Technology augmented investing

Lazarus Goh

Augmenting fundamental investing with technology

Open Diligence

We aim to a) increase the efficacy of investment processes with technology and b) utilize alternative data to gain an additional perspective on equity names

Thematic (Sector/Industry)

<p>We programmatically scanned through all company filings in the US to find companies that have exposure to the autonomous driving thematic play. The output is 45 companies that have varying relevance across the autonomous driving value chain.</p>

We programmatically scanned through all company filings in the US to find companies that have exposure to the autonomous driving thematic play. The output is 45 companies that have varying relevance across the autonomous driving value chain.

"Autonomous Driving" Thematic Exposure and Where to Find Them (Autos)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/dida-inc" target="_blank" data-smartkarma-citation="entities:29701:1" rel="noopener">Dida (DIDA HK)</a> operates the largest carpooling marketplace in China with a market share of 66.5% as measured by the number of carpooling rides in 2019, according to Frost &amp; Sullivan. Dida is seeking listing approval to raise $500 million through a Hong Kong listing, according to press reports.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/dida-ipo-initiation-sharing-a-lift" target="_blank" data-smartkarma-citation="insights:47652" rel="noopener">Dida IPO Initiation: Sharing a Lift</a>, we opined that Dida is an attractive new economy company that combines high growth with profitability and cash generation. Consequently, Dida warrants a closer look. In this note, we present our forecasts and take the first look at Dida's valuation. </p></div></div></div>

Dida (DIDA HK) operates the largest carpooling marketplace in China with a market share of 66.5% as measured by the number of carpooling rides in 2019, according to Frost &amp; Sullivan. Dida is seeking listing approval to raise $500 million through a Hong Kong listing, according to press reports.In Dida IPO Initiation: Sharing a Lift, we opined that Dida is an attractive new economy company that combines high growth with profitability and cash generation. Consequently, Dida warrants a closer look. In this note, we present our forecasts and take the first look at Dida's valuation. 

<p><a href="https://www.smartkarma.com/entities/dida-inc" target="_blank" data-smartkarma-citation="entities:29701:1" rel="noopener">Dida (DIDA HK)</a> operates the largest carpooling marketplace in China with a market share of 66.5% as measured by the number of carpooling rides in 2019, according to Frost &amp; Sullivan. Dida is seeking listing approval to raise $500 million through a Hong Kong listing, according to press reports. Dida is backed by <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO Inc (NIO US)</a>’s founder (Mr Bin Li), <a href="https://www.smartkarma.com/entities/bitauto-holdings-ltd-adr" target="_blank" data-smartkarma-citation="entities:12004:1" rel="noopener">Bitauto Holdings (BITA US)</a>, Hillhouse Capital, <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> and <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a>. </p><div class="content-highlight"><p>Dida is a play on China’s carpooling market which is an increasingly accepted mobility option in China. In recent years, Chinese regulators have released various policies and guidelines to tackle traffic congestion and carbon emissions, including a commitment to promote carpooling under a regulatory framework. Dida is an attractive new economy company that combines high growth with profitability and cash generation. Consequently, Dida warrants a closer look.   </p></div>

Dida (DIDA HK) operates the largest carpooling marketplace in China with a market share of 66.5% as measured by the number of carpooling rides in 2019, according to Frost &amp; Sullivan. Dida is seeking listing approval to raise $500 million through a Hong Kong listing, according to press reports. Dida is backed by NIO Inc (NIO US)’s founder (Mr Bin Li), Bitauto Holdings (BITA US), Hillhouse Capital, JD.com Inc (ADR) (JD US) and Trip.com (TCOM US). Dida is a play on China’s carpooling market which is an increasingly accepted mobility option in China. In recent years, Chinese regulators have released various policies and guidelines to tackle traffic congestion and carbon emissions, including a commitment to promote carpooling under a regulatory framework. Dida is an attractive new economy company that combines high growth with profitability and cash generation. Consequently, Dida warrants a closer look.   

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.

