Overseas Chinese Equities, Aequitas Research

Ming Lu

A veteran with 19-year experience in equity research.

Geographical coverage:
* Companies operating in China, but listed in Hong Kong and the U.S.
* Previously China A-share (listed in mainland China).

Equity sector coverage:
* Chinese App / Internet-based consumption in China, e.g., Alibaba, Tencent, etc.
* Previously covered education, transportation, telecom, power, bank, advertisement, hotel, etc.

Research methods:
* Generally bottom-up.
* Talk to related people on the ground.  Talk to readers and independent writers for analyzing a news portal.  Talk to parents and teachers for analyzing a tutoring school. 
* Visit stores and show photos as evidence in notes.
* Do technical analysis when finding a short-seller attacking an equity.

Languages:
* English
* Mandarin Chinese (Official language of China)
* Shanghainese (Language of Shanghai, the most developed city in China)
* Cantonese (Language of Hong Kong and Canton Province, one of the most developed provinces in China)

Overseas Chinese Equities

Ctrip.com (CTRP): Surpasses Expedia and Booking to Become the Largest OTA, Upgrade to HOLD

Ctrip (CTRP): Overcame Two Difficulties in Q4, But Market Over-Reacted to “Global No. 1”

Ctrip (CTRP): Highest Q1 Operating Margin Since 2014, Upgrade to HOLD

Ctrip (CTRP) C2Q18 Preview: User Experience Improvements Continues

Ctrip's Reports on 'Golden Week' Suggest Tepid Domestic Tourism & A Steep Decline in Trips to US

Shifting Tourism Flows in August a Response to Weaker RMB - But Is China's Policy Also Shifting?

China's Stricter Border Controls and Efforts to Crack Down on Daigou?

Equity Bottom-Up

* Ticketing revenues began to recover after last year's scandal.
* Operating margin declined by 3.6pp in 3Q18 vs. 3Q17 and Q3 is always the most important quarter for traveling in a year.
* Peer companies’ P/E ratio suggests downside of 15% and a target price of USD29.00.

* Ticketing revenues began to recover after last year's scandal.
* Operating margin declined by 3.6pp in 3Q18 vs. 3Q17 and Q3 is always the most important quarter for traveling in a year.
* Peer companies’ P/E ratio suggests downside of 15% and a target price of USD29.00.

Ctrip.com (CTRP): Ticketing Began to Recover, But Margin Declined in Key Season, 15% Downside

Trip.com

Ctrip.com (CTRP): Ticketing Began to Recover, But Margin Declined in Key Season, 15% Downside