MT (Meituan 3690 HK): 2Q23, Record High Op Profit, 38% Buy

Tencent (700 HK): 2Q23, Ad and FinTech Recovering, Margin Higher, Buy

Alibaba (9988 HK): 1Q24, Brilliant Result After Reorganization, 90% Upside

ECM Weekly (2nd Apr 2023) - Meituan, Rakuten Bank, SBI, Merdeka, ZJLD, Trial Hol, DPC, WCP, MLT

Meituan (3690 HK): Delivery Workers on Strike

Gravity Works As WeWork Doesn't; Now Plan B

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>In 1Q23, total revenues grew by 27% YoY with all business lines up by more than 10% YoY.</li>
<li>The real operating profits turned positive after nine quarters’ losses.</li>
<li>We believe the stock has an upside of 35% for yearend 2023. Buy.</li>
</ul>


In 1Q23, total revenues grew by 27% YoY with all business lines up by more than 10% YoY.
The real operating profits turned positive after nine quarters’ losses.
We believe the stock has an upside of 35% for yearend 2023. Buy.


Meituan (3690 HK): 1Q23, Real Operating Profit Turned Positive After Nine Quarters