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

Kanzhun (2076 HK): A Monitor of Job Market in China

Starbucks (SBUX): Another Monitor of China Consumption

MT (Meituan 3690 HK) Earnings Preview: Rev Up by 24% YoY and 80% Upside, Buy

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

China Internet Weekly (10Jul2023): Meituan, Alibaba, Ant Group, Tencent

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Gravity Works As WeWork Doesn't; Now Plan B

Alibaba Potential IPOs - Part 2 - An Early Look at Cainiao, US$10bn+

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>Total revenue grew by 33% YoY, which is the highest growth rate in the past seven quarters.</li>
<li>The company achieved a higher operating profit in 2Q23 after turned the profit positive in 1Q23.</li>
<li>The stock price has risen by 20% since our last buy rating, but we believe there will be still 38% upside for yearend 2024.</li>
</ul>


Total revenue grew by 33% YoY, which is the highest growth rate in the past seven quarters.
The company achieved a higher operating profit in 2Q23 after turned the profit positive in 1Q23.
The stock price has risen by 20% since our last buy rating, but we believe there will be still 38% upside for yearend 2024.


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