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

JD Logistics (2618 HK): 3Q22 High Growth, Not Just Acquired But Organic, 29% Upside

JD Logistics(2618.HK) 4Q22 Preview: Topline Reacceleration Supported by Retail Recovery

China Logistics Sector Update & Downgrade S.F. Holding (2352.CH) To SELL: Pricing Pressure in 1H

JD Logistics (2618 HK): Shrinking Operating Loss in 2H21 and Exclusive Revenue Support

JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

Down from HK$40 to HK$15, Opportunity to Come After Hard Q2

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

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.

Equity Bottom-Up

<ul>
<li>Revenue grew by 20% YoY in 2Q22 with supply chain revenue up by 11% YoY and other revenue up by 42% YoY.</li>
<li>The company was not impacted by lockdown, because the main business is to provide solution to delivery companies.</li>
<li>We still believe the stock will has an upside of 39% after the surge on the day next to the result day.</li>
</ul>


Revenue grew by 20% YoY in 2Q22 with supply chain revenue up by 11% YoY and other revenue up by 42% YoY.
The company was not impacted by lockdown, because the main business is to provide solution to delivery companies.
We still believe the stock will has an upside of 39% after the surge on the day next to the result day.


JD Logistics (2618 HK): Surged After 2Q22 Result, Still an Upside of 39%