Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Meituan, China Mobile, ICBC, Bilibili, and outflows from CCB, Geely, Sunny Optical.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Meituan, China Mobile, ICBC, Bilibili, and outflows from CCB, Geely, Sunny Optical.


Hong Kong Connect Flows Monthly: 1Y High Inflows in March

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We estimate the total short interest to  increase by 1.4% week on week and highlight short changes in Bidu, Baba, Byd Company.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 24th.
Top short increases and decreases were tabulated for one week and four week period. 
We estimate the total short interest to  increase by 1.4% week on week and highlight short changes in Bidu, Baba, Byd Company.


HK Short Interest Weekly: Bidu, Baba, Byd Company

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>The 200 largest weighted companies in the GEM index reported average EPS growth of +14.2%y/y for 4Q22-to-date, slightly down from the +15.7% reported for 3Q22.</li>
<li>Only 54% of companies delivered positive sales surprises, and only 49% delivered positive EPS surprises, significantly down from the trend seen over the past 2 years.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


The 200 largest weighted companies in the GEM index reported average EPS growth of +14.2%y/y for 4Q22-to-date, slightly down from the +15.7% reported for 3Q22.
Only 54% of companies delivered positive sales surprises, and only 49% delivered positive EPS surprises, significantly down from the trend seen over the past 2 years.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 4Q2022

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>Xiaomi reported C4Q22 top-line, non-IFRS EBIT and non-IFRS net income in-line, 14%, and 25% vs. our est., and in-line, 78%, and 26% vs. consensus; </li>
<li>Beginning in 2023,  we expect it will be forced to sacrifice for or the other given its lack of moat in any category; </li>
<li>Xiaomi will likely improve phone gross margins due to declining IC prices, RMB appreciation, underlying our TP raise to HK$8.2, but we maintain SELL.  </li>
</ul>


Xiaomi reported C4Q22 top-line, non-IFRS EBIT and non-IFRS net income in-line, 14%, and 25% vs. our est., and in-line, 78%, and 26% vs. consensus; 
Beginning in 2023,  we expect it will be forced to sacrifice for or the other given its lack of moat in any category; 
Xiaomi will likely improve phone gross margins due to declining IC prices, RMB appreciation, underlying our TP raise to HK$8.2, but we maintain SELL.  


[Xiaomi Inc. (1810 HK) Target Price Change]: Picking Both Earnings and Scale, but Obtaining Neither

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Xiaomi Corp's FY 2022 results were in line with expectations and the weakness in the smartphone market. However, we see some positive signs, such as the reasonable Q4 results, improved selling prices on the back of the premiumisation strategy, as well as the stable Internet of Things (IoT) segment. The balance sheet remains in a large net cash position, with cash more than 2x total debt. We believe the worst may be over for Xiaomi. The re-opening of offline stores in China following the easing of COVID-19 related measures in 2023 would drive up demand for the company's premium phones, as well as the average selling prices and gross margins. We expect the smartphone market to stabilise in H2, though overall shipments in the year should remain weak.

  Xiaomi Corp's FY 2022 results were in line with expectations and the weakness in the smartphone market. However, we see some positive signs, such as the reasonable Q4 results, improved selling prices on the back of the premiumisation strategy, as well as the stable Internet of Things (IoT) segment. The balance sheet remains in a large net cash position, with cash more than 2x total debt.   We believe the worst may be over for Xiaomi. The re-opening of offline stores in China following the easing of COVID-19 related measures in 2023 would drive up demand for the company's premium phones, as well as the average selling prices and gross margins. We expect the smartphone market to stabilise in H2, though overall shipments in the year should remain weak. 

Xiaomi Corp - Earnings Flash - FY 2022 Results - Lucror Analytics

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Hong Kong Connect Flows Monthly: 1Y High Inflows in March

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Tencent, Meituan, China Mobile, ICBC, Bilibili, CCB, Geely, Sunny Optical.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Bidu, Baba, Byd Company

We analyzed the latest HK SFC report for aggregate short position as of Mar 24th and highlight short interest changes in Bidu, Baba, Byd Company.

Ke Yan, CFA, FRM

Global Emerging Markets: Reporting Season Summary, 4Q2022

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales and EPS growth, size and percentage of positive...

Wium Malan, CFA

[Xiaomi Inc. (1810 HK) Target Price Change]: Picking Both Earnings and Scale, but Obtaining Neither

Beginning in 2023, we expect it will be forced to sacrifice for or the other given its lack of moat in any category and sustained R&D underspending...

Blue Lotus Research Institute

Xiaomi Corp - Earnings Flash - FY 2022 Results - Lucror Analytics

Xiaomi Corp's FY 2022 results were in line with expectations and the weakness in the smartphone market. However, we see some positive signs, such...

Lucror Analytics

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