Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>AntFin is looking to raise around US$400m by selling around 2% of <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Mar 2024, with the deals producing a mixed bag result.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


AntFin is looking to raise around US$400m by selling around 2% of Zomato (ZOMATO IN).
Ant Group had earlier sold some of its stake in Nov 2023 and Mar 2024, with the deals producing a mixed bag result.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Zomato Placement - Momentum Is Very Strong, past Ant Related Deals Have Been Mixed

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>  has surged 75% from its IPO issue price. For investors wondering about potential upside, we present our base-to-bullish case valuation range for Ola Electric's stock price.</li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> revised Shopee's 2024 GMV growth outlook to the mid-20% range. <a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods(JFC PM)</a>'s  impressive June quarter results stand out against broader trend of weaker sales in QSR sector.</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

Ola Electric (OLAELEC IN)  has surged 75% from its IPO issue price. For investors wondering about potential upside, we present our base-to-bullish case valuation range for Ola Electric's stock price.

Sea (SE US) revised Shopee's 2024 GMV growth outlook to the mid-20% range. Jollibee Foods(JFC PM)'s  impressive June quarter results stand out against broader trend of weaker sales in QSR sector.


Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a>'s 2Q2024 results reflected both the success of its bold strategies to drive growth in areas such as live-streaming whilst at the same time increasing take rates and profitability.</li>
<li>Its core focus on competitive pricing, content, logistics, and especially advertising will help to drive growth, retention, and profitability as unit economics improve, whilst it rolls out its lending products.</li>
<li>Competitive intensity has stabilised which should allow for take rates to rise higher, whilst Shopee is well positioned to further increase its lead. Valuations look reasonable given <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd's</a> profitable status.</li>
</ul>



Sea Ltd's 2Q2024 results reflected both the success of its bold strategies to drive growth in areas such as live-streaming whilst at the same time increasing take rates and profitability.
Its core focus on competitive pricing, content, logistics, and especially advertising will help to drive growth, retention, and profitability as unit economics improve, whilst it rolls out its lending products.
Competitive intensity has stabilised which should allow for take rates to rise higher, whilst Shopee is well positioned to further increase its lead. Valuations look reasonable given Sea Ltd's profitable status.


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

Thematic (Sector/Industry)

<ul>
<li>BILI US: Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Significant Grossing Ranking Rebound After Season 2 Update (+)</li>
<li>TCOM US:Beijing's tourist arrivals increased by 16.7% YoY in July (+)</li>
<li>TCOM US: Amap Launches Airport Shuttle Service in Hong Kong (-)</li>
</ul>


BILI US: Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Significant Grossing Ranking Rebound After Season 2 Update (+)
TCOM US:Beijing's tourist arrivals increased by 16.7% YoY in July (+)
TCOM US: Amap Launches Airport Shuttle Service in Hong Kong (-)


[Blue Lotus Daily-TMT Update]:BILIUS/TCOMUS/SEUS/PDDUS/4689JP/4385JP/BABAUS/3690HK/JDUS/700HK/NTESUS

<ul>
<li>BZ US: Enterprises’ Recruitment Confidence Shows Slight Recovery in July(+)</li>
<li>3690HK: Meituan and Restaurant Brands Collaborate to Establish Take-out Satellite Stores, Further Penetrating Offline Catering in China.(+)</li>
<li>PDD US/BABA US /SHEIN/SE US: Hundreds of Temu merchants protest at Guangzhou headquarters (-/+/+)</li>
</ul>


BZ US: Enterprises’ Recruitment Confidence Shows Slight Recovery in July(+)
3690HK: Meituan and Restaurant Brands Collaborate to Establish Take-out Satellite Stores, Further Penetrating Offline Catering in China.(+)
PDD US/BABA US /SHEIN/SE US: Hundreds of Temu merchants protest at Guangzhou headquarters (-/+/+)


[Blue Lotus Daily-TMT Update]:BZ US/3690HK/PDD US/BABA US/SE US/JD US/700HK/NTES US/BIDU/MSFT/TCOM

Singapore

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

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Sea Ltd (SE US)

Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

Weekly round up include: Ola stock's upside - a base to bullish case valuation analysis. Shopee's 2024 GMV growth target raised. Jollibee's robust...

Devi Subhakesan

Sea Ltd (SE US) - Take Rate Tiger

Sea Ltd's 2Q2024 results reflected both the success of its bold strategies to drive growth in areas such as live-streaming whilst at the same time...

Angus Mackintosh

[Blue Lotus Daily-TMT Update]:BILIUS/TCOMUS/SEUS/PDDUS/4689JP/4385JP/BABAUS/3690HK/JDUS/700HK/NTESUS

Bilibili's <three mdtx kingdoms:=""> sees ranking rebound, Beijing tourist arrivals up 16.7% YoY in July, Amap launches airport shuttle in Hong...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BZ US/3690HK/PDD US/BABA US/SE US/JD US/700HK/NTES US/BIDU/MSFT/TCOM

Enterprises in the US show slight recovery in recruitment confidence, Meituan and Restaurant Brands collaborate to establish take-out satellite...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zomato Placement - Momentum Is Very Strong, past Ant Related Deals Have Been Mixed

AntFin is looking to raise around US$400m by selling around 2% of Zomato (ZOMATO IN). Past selldown's by AntFin have produced mixed results.

Sumeet Singh

Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

Weekly round up include: Ola stock's upside - a base to bullish case valuation analysis. Shopee's 2024 GMV growth target raised. Jollibee's robust...

Devi Subhakesan

Sea Ltd (SE US) - Take Rate Tiger

Sea Ltd's 2Q2024 results reflected both the success of its bold strategies to drive growth in areas such as live-streaming whilst at the same time...

Angus Mackintosh

[Blue Lotus Daily-TMT Update]:BILIUS/TCOMUS/SEUS/PDDUS/4689JP/4385JP/BABAUS/3690HK/JDUS/700HK/NTESUS

​Bilibili's <three mdtx kingdoms:=""> sees ranking rebound, Beijing tourist arrivals up 16.7% YoY in July, Amap launches airport shuttle in Hong...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BZ US/3690HK/PDD US/BABA US/SE US/JD US/700HK/NTES US/BIDU/MSFT/TCOM

​Enterprises in the US show slight recovery in recruitment confidence, Meituan and Restaurant Brands collaborate to establish take-out satellite...

Blue Lotus Research Institute

Bilibili's <three mdtx kingdoms:=""> sees ranking rebound, Beijing tourist arrivals up 16.7% YoY in July, Amap launches airport shuttle in Hong...

Enterprises in the US show slight recovery in recruitment confidence, Meituan and Restaurant Brands collaborate to establish take-out satellite...