Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </li><li>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</li><li>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Huaqin Technology / Equity Capital Markets

<ul>
<li>Huaqin launched Hongkong IPO to raise up to HK$ 4.5B. They provide global technology companies with range of smart products, covering mobile terminals, computing and data center business etc.</li>
<li>Huaqin Co. intends to use the IPO proceeds to enhance their technological capabilities, expand &amp; optimize their manufacturing network and for strategic investment and vertical integration.</li>
<li>Huaqin’s significant market positioning gives them a significant edge in enabling that technical foundation for product upgrades, boosting product competitiveness and category expansion.</li>
</ul>


Huaqin launched Hongkong IPO to raise up to HK$ 4.5B. They provide global technology companies with range of smart products, covering mobile terminals, computing and data center business etc.
Huaqin Co. intends to use the IPO proceeds to enhance their technological capabilities, expand &amp; optimize their manufacturing network and for strategic investment and vertical integration.
Huaqin’s significant market positioning gives them a significant edge in enabling that technical foundation for product upgrades, boosting product competitiveness and category expansion.


Huaqin IPO: Fairly Placed in The Competitive Smart Products ODM Market

Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>Summary</h2><ul>
<li>Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> Watch 2 production built, open market smartphones in emerging countries, and <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191:1">Samsung Electronics Co Ltd (005930 KS)</a> Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  </li>
<li>
On…</li>
</ul>

Summary
Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, Apple Inc (AAPL US) Watch 2 production built, open market smartphones in emerging countries, and Samsung Electronics Co Ltd (005930 KS) Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  

On…


Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a>'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.</li>
<li>At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.</li>
<li>It should trade at a premium to <a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd-64676fe9-6624-4553-a2d4-3e9ecf3a5d6e" target="_blank" data-smartkarma-citation="entities:46338:1" rel="noopener">Shanghai Longcheer (9611 HK)</a> though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).</li>
</ul>



Huaqin (3296 HK)'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.
At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.
It should trade at a premium to Shanghai Longcheer (9611 HK) though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).


Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

Taiwan

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

Price Gauge
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Quanta Computer (2382 TT)

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version...

Euromonitor International Ltd.

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

Huaqin IPO: Fairly Placed in The Competitive Smart Products ODM Market

Huaqin launches Hong Kong IPO to raise funds for tech enhancement, manufacturing expansion and strategic investment. Issue seems fairly valued,...

Tina Banerjee

Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Summary Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings...

Andrew Lu

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version...

Euromonitor International Ltd.

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

Huaqin IPO: Fairly Placed in The Competitive Smart Products ODM Market

​Huaqin launches Hong Kong IPO to raise funds for tech enhancement, manufacturing expansion and strategic investment. Issue seems fairly valued,...

Tina Banerjee

Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Summary Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings...

Andrew Lu

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

​Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Huaqin launches Hong Kong IPO to raise funds for tech enhancement, manufacturing expansion and strategic investment. Issue seems fairly valued,...

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...