<div><p><a href="https://www.smartkarma.com/entities/dida-inc" target="_blank" data-smartkarma-citation="entities:29701:1" rel="noopener">Dida (DIDA HK)</a> (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by JD.com, Hillhouse, Ctrip, Bitauto and a host of other investors.</p></div><div><p>Dida claims to operate the largest carpooling marketplace in China with a market share of 66.5% in terms of the number of carpooling rides in 2019, as per Frost &amp; Sullivan (F&amp;S) report. Over 2017-19, Dida’s total revenue increased by 11.87x. Revenue was up another 66% over 6M20. Revenue coming from carpooling has grown 19x over 2017 to 2019 and was up another 66% over 6M20. </p></div><div><p>We’ve covered the background of the company in our previous notes, <a href="https://www.smartkarma.com/insights/dida-pre-ipo-making-hay-while-big-brother-retreats" target="_blank" rel="noopener">Dida Pre-IPO - Making hay while big brother retreats</a> and <a href="https://www.smartkarma.com/insights/dida-pre-ipo-peer-comparison-lagging-in-scale-leading-in-profitability" target="_blank" rel="noopener">Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability</a>.</p></div><div><p>In this note, we will talk about forecasts and valuation.</p></div>

Dida (DIDA HK) (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by JD.com, Hillhouse, Ctrip, Bitauto and a host of other investors.Dida claims to operate the largest carpooling marketplace in China with a market share of 66.5% in terms of the number of carpooling rides in 2019, as per Frost &amp; Sullivan (F&amp;S) report. Over 2017-19, Dida’s total revenue increased by 11.87x. Revenue was up another 66% over 6M20. Revenue coming from carpooling has grown 19x over 2017 to 2019 and was up another 66% over 6M20. We’ve covered the background of the company in our previous notes, Dida Pre-IPO - Making hay while big brother retreats and Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability.In this note, we will talk about forecasts and valuation.

Dida Pre-IPO - Earnings Forecast and First Stab at Valuation

<div><p><a href="https://www.smartkarma.com/entities/dida-inc" target="_blank" data-smartkarma-citation="entities:29701:1" rel="noopener">Dida (DIDA HK)</a> (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by JD.com, Hillhouse, Ctrip, Bitauto and a host of other investors.</p></div><div>
<p>Dida claims to operate the largest carpooling marketplace in China with a market share of 66.5% in terms of the number of carpooling rides in 2019, as per Frost &amp; Sullivan (F&amp;S) report. Over 2017-19, Dida’s total revenue increased by 11.87x. Revenue was up another 66% over 6M20. Revenue coming from carpooling has grown 19x over 2017 to 2019 and was up another 66% over 6M20. </p>
<p>We’ve covered the background of the company in our previous note, <a href="https://www.smartkarma.com/insights/dida-pre-ipo-making-hay-while-big-brother-retreats" target="_blank" rel="noopener">Dida Pre-IPO - Making hay while big brother retreats</a>.</p>
<p>In this note, we will undertake a peer comparison.</p>
</div>

Dida (DIDA HK) (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by JD.com, Hillhouse, Ctrip, Bitauto and a host of other investors.
Dida claims to operate the largest carpooling marketplace in China with a market share of 66.5% in terms of the number of carpooling rides in 2019, as per Frost &amp; Sullivan (F&amp;S) report. Over 2017-19, Dida’s total revenue increased by 11.87x. Revenue was up another 66% over 6M20. Revenue coming from carpooling has grown 19x over 2017 to 2019 and was up another 66% over 6M20. 
We’ve covered the background of the company in our previous note, Dida Pre-IPO - Making hay while big brother retreats.
In this note, we will undertake a peer comparison.


Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

"Autonomous Driving" Thematic Exposure and Where to Find Them (Autos)

Which companies have exposure to the autonomous driving value chain? We programmatically scanned through US annual reports and found 45 US...

Lazarus Goh

Dida IPO: Valuation First Look

Dida is seeking listing approval to raise $500m through a Hong Kong listing. In this note, we present our forecasts and take the first look at...

Arun George

Dida Pre-IPO - Earnings Forecast and First Stab at Valuation

Dida (DIDA HK) (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by...

Sumeet Singh

Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability

Dida (DIDA HK) (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

"Autonomous Driving" Thematic Exposure and Where to Find Them (Autos)

Which companies have exposure to the autonomous driving value chain? We programmatically scanned through US annual reports and found 45 US...

Lazarus Goh

Dida IPO: Valuation First Look

Dida is seeking listing approval to raise $500m through a Hong Kong listing. In this note, we present our forecasts and take the first look at...

Arun George

Dida IPO Initiation: Sharing a Lift

Dida is seeking listing approval to raise $500 million through an HK listing. Dida is an attractive new economy company that combines high growth...

Arun George

Dida Pre-IPO - Earnings Forecast and First Stab at Valuation

Dida (DIDA HK) (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by...

Sumeet Singh

Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability

Dida (DIDA HK) (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by...

Sumeet Singh