Fadu IPO - Thoughts on Valuation
Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO. Previously, we looked at the company’s past performance and undertook a peer...
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[Tencent (700 HK, BUY, TP HK$450) TP Change]: "DNF Mobile" And Strong Ads Are Two Catalysts
We expect that Tencent's 2Q23’s rev./non-IFRS net income to be 0.2%/5.2% vs cons. We raise the TP to $450, which implies 20.1X PE in 2023.
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China Internet Weekly (10Jul2023): Meituan, Alibaba, Ant Group, Tencent
Meituan’s food delivery has taken 20% of the Hong Kong market share. The authorities suggests that they will not further restrict financial apps.
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Socionext Placement - Valuation More Reasonable but past Secondary Offerings Have a Mixed Record
Three shareholders of Socionext (6526 JP) aim to raise around US$1.4bn via selling all of their shares in Socionext. In this note, we look at the...
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Hong Kong Connect Flows (Jul 7th): China Mobile, ICBC, ABC, Tencent, HSBC, BYD
We analyzed the Hong Kong Connect Scheme for last week and highlight flows for China Mobile, ICBC, ABC, Tencent, HSBC, BYD.
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