Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> reported 4Q2021 results yesterday. Revenue grew 7.9% YoY to RMB144.2bn (vs consensus RMB146.5bn) while non-IFRS OP decreased 13% YoY to RMB33.2bn.</li>
<li>This marks the slowest quarterly revenue growth for Tencent since 2004 mainly due to lower VAS revenue growth and decline in revenue from online advertising.</li>
<li>Tencent’s 4Q revenues were in line with our forecast of RMB144bn while adjusted OPM of 23% was slightly below our estimates of 26%.</li>
</ul>



Tencent (700 HK) reported 4Q2021 results yesterday. Revenue grew 7.9% YoY to RMB144.2bn (vs consensus RMB146.5bn) while non-IFRS OP decreased 13% YoY to RMB33.2bn.
This marks the slowest quarterly revenue growth for Tencent since 2004 mainly due to lower VAS revenue growth and decline in revenue from online advertising.
Tencent’s 4Q revenues were in line with our forecast of RMB144bn while adjusted OPM of 23% was slightly below our estimates of 26%.


Tencent 4Q2021: Disappointing Earnings but Expected

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>Tencent’s revenue growth continued to slow down to 8% YoY in 4Q21.</li>
<li>The company used more extraordinary income to bolster EPS in recent years.</li>
<li>We believe the stock has a downside of 28% within 2022.</li>
</ul>


Tencent’s revenue growth continued to slow down to 8% YoY in 4Q21.
The company used more extraordinary income to bolster EPS in recent years.
We believe the stock has a downside of 28% within 2022.


Tencent (700 HK): 4Q21, Weak Revenue and Significant “Other Gains”, 30% Downside

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Bukalapak.com PT Tbk / Equity Capital Markets

<ul>
<li>Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.</li>
<li>Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.</li>
<li>The pre-IPO shareholders will be released from the lockup on 6th April 2022.</li>
</ul>


Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.
Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.
The pre-IPO shareholders will be released from the lockup on 6th April 2022.


Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

<ul>
<li>Navi Technologies (NT) aims to raise around US$500m in its India listing. NT was started by Sachin Bansal, co-founder of Flipkart which was sold to Walmart in 2018.</li>
<li>NT is a technology-driven financial products and services company. The company was only incorporated in 2018, it offers personal loans, home loans, general insurance and mutual funds. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Navi Technologies (NT) aims to raise around US$500m in its India listing. NT was started by Sachin Bansal, co-founder of Flipkart which was sold to Walmart in 2018.
NT is a technology-driven financial products and services company. The company was only incorporated in 2018, it offers personal loans, home loans, general insurance and mutual funds. 
In this note, we will talk about the not so positive aspects of the deal.


Navi Technologies Pre-IPO - The Negatives - Still Very Much a Work-In-Progress

Nomura Research Institute / Equity Capital Markets

<ul>
<li>Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research.</li>
<li>This is not the first sale by Nomura and hence, might not come as a complete surprise.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research.
This is not the first sale by Nomura and hence, might not come as a complete surprise.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Nomura Research Placement - Has Sold Before, Deal Might Be More Reflective on the Parent's Results

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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

Tencent Holdings (ADR) (TCEHY US)

Tencent 4Q2021: Disappointing Earnings but Expected

Tencent reported 4Q2021 results yesterday. Revenue grew 7.9% YoY to RMB144.2bn (vs consensus RMB146.5bn) while non-IFRS OP decreased 13% YoY to...

Shifara Samsudeen, FCMA, CGMA

Tencent (700 HK): 4Q21, Weak Revenue and Significant “Other Gains”, 30% Downside

The revenue growth continued to slow down to 8% YoY in 4Q21. The company uses more extraordinary income to bolster EPS. We believe the stock has a...

Ming Lu

Navi Technologies Pre-IPO - The Negatives - Still Very Much a Work-In-Progress

Navi Technologies (NT) aims to raise around US$500m in its India listing. NT was started by Sachin Bansal, co-founder of Flipkart which was sold to...

Sumeet Singh

Nomura Research Placement - Has Sold Before, Deal Might Be More Reflective on the Parent's Results

Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research. This won't be the first selldown by the parent.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tencent 4Q2021: Disappointing Earnings but Expected

Tencent reported 4Q2021 results yesterday. Revenue grew 7.9% YoY to RMB144.2bn (vs consensus RMB146.5bn) while non-IFRS OP decreased 13% YoY to...

Shifara Samsudeen, FCMA, CGMA

Tencent (700 HK): 4Q21, Weak Revenue and Significant “Other Gains”, 30% Downside

The revenue growth continued to slow down to 8% YoY in 4Q21. The company uses more extraordinary income to bolster EPS. We believe the stock has a...

Ming Lu

Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range. The pre-IPO shareholders will be released...

Sumeet Singh

Navi Technologies Pre-IPO - The Negatives - Still Very Much a Work-In-Progress

Navi Technologies (NT) aims to raise around US$500m in its India listing. NT was started by Sachin Bansal, co-founder of Flipkart which was sold to...

Sumeet Singh

Nomura Research Placement - Has Sold Before, Deal Might Be More Reflective on the Parent's Results

Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research. This won't be the first selldown by the parent.

Sumeet Singh