by 11% YoY and the company will be profitable for the fifth quarter in 2Q24. We believe both adverting and e-commerce...

Ming Lu

BUY/SELL/HOLD: Hong Kong Stock Updates (August 6)

Low Vol and High Dividend factors outperformed the region during recent sell off. MGM i EBITDA exceeds pre-COVID levels. Weibo will benefit from...

David Mudd

China Resources Beverage Pre-IPO - Peer Comparison - Middling

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous...

Sumeet Singh

Online Game Monitor: July 15-29, 2024

​Tencent's games have mixed performance, NetEase's <naraka mobile> shows performance and Bilibili's climbed the grossing chart after the...

Blue Lotus Research Institute

Tencent's games have mixed performance, NetEase's <naraka mobile> shows performance and Bilibili's climbed the grossing chart after the...