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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>E-commerce /In Depth: Chinese fast fashion platforms could be next U.S. target</li><li>Sentiment /: British firms ‘conditionally optimistic’ about their China operations in 2023</li><li>AIDS /: HIV/AIDS cases in China fell 13% during pandemic, expert says</li></ul>

E-commerce /In Depth: Chinese fast fashion platforms could be next U.S. targetSentiment /: British firms ‘conditionally optimistic’ about their China operations in 2023AIDS /: HIV/AIDS cases in China fell 13% during pandemic, expert says

CX Daily: Chinese Fast Fashion Platforms Could Be Next U.S. Target

Greater China Equity Long/Short Analyst

Eric Chen

Equity Bottom-Up

<ul>
<li>Weaknesses of BABA stock and China tech sector in general post their strong earnings recovery for March quarter suggest market’s concerns centering around growth outlook.</li>
<li>BABA fundamental has tracked well to our projection since last November. P/E multiple contraction - which priced in too much pessimism - prevented our bullish call from materializing, for now.</li>
<li>We stick to our thesis that March quarter results set stage for BABA re-rating on sustained recovery, well-executed overhaul effectively unlocking value and investors’ renewed appetite for China assets.</li>
</ul>


Weaknesses of BABA stock and China tech sector in general post their strong earnings recovery for March quarter suggest market’s concerns centering around growth outlook.
BABA fundamental has tracked well to our projection since last November. P/E multiple contraction - which priced in too much pessimism - prevented our bullish call from materializing, for now.
We stick to our thesis that March quarter results set stage for BABA re-rating on sustained recovery, well-executed overhaul effectively unlocking value and investors’ renewed appetite for China assets.


Alibaba (BABA US): What It Takes for Re-Rating

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-dmall-e-commerce-co-ltd" target="_blank" data-smartkarma-citation="entities:36623:1" rel="noopener">Dmall Inc (1751691D CH)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO.
Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.
In this note, we will talk about the not so positive aspects of the deal.


Dmall Pre-IPO - The Negatives - Path to Profitability Remains Murky and Related Party Sales an Issue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-dmall-e-commerce-co-ltd" target="_blank" data-smartkarma-citation="entities:36623:1" rel="noopener">Dmall Inc (1751691D CH)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO.
Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.
In this note, we will talk about the positive aspects of the deal.


Dmall Pre-IPO - The Positives - Ambitions of Aiding the Retail Digitization Journey for Retailers

<ul>
<li>We believe BABA’s upcoming 4QFY23 results will surprise the market to the upside by a wide margin in terms of recovery in bottomline, catalyzing trading opportunity for short-term investors.</li>
<li>We also expect that the results will usher in a period of sustained re-rating for the stock due to China’s continued yet slow consumption recovery and Alibaba’s well-executed restructuring plan.</li>
<li>Geo-Political risks will not go away, but have been very much reflected in current pricing in our view. Buy ahead of results on Thursday.</li>
</ul>


We believe BABA’s upcoming 4QFY23 results will surprise the market to the upside by a wide margin in terms of recovery in bottomline, catalyzing trading opportunity for short-term investors.
We also expect that the results will usher in a period of sustained re-rating for the stock due to China’s continued yet slow consumption recovery and Alibaba’s well-executed restructuring plan.
Geo-Political risks will not go away, but have been very much reflected in current pricing in our view. Buy ahead of results on Thursday.


Alibaba (BABA US): Buy Ahead of March Quarter Results This Thursday

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

CX Daily: Chinese Fast Fashion Platforms Could Be Next U.S. Target

E-commerce /In Depth: Chinese fast fashion platforms could be next U.S. target Sentiment /: British firms ‘conditionally optimistic’ about their...

Caixin Global

Alibaba (BABA US): What It Takes for Re-Rating

Despite markets' focus on near-term growth weakness, we stick to our bullish call on BABA on sustained recovery, well-executed reorganization...

Eric Chen

Dmall Pre-IPO - The Positives - Ambitions of Aiding the Retail Digitization Journey for Retailers

Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Clarence Chu

Alibaba (BABA US): Buy Ahead of March Quarter Results This Thursday

We believe BABA's upcoming 4QFY23 results will surprise the market to the upside by a wide margin in terms of recovery in bottomline. Buy ahead of...

Eric Chen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: Chinese Fast Fashion Platforms Could Be Next U.S. Target

E-commerce /In Depth: Chinese fast fashion platforms could be next U.S. target Sentiment /: British firms ‘conditionally optimistic’ about their...

Caixin Global

Alibaba (BABA US): What It Takes for Re-Rating

Despite markets' focus on near-term growth weakness, we stick to our bullish call on BABA on sustained recovery, well-executed reorganization...

Eric Chen

Dmall Pre-IPO - The Negatives - Path to Profitability Remains Murky and Related Party Sales an Issue

Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

Dmall Pre-IPO - The Positives - Ambitions of Aiding the Retail Digitization Journey for Retailers

Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Clarence Chu

Alibaba (BABA US): Buy Ahead of March Quarter Results This Thursday

We believe BABA's upcoming 4QFY23 results will surprise the market to the upside by a wide margin in terms of recovery in bottomline. Buy ahead of...

Eric Chen