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 analyzed the latest HK SFC report for aggregate short position as of Nov 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight weekly short changes in AIA, Baba and Beigene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 17th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight weekly short changes in AIA, Baba and Beigene.


HK Short Interest Weekly: AIA, Baba, Beigene

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>NetEase reported revenue/non-GAAP operating profit/GAAP net income inline/5.24%/16.2% vs. our estimation.</li>
<li>The bottom-line beats were primarily attributed to the operational efficiency achieved through the usage of AIGC tools, and reduced S&amp;M expenses resulting from organic traffic generated by high-quality game content.</li>
<li>We maintain our BUY rating and raised TP to $138 for future game releases, implying 19x PE, and it is currently trading at 17x PE in 2024</li>
</ul>


NetEase reported revenue/non-GAAP operating profit/GAAP net income inline/5.24%/16.2% vs. our estimation.
The bottom-line beats were primarily attributed to the operational efficiency achieved through the usage of AIGC tools, and reduced S&amp;M expenses resulting from organic traffic generated by high-quality game content.
We maintain our BUY rating and raised TP to $138 for future game releases, implying 19x PE, and it is currently trading at 17x PE in 2024


[NetEase, Inc.(NTES US,BUY,TP US$138)TP Change]: Raise TP for Upcoming and Highly Anticipated Titles

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Kuaishou, Yum China, Hkex, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 10th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Kuaishou, Yum China, Hkex, Petrochina.


HK Short Interest Weekly: Kuaishou, Yum China, Hkex, Petrochina

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in HSBC, Haidilao and China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 3rd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in HSBC, Haidilao and China Mobile.


HK Short Interest Weekly: HSBC, Haidilao, China Mobile

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NetEase (9999 HK)

HK Short Interest Weekly: AIA, Baba, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Nov 17th and highlight short interest changes in AIA, Baba, Beigene.

Ke Yan, CFA, FRM

[NetEase, Inc.(NTES US,BUY,TP US$138)TP Change]: Raise TP for Upcoming and Highly Anticipated Titles

NetEase beats revenue and profit estimates, thanks to operational efficiency and reduced expenses. BUY rating maintained with raised target price...

Blue Lotus Research Institute

HK Short Interest Weekly: Kuaishou, Yum China, Hkex, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Nov 10th and highlight short interest changes in Kuaishou, Yum China, Hkex,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: HSBC, Haidilao, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Nov 3rd and highlight short interest changes in HSBC, Haidilao, China Mobile.

Ke Yan, CFA, FRM

[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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: AIA, Baba, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Nov 17th and highlight short interest changes in AIA, Baba, Beigene.

Ke Yan, CFA, FRM

[NetEase, Inc.(NTES US,BUY,TP US$138)TP Change]: Raise TP for Upcoming and Highly Anticipated Titles

​NetEase beats revenue and profit estimates, thanks to operational efficiency and reduced expenses. BUY rating maintained with raised target price...

Blue Lotus Research Institute

HK Short Interest Weekly: Kuaishou, Yum China, Hkex, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Nov 10th and highlight short interest changes in Kuaishou, Yum China, Hkex,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: HSBC, Haidilao, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Nov 3rd and highlight short interest changes in HSBC, Haidilao, China Mobile.

Ke Yan, CFA, FRM

[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

NetEase beats revenue and profit estimates, thanks to operational efficiency and reduced expenses. BUY rating maintained with raised target price...

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