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

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 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.

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 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 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.

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.

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 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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