Daily BriefsTMT/Internet

Daily Brief TMT/Internet: Meituan, Alibaba Health Information Technology, Locofy, Intel Corp, Fleetcor Technologies, Bolttech Digital Brokerage, ORA, Trimble Navigation and more

In today’s briefing:

  • Meituan’s Recent Expansion in Hong Kong: A Review
  • Alibaba Health: Healthy 2H but Margins Have Very Little Room for Improvement (Quantamental)
  • Northstar, Golden Gate Join $4.3m Round of SG AI Firm
  • Intel Corporation: Expansion of Cloud Capabilities & Other Drivers
  • FLEETCOR Technologies Inc.: Is The Double-Digit Organic Growth Enough To Make It A Buy? – Key Drivers
  • MetLife, Khazanah Join US$196M Series B Round of Insurtech Startup Bolttech
  • Ex-Zalora CMO’s Telehealth Platform ORA Secures US$10M Series A
  • Trimble Inc.: Acquisition Of Transporeon & Other Drivers

Meituan’s Recent Expansion in Hong Kong: A Review

By Shawn Yang

  • On May 22nd, Meituan launched its food delivery platform called KeeTa in Hong Kong SAR.
  • KeeTa’s expansion stratgies include Collaboration with branded chain merchants,lower ASP, subsidy campaign, and launching “On-time Guarantee”.
  • Sofar the initial results after launch seems to be in-line with expecation, while  there will still be a lot of challenges, like small market size and stabilized competition landscape.  

Alibaba Health: Healthy 2H but Margins Have Very Little Room for Improvement (Quantamental)

By Shifara Samsudeen, ACMA, CGMA

  • Alibaba Health Information Technology (241 HK) ’s 2HFY03/2023 revenues beat consensus by 1.4% while adjusted operating losses of RMB1.74m (0.01% of revenue) is significantly lower compared to 2HFY03/2022 and consensus.
  • Improvement in profitability was driven by improved GPM coupled with decrease in SG&A costs which helped offset increase in fulfilment costs as a result of the Covid-19 outbreak.
  • Our quantamental analysis suggests that Ali Health’s margins have very little room for improvement unless the company cuts down SG&A significantly while improving revenue % from non-direct pharmaceutical businesses.

Northstar, Golden Gate Join $4.3m Round of SG AI Firm

By Tech in Asia

  • Only six months after its establishment, Singapore-based Locofy launched a beta of its low-code development tool in January 2022.
  • It has since received over 100,000 sign-ups across 195 countries.
  • Its tech helps designers automate front-end code directly from their designs and integrate them with existing workflows, leveraging AI to convert designs into coding languages to save time.

Intel Corporation: Expansion of Cloud Capabilities & Other Drivers

By Baptista Research

  • Intel delivered solid first-quarter results with revenues above expectations and narrower than expected losses.
  • The fallouts of this quarter demonstrate the advancement Intel is making to advance the company’s transformation as well as the IDM 2.0 strategy.
  • In the quarter, Intel introduced its 13th Gen Intel Core Mobile processor, followed by its new vPro platform.

FLEETCOR Technologies Inc.: Is The Double-Digit Organic Growth Enough To Make It A Buy? – Key Drivers

By Baptista Research

  • FLEETCOR Technologies delivered another all-around beat while managing a decent top-line growth and accretive operating leverage.
  • The company had $901 million in revenue, a 14% increase, and cash EPS of $3.80, a 4% increase.
  • We give FLEETCOR Technologies, Inc. a ‘Hold’ rating with a revised target price.

MetLife, Khazanah Join US$196M Series B Round of Insurtech Startup Bolttech

By e27

  • Singapore-based insurtech startup bolttech has closed its Series B financing round at US$196 million, led by existing shareholder Japanese insurance holding company Tokio Marine.
  • Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, and new and existing shareholders.
  • This funding takes the company’s valuation to US$1.6 billion and comes exactly seven months after Tokio Marine led the first tranche of bolttech’s Series B round.

Ex-Zalora CMO’s Telehealth Platform ORA Secures US$10M Series A

By e27

  • Singapore-headquartered telehealth platform ORA has raised US$10 million in a Series A funding round co-led by TNB Aura and Antler.
  • Gobi Partners, Kairous Capital, and GMA Ventures also joined the round, bringing ORA’s total funding to date to above US$17 million.
  • With this new round of funding, ORA will seek to expand its presence into new territories, both geographically and with new offerings.

Trimble Inc.: Acquisition Of Transporeon & Other Drivers

By Baptista Research

  • Trimble delivered mixed results in the first quarter, with revenues of $915 million that were below Wall Street expectations.
  • The quarter’s cash flow improved significantly year on year, with both cash flow from operations and free cash flow exceeding non-GAAP net income.
  • Revenues in the transportation business increased organically year over year during the quarter, and operating margins were higher than 15%.

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