Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

KraneShares CSI China Internet ETF / Technical Analysis

<ul>
<li>KWEB giving an attractive entry point here, as it begins to outperform the domestic FDN.</li>
<li>Toyota&gt;Honda and look for that relationship to continue going forward.</li>
<li>JD&gt;BABA, a new dynamic divergence between the two, and my opinion is JD will be the leader in 2024 and beyond.</li>
</ul>


KWEB giving an attractive entry point here, as it begins to outperform the domestic FDN.
Toyota&gt;Honda and look for that relationship to continue going forward.
JD&gt;BABA, a new dynamic divergence between the two, and my opinion is JD will be the leader in 2024 and beyond.


KWEB Attractive, Toyota and JD.com Best in Breed

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

Equity Bottom-Up

<ul>
<li>We expect that Tencent’s C3Q23’s revenue/non-IFRS operating profit/IFRS net income to be 2.3%/3.3%/4.2% above consensus.</li>
<li>We raised estimates of Tencent’s international game growth to 12% YoY to reflect the success. We also expect Tencent's advertising business to benefit from e-commerce advertisers’ competition.</li>
<li>We raised the Target Price to HK$425, which implies 22.4X PE in 2024.</li>
</ul>


We expect that Tencent’s C3Q23’s revenue/non-IFRS operating profit/IFRS net income to be 2.3%/3.3%/4.2% above consensus.
We raised estimates of Tencent’s international game growth to 12% YoY to reflect the success. We also expect Tencent's advertising business to benefit from e-commerce advertisers’ competition.
We raised the Target Price to HK$425, which implies 22.4X PE in 2024.


[Tencent(700 HK,BUY,TP HK$425)Target Price Change]: International Game and Advertising Drove Results

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 HS TECH 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 JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com, Jd, Bidu, BYD, Li Auto, Meituan, Jd Health.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH 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 JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com, Jd, Bidu, BYD, Li Auto, Meituan, Jd Health.


HS TECH Index Earning Revision (Nov): JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM

<ul>
<li>China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to above the pre-tightening level.</li>
<li>Of the companies that we are monitoring, while market leader Tencent and Netease didn't obtained approval, Kingsoft and Bilibili obtained approval for one game each.</li>
</ul>


China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to above the pre-tightening level.
Of the companies that we are monitoring, while market leader Tencent and Netease didn't obtained approval, Kingsoft and Bilibili obtained approval for one game each.


Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.</li>
<li>Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. </li>
<li>AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.</li>
</ul>


Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.
Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. 
AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.


Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

China

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

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NetEase (9999 HK)

KWEB Attractive, Toyota and JD.com Best in Breed

Chinese softness feels like a rear view mirror story. Leaders in Japan likely to continue to flourish. Invest accordingly.

Douglas Busch

[Tencent(700 HK,BUY,TP HK$425)Target Price Change]: International Game and Advertising Drove Results

Tencent's Q3 results are expected to exceed consensus, with increased estimates for international game growth and advertising business benefiting...

Blue Lotus Research Institute

HS TECH Index Earning Revision (Nov): JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM

We analyzed HS TECH's consensus for Nov 2025 and highlighted changes of EPS in JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com,...

Ke Yan, CFA, FRM

Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

We analyzed the game approval issued by NPPA for Chinese online game players for the month of November. Game approvals for large players are slow...

Ke Yan, CFA, FRM

Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KWEB Attractive, Toyota and JD.com Best in Breed

Chinese softness feels like a rear view mirror story. Leaders in Japan likely to continue to flourish. Invest accordingly.

Douglas Busch

[Tencent(700 HK,BUY,TP HK$425)Target Price Change]: International Game and Advertising Drove Results

​Tencent's Q3 results are expected to exceed consensus, with increased estimates for international game growth and advertising business benefiting...

Blue Lotus Research Institute

HS TECH Index Earning Revision (Nov): JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM

We analyzed HS TECH's consensus for Nov 2025 and highlighted changes of EPS in JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com,...

Ke Yan, CFA, FRM

Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

We analyzed the game approval issued by NPPA for Chinese online game players for the month of November. Game approvals for large players are slow...

Ke Yan, CFA, FRM

Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Tencent's Q3 results are expected to exceed consensus, with increased estimates for international game growth and advertising business benefiting...