Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Event-Driven

Annto Logistics Supply Chain Technology / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.</li>
<li>Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.</li>
<li>Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  &amp; bolster operational independence within the Midea ecosystem.</li>
</ul>



Midea Group (300 HK) has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.
Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.
Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  &amp; bolster operational independence within the Midea ecosystem.


Annto Logistics Spin-Off & IPO; Valuation Scenarios.

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a></strong></em>. </li>
<li>The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.


Lens Technology H Share Listing (6613 HK): Valuation Insights

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.


HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.</li>
<li>Our top in China are <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> , <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK) and Dongfeng Motor (489 HK)  </a>
</li>
<li>Our top picks in Japan are <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India Auto it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN) &amp; </a><a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a><a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener"> </a>
</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK)  

Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra &amp; Mahindra (MM IN) &amp; Ashok Leyland (AL IN) 



Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a> raised around US$125m in its Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.</li>
</ul>



Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.


Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

China

Midea Group Co., Ltd. manufactures and distributes home appliances. The Company produces water heaters, air conditioners, ventilation equipment, and consumer appliances. Midea Group also develops robotics and automation systems.

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Midea Group (300 HK)

Annto Logistics Spin-Off & IPO; Valuation Scenarios.

This note highlights possible valuation scenarios for Annto Logistics and other details about the Spin-off and IPO. Company has already received...

Sreemant Dudhoria,CFA

HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

We analyzed HSI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.

Ke Yan, CFA, FRM

Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Sreemant Dudhoria,CFA

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Annto Logistics Spin-Off & IPO; Valuation Scenarios.

This note highlights possible valuation scenarios for Annto Logistics and other details about the Spin-off and IPO. Company has already received...

Sreemant Dudhoria,CFA

Lens Technology H Share Listing (6613 HK): Valuation Insights

The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.

Arun George

HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

We analyzed HSI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.

Ke Yan, CFA, FRM

Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

​Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Sreemant Dudhoria,CFA

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

Sumeet Singh

Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...