Daily BriefsTMT/Internet

Daily Brief TMT/Internet: Tencent, Hyundai Energy Solutions, MoneyHero Global , Alibaba (ADR), Skorlife, eFishery, Full Truck Alliance and more

In today’s briefing:

  • Tencent Nearing Our Buy Zone
  • Flow Trading Opportunities Brought by the AI Rally: KRX Semicon Rebalancing in September
  • MoneyHero SPAC Listing: Thoughts on Valuation
  • Alibaba Cloud: Price War Rages as Nationalization Looms in China
  • Credit Scoring Firm Rings up $4m to Boost Financial Literacy in Indonesia
  • Indonesian Agritech Firm EFishery Hits Unicorn Status with $108m Series D
  • Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

Tencent Nearing Our Buy Zone

By Thomas Schroeder

  • Tencent is nearing our 302 support target with undershoot risk to sub 300, support at 290. HSI continues to trade heavy but reaching oversold levels.
  • The break below 331 acted as the most recent sell trigger and will turn into resistance on the way back up. We turned bearish Tencent back in February. 
  • Need to see lower price with weakening sell volumes for better buy conviction. Lower wedge support the buy zone, sync with an HSI low.

Flow Trading Opportunities Brought by the AI Rally: KRX Semicon Rebalancing in September

By Sanghyun Park

  • KRX Semicon has experienced a considerable increase in AUM due to the recent AI rally. Two ETFs tracking SEMICON have a combined AUM of ₩0.6T.
  • The following five stocks are screened as potential additions: ITM Semiconductor, Hyundai Energy Solutions, TEMC, Fine Semitech, and AT Technology.  
  • While it may not be a major flow event, it still presents a trading opportunity worth considering, especially in September, which is relatively less eventful in terms of flows.

MoneyHero SPAC Listing: Thoughts on Valuation

By Shifara Samsudeen, ACMA, CGMA

  • Asia-Based leading personal finance aggregation and comparison platform MoneyHero has filed to go public in the US by merging with Bridgetown Holdings and raise proceeds of up to US$154m.
  • This would give MoneyHero a pre-money enterprise value of US$200m and an equity value of US$198m with post-money EV of US$342m assuming no redemption by Bridgetown’s public shareholders.
  • MoneyHero Global (1534965D HK)  plans to use proceeds from the deal to further accelerate growth and capture market opportunity in the region.

Alibaba Cloud: Price War Rages as Nationalization Looms in China

By Oshadhi Kumarasiri

  • The potential spin-off listing of Alibaba Group (9988 HK) Cloud faces significant challenges from various factors, making the timing particularly challenging for the spin-off.
  • The Cloud Business is experiencing intensifying price competition, while simultaneously facing substantial regulatory risks, particularly with the Chinese Government’s plans to nationalize the cloud computing market.
  • Due to the ongoing price war and the potential risk of nationalization, we believe that Alibaba (ADR) (BABA US) Cloud’s fair value is substantially below $10bn.

Credit Scoring Firm Rings up $4m to Boost Financial Literacy in Indonesia

By Tech in Asia

  • Financial illiteracy has become a global problem, leading many to make uninformed, crippling decisions. This is especially true in Indonesia.
  • With informal financing and predatory lending running rife, the country has a financial literacy rate of 38%.
  • SkorLife, a credit builder based in the country, looks to change this. Founded by Ongki Kurniawan and Karan Khetan in 2022, the startup allows users to check their credit scores from Indonesia’s bureaus.

Indonesian Agritech Firm EFishery Hits Unicorn Status with $108m Series D

By Tech in Asia

  • Indonesian agritech startup eFishery has raised US$108 million in series D funding, pushing its post-money valuation to US$1.3 billion, according to VentureCap Insights, which tracks regulatory filings.
  • The latest round is led by 42xfund and it saw participation from existing investors Northstar Group and SoftBank Vision Fund II.
  • EFishery last raised US$90 million in a series C funding round in January 2022.

Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

By Daniel Hellberg

  • Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting
  • FTA is making good progress on promoting its automated freight matching service
  • But other changes will require more time, and investors are impatient

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