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.

Equity Bottom-Up

<ul>
<li>The revenue growth rate fell to 5% in 2Q22 due to the lockdown in Shanghai and Yangtze delta.</li>
<li>However, freezers became popular in June and July because of the experience during the lockdown.</li>
<li>We believe the stock has an upside of 21% based on EBITDA, but the upside can be significant if based on sales-related ratios.</li>
</ul>


The revenue growth rate fell to 5% in 2Q22 due to the lockdown in Shanghai and Yangtze delta.
However, freezers became popular in June and July because of the experience during the lockdown.
We believe the stock has an upside of 21% based on EBITDA, but the upside can be significant if based on sales-related ratios.


JD.com (9618 HK): 2Q22, Growth Tumbled, But Lockdown Eased, 20% Upside or More

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Private Capital Markets

Phonepe Pvt Ltd / Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Pvt Ltd (1732974D IN)</a> runs a digital payment and technology App in India and is currently the leader in terms of UPI transactions processed. </li>
<li>Our channel feedback suggests the possible disruption from initiatives like ONDC to be positive for payment apps like PhonePe, with the possible acceleration towards the SuperApp Journey. </li>
<li>Revenues are always growing, and so are losses. With ONDC, there is a possibility this may change faster than anticipated and hence warrants close attention. </li>
</ul>



Phonepe Pvt Ltd (1732974D IN) runs a digital payment and technology App in India and is currently the leader in terms of UPI transactions processed. 
Our channel feedback suggests the possible disruption from initiatives like ONDC to be positive for payment apps like PhonePe, with the possible acceleration towards the SuperApp Journey. 
Revenues are always growing, and so are losses. With ONDC, there is a possibility this may change faster than anticipated and hence warrants close attention. 


PhonePe Tearsheet - India's SuperApp Ambition

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Profitability ready to kick in again as Amazon grows into the overbuilt warehouse capacity and headcount from the past few quarters. 3Q22's guidance clearly conservative based on 2Q22's outperformance.</li>
<li>Revenue reacceleration beginning to play out. 2Q22's 7% leading to 3Q22's 15%, and back to the 20%s by 2023.</li>
<li>AWS continues its indomitable run. $79B TTM revenues are growing 37% with 31% margins.</li>
</ul>


Profitability ready to kick in again as Amazon grows into the overbuilt warehouse capacity and headcount from the past few quarters. 3Q22's guidance clearly conservative based on 2Q22's outperformance.
Revenue reacceleration beginning to play out. 2Q22's 7% leading to 3Q22's 15%, and back to the 20%s by 2023.
AWS continues its indomitable run. $79B TTM revenues are growing 37% with 31% margins.


Amazon 2Q22: Delivering an Inflection Point

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>One trend that has accelerated in the last few quarters is the pace of acquisitions being made by cash-rich companies.</li><li>The significant Macroeconomic uncertainties that lie ahead, coupled with record cash balances at the largest firms on Wall Street, have only accelerated the pace of industry consolidation.</li><li>It's no secret that high-quality De-SPACs with strong earnings have been prime takeover/acquisition targets in recent months after seeing their shares take a beating through the year.</li></ul>

One trend that has accelerated in the last few quarters is the pace of acquisitions being made by cash-rich companies.The significant Macroeconomic uncertainties that lie ahead, coupled with record cash balances at the largest firms on Wall Street, have only accelerated the pace of industry consolidation.It's no secret that high-quality De-SPACs with strong earnings have been prime takeover/acquisition targets in recent months after seeing their shares take a beating through the year.

<ul>
<li>India's Open Network for Digital Commerce (ONDC) is expected to break duopolies across the digital commerce ecosystem including e-marketplaces like <a href="https://www.smartkarma.com/entities/flipkart-online-services-private-limited" target="_blank" data-smartkarma-citation="entities:31076:1" rel="noopener">Flipkart Online Services (1398508D IN)</a> &amp; <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>. </li>
<li>We think it is the other way around. We expect them to thrive and become even more dominant in case the market expands as envisioned under ONDC. </li>
<li>While it could be too early &amp; premature, <a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> thanks to its investments in Flipkart and the path chosen by PhonePe is better placed compared to Amazon in India.</li>
</ul>


India's Open Network for Digital Commerce (ONDC) is expected to break duopolies across the digital commerce ecosystem including e-marketplaces like Flipkart Online Services (1398508D IN) &amp; Amazon.com Inc (AMZN US). 
We think it is the other way around. We expect them to thrive and become even more dominant in case the market expands as envisioned under ONDC. 
While it could be too early &amp; premature, Walmart (WMT US) thanks to its investments in Flipkart and the path chosen by PhonePe is better placed compared to Amazon in India.


Walmart (WMT US) | Why Walmart Is Likely to Win in India's ONDC World Compared to Amazon

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

JD.com (9618 HK): 2Q22, Growth Tumbled, But Lockdown Eased, 20% Upside or More

The revenue growth rate fell to 5% in 2Q22 due to the lockdown in Shanghai and Yangtze delta. However, freezers became popular in June and July...

Ming Lu

PhonePe Tearsheet - India's SuperApp Ambition

India Unicorn Series: We Profile India's possible SuperApp "PhonePe". The Industry landscape is changing for good, With financially strong parents,...

Pranav Bhavsar

Amazon 2Q22: Delivering an Inflection Point

Amazon's revenue growth is beginning to reaccelerate. Its cost growth is decelerating. Advertising is the best house in a tough digital...

Aaron Gabin

Reinventing American Healthcare

The significant Macroeconomic uncertainties that lie ahead, coupled with record cash balances at the largest firms on Wall Street, have only...

subSPAC

Walmart (WMT US) | Why Walmart Is Likely to Win in India's ONDC World Compared to Amazon

The noise aside, we expect market places like Amazon and Flipkart to thrive in an ONDC world, with Walmart-owned Flipkart having a likely upper...

Pranav Bhavsar

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