Aequitas Research - Alibaba (9988 HK) (9988) ... ECM Weekly (12th June 2022)

Report

Aequitas Research

Sumeet Singh

EUR 120.27 For Business Accounts Only

ECM Weekly (12th June 2022)

Aequitas Research publishes weekly updates on the deals that have been covered by the team recently along with updates for upcoming IPOs in the past week.

13/06/2022 1 EN

Underlyings

Alibaba (9988 HK)

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Alibaba Group Holding Ltd. Sponsored ADR

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US01609W1027 Stuttgart Stock Exchange Cayman Islands

KAKAO CORP

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Kakao Corp.

Kakao is engaged in the provision of Internet services to its users and advertisers. Co. provides its owned and operated online properties and services for its users. Co. provides a range of tools and marketing services designed to enable businesses to reach its users for its advertisers.

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KR7035720002 Korea Stock Exchange South Korea

NET PROTECTIONS HLDGS INC

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JP3758270007 Japan

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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Kakao Corp: 9 directors

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BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

What’s new: Alibaba’s reported FY2Q25 revs that were below consensus and our expectations. Taobao and Tmall take rate starts to stabilize partly driven by full-quarter impact from the software service fee and further merchant adoption of Quanzhantui. Margins could see quarterly fluctuations as BABA continues to invest in user experience. We maintain our PT at USD100. Analysts: Jin Yoon

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Alibaba Group (9988 HK): 2QFY25: Seeking high-quality growth and gradual monetisation.

Alibaba’s 2QFY25 results are within expectations. Revenue grew 5% yoy to Rmb236.5b, slightly missing the street’s estimate. Non-GAAP net profit was Rmb36.5b, down 9% yoy and in line with consensus forecast, with net margin of 15.4%. Despite a sequential moderation in GMV growth, we saw a solid performance during the 11.11 campaign due to its strategic execution, and remain optimistic on the cloud and AIDC revenue growth outlook. Maintain BUY with a target price of HK$130.00 (US$130.00).

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Legend Biotech Follow-on Offering

Legend Biotech, a non-wholly owned subsidiary of Hong Kong-listed GenScript, is planning to raise up to US$250m in its follow-on offering. The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

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Clarence Chu

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Xtep International Placement

Group Success Investments is looking to raise up to US$133m by trimming its holdings in Xtep International. We can’t say that the deal is expected and short interest on the stock hasn’t been creeping up as well. While the deal won’t be a large one, representing just 5.7 days of three month ADV, the firm’s last deal hasn’t done well.

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ECM Weekly (12th June 2022)

Kakao Corp: 9 directors

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

Alibaba Group (9988 HK): 2QFY25: Seeking high-quality growth and gradual monetisation.

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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