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.

Event-Driven

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In this note, we will talk about some of the company’s investments and how the overall Holdco would look post restructuring.</li>
</ul>


On 28th Mar 2023, Alibaba (ADR) (BABA US) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In this note, we will talk about some of the company’s investments and how the overall Holdco would look post restructuring.


Alibaba Potential IPOs - The Final Part - Quick Look at Investees and Eventual Holdco

China/Asia TMT

Shawn Yang

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

Equity Bottom-Up

<ul>
<li>Weibo’s 1Q23 top line was in line with our est., and non-GAAP net income beat our est./cons. by 6.5%/ 7.6%, due to cost-saving measures. </li>
<li>While we dial down its 2Q23 revenue forecast, we remain optimistic about its growth in 2H23, as more brand advertisers gradually recover. </li>
<li>Maintain BUY and TP unchanged, which implies 12X PE in 2023.</li>
</ul>


Weibo’s 1Q23 top line was in line with our est., and non-GAAP net income beat our est./cons. by 6.5%/ 7.6%, due to cost-saving measures. 
While we dial down its 2Q23 revenue forecast, we remain optimistic about its growth in 2H23, as more brand advertisers gradually recover. 
Maintain BUY and TP unchanged, which implies 12X PE in 2023.


Weibo (WB US, BUY, TP US$26.9) Earnings Review: Maintain BUY for Margin Improvement

Thematic (Sector/Industry)

<ul>
<li>We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than-expected recovery in February.</li>
<li>Among major advertisers, travel, local service, medical service, and eCommerce have better performances. Gaming, automobile, and FMCG remain weak.</li>
<li>Tencent is still our top pick; maintain BUY to Baidu and Weibo; SELL to Kuaishou and BILI</li>
</ul>


We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than-expected recovery in February.
Among major advertisers, travel, local service, medical service, and eCommerce have better performances. Gaming, automobile, and FMCG remain weak.
Tencent is still our top pick; maintain BUY to Baidu and Weibo; SELL to Kuaishou and BILI


Tencent, Baidu, Weibo, Kuaishou and Bili: Online Ads Show Slow Recovery Trend

<ul>
<li>Weibo’s 4Q22 top line was in line with our est., and non-GAAP net income beat our est./cons. by 34%/46%, due to reverse of a contingent payment agreement with Jiamian Tech. </li>
<li>While we raise its revenue forecast in 2023, we also expect its costs and expenses to rebound due to the recovery of offline promotion events.</li>
<li>Maintain BUY and TP unchanged, which implies 13X PE in 2023.</li>
</ul>


Weibo’s 4Q22 top line was in line with our est., and non-GAAP net income beat our est./cons. by 34%/46%, due to reverse of a contingent payment agreement with Jiamian Tech. 
While we raise its revenue forecast in 2023, we also expect its costs and expenses to rebound due to the recovery of offline promotion events.
Maintain BUY and TP unchanged, which implies 13X PE in 2023.


[Weibo (WB US) Earnings Review]: Maintain BUY for Ads Recovery in Coming Quarters

<ul>
<li>[Daily 1]    3690HK：Meituan is testing short video and live streaming function for food delivery (+);  [Daily 2]   PDD: Shein is to launch its online marketplace in the US(-) </li>
<li>[Daily 3]    700HK/WB：WeChat official account makes key updates on image formatting（+/-）</li>
<li>[Daily 4]    700HK:Supercell 2022 topline down 6% YoY with several challenges(-)</li>
</ul>


[Daily 1]    3690HK：Meituan is testing short video and live streaming function for food delivery (+);  [Daily 2]   PDD: Shein is to launch its online marketplace in the US(-) 
[Daily 3]    700HK/WB：WeChat official account makes key updates on image formatting（+/-）
[Daily 4]    700HK:Supercell 2022 topline down 6% YoY with several challenges(-)


China TMT Update (Feb.17) - Meituan, PDD, Shein, Tencent, WB - Meituan Is Testing Short Video

China

Weibo Corp is a social media platform for people to create, distribute and discover Chinese-language content.  The Company offers users public self-expression in real time with a powerful platform for social interaction, as well as content aggregation and distribution.

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Weibo Corp (WB US)

Alibaba Potential IPOs - The Final Part - Quick Look at Investees and Eventual Holdco

Continuining with our series of notes on Alibaba's planned six way reorganisation, in this note, we talk about its investments and eventual holdco.

Sumeet Singh

Weibo (WB US, BUY, TP US$26.9) Earnings Review: Maintain BUY for Margin Improvement

While we dial down its 2Q23 revenue forecast, we remain optimistic about its growth in 2H23, as more brand advertisers gradually recover. Maintain...

Blue Lotus Research Institute

Tencent, Baidu, Weibo, Kuaishou and Bili: Online Ads Show Slow Recovery Trend

We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than...

Blue Lotus Research Institute

[Weibo (WB US) Earnings Review]: Maintain BUY for Ads Recovery in Coming Quarters

While we raise its revenue forecast in 2023, we also expect its costs and expenses to rebound. Maintain BUY and TP unchanged, which implies 13X PE...

Blue Lotus Research Institute

China TMT Update (Feb.17) - Meituan, PDD, Shein, Tencent, WB - Meituan Is Testing Short Video

Meituan is testing short video and live streaming function for food delivery (+); PDD: Shein is to launch its online marketplace in the US(-);

Blue Lotus Research Institute

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