Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Major global indices have relegated Russia to the "standalone" and "unclassified" market status. Talk of significant flows into major non-Russia EM markets such as China, Taiwan, Korea, etc is misguided. </li>
<li>Even if OLX and VK Group are written down to zero, the fall in <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a>'s implied stub has overshot the mark</li>
<li>The founder and former chairman and CEO of <a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a> has passed away. The estate may wish to sell Nexon shares, or its entire stake, at some point near-term.</li>
</ul>


Major global indices have relegated Russia to the "standalone" and "unclassified" market status. Talk of significant flows into major non-Russia EM markets such as China, Taiwan, Korea, etc is misguided. 
Even if OLX and VK Group are written down to zero, the fall in Prosus (PRX NA)'s implied stub has overshot the mark
The founder and former chairman and CEO of Nexon (3659 JP) has passed away. The estate may wish to sell Nexon shares, or its entire stake, at some point near-term.


Last Week in Event SPACE: Russia/Indices, Prosus, Virtus, Crown, Nexon, Hitachi Metals

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>Tencent is commencing a fresh down leg below 413 support. We have been bearish/short from the 500 handle with a projection of 370.</li>
<li>Tencent's breakdown is lagging the HK tech index  which raises conviction for Tencent weakness/follow through to the downside.</li>
<li>320 macro support attracts in Q3 as long as we stay below 413.</li>
</ul>


Tencent is commencing a fresh down leg below 413 support. We have been bearish/short from the 500 handle with a projection of 370.
Tencent's breakdown is lagging the HK tech index  which raises conviction for Tencent weakness/follow through to the downside.
320 macro support attracts in Q3 as long as we stay below 413.


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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> results were in line but given a slow down in gaming and bearish guidance partly with India ban on FreeFire, the stock was sold off aggressively.</li>
<li>Strong performance from e-commerce and digital financial services was ignored, with improving take rates in core markets and comments on impending profitability overlooked, with hardly a mention in press commentary. </li>
<li>The risk for <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> is squarely on the upside with valuations now looking attractive, trading at a discount to <a href="https://www.smartkarma.com/entities/mercadolibre-inc" target="_blank" data-smartkarma-citation="entities:27954:1" rel="noopener">MercadoLibre (MELI US)</a> despite its broader footprint.</li>
</ul>



Sea Ltd (SE US) results were in line but given a slow down in gaming and bearish guidance partly with India ban on FreeFire, the stock was sold off aggressively.
Strong performance from e-commerce and digital financial services was ignored, with improving take rates in core markets and comments on impending profitability overlooked, with hardly a mention in press commentary. 
The risk for Sea Ltd (SE US) is squarely on the upside with valuations now looking attractive, trading at a discount to MercadoLibre (MELI US) despite its broader footprint.


Sea Ltd (SE US) - Leaning Towards Profitability and Sustainability

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> shares have nose-dived in light of its exposure to Russia via its classified ads business Avito, and social media operator, VK Group. This move appears overdone.</li>
<li>Preceding my comments on Prosus, are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Prosus (PRX NA) shares have nose-dived in light of its exposure to Russia via its classified ads business Avito, and social media operator, VK Group. This move appears overdone.
Preceding my comments on Prosus, are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Prosus' Move On Russian Exposure Overdone

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>NIO announced that it would look to list in the HK by way of introduction with trading set to begin on 10th March 2022.</li>
<li>Unlike a secondary or a dual primary listing, there will be no new capital raised and there will be no secondary shares sold either.</li>
<li>In this note we take a quick look at the deal dynamics.</li>
</ul>


NIO announced that it would look to list in the HK by way of introduction with trading set to begin on 10th March 2022.
Unlike a secondary or a dual primary listing, there will be no new capital raised and there will be no secondary shares sold either.
In this note we take a quick look at the deal dynamics.


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.

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Tencent Holdings (ADR) (TCEHY US)

Last Week in Event SPACE: Russia/Indices, Prosus, Virtus, Crown, Nexon, Hitachi Metals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Tencent Support to Give Way

Tencent is commencing a fresh down leg below 413 support. We have been bearish/short from the 500 handle with a projection of 370.

Thomas Schroeder

Sea Ltd (SE US) - Leaning Towards Profitability and Sustainability

The risk for Sea Ltd looks to be squarely on the upside with valuations now looking attractive, trading at a discount to MercadoLibre (MELI US)...

Angus Mackintosh

StubWorld: Prosus' Move On Russian Exposure Overdone

Even if OLX and VK Group are written down to zero, the implied stub has overshot the mark. I'd set up a long Prosus, short Tencent here.

David Blennerhassett

NIO HK Listing - Ticking the Box

NIO announced that it would look to list in the HK by way of introduction with trading set to begin on 10th March 2022. In this note, we take a...

Sumeet Singh

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