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Julia Pan Mengyao
  • Julia Pan Mengyao

China Internet: Gradual recovery, new platforms continue to gain share...

China’s online tangible sales growth slowed to +3% during 2Q22 vs 1Q22’s +8.8% due to the ongoing COVID-19 containment measures. Traditional e-commerce companies’ GMV growths were impacted during the quarter, with Alibaba being the most significantly affected. However, we have seen value-for-money platforms gaining meaningful share in the period of time. We expect a gradual recovery in China’s ecommerce sector in 2H22 with PDD as the top pick. We maintain MARKET WEIGHT on the e-commerce sector.

 PRESS RELEASE

Ms. Carol Li Joins JD.com’s Board of Directors

Ms. Carol Li Joins JD.com’s Board of Directors BEIJING, Sept. 23, 2022 (GLOBE NEWSWIRE) -- JD.com, Inc. (the “Company” or “JD.com”) (Nasdaq: JD and HKEx: 9618), a leading supply chain-based technology and service provider, today announced that Ms. Carol Yun Yau Li has been appointed as an independent director on the board of directors of the Company (the “Board”) and a member of the Board’s compensation committee, effective immediately. Ms. Li is a Managing Director of Yale Center Beijing, Yale University’s first university-wide center outside of the United States. Ms. Li has also served...

 PRESS RELEASE

Naspers Limited: Results of Annual General Meeting and Prosus Dividend...

CAPE TOWN, South Africa--(BUSINESS WIRE)-- Naspers Limited (Naspers) (JSE: NPN) The 108th annual general meeting (AGM) of Naspers Limited was held through electronic communication today. Shareholders are advised that all resolutions set out in the notice of the AGM were passed by the requisite majority of shareholders represented at the annual general meeting. The following information is provided in compliance with the JSE Limited’s Listings Requirements: Total issued number of N ordinary shares: 435 511 058 Total issued number of A ordinary shares: 961 193** Treasury shares: 224 863 836 Nu...

Jin Yoon
  • Jin Yoon

New Street: JD 2Q22 Results - Continued Margin Upside into 2H

What's new: JD reported 2Q22 results were above consensus and our expectations. Overall business continues to recover on a MoM basis, while 3Q margin could see similar YoY improvement to that of 2Q driven by operating leverage, cost controls, and scaled down investments in New Businesses. We maintain our PT at USD 80. Analysts: Jin Yoon

Pelham Smithers
  • Pelham Smithers

PSA Consumer Electronics: Global Video Game Industry – Headed for a Cr...

The video games industry has enjoyed multi-year success, with mere temporary downturns in 2012 Ans 2019. Now, after 30 successful years, Pelham Smithers sees storm clouds gathering. A prolonged downturn is possible, and would come as a real shock, he thinks.

 PRESS RELEASE

JD.com Announces Second Quarter and Interim 2022 Results

JD.com Announces Second Quarter and Interim 2022 Results BEIJING, Aug. 23, 2022 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three and six months ended June 30, 2022. Second Quarter 2022 Highlights Net revenues for the second quarter of 2022 were RMB267.6 billion (US$140.0 billion), an increase of 5.4% from the second quarter of 2021. Net service revenues for the second quarter of 2022 were RMB41.6 billion (US$6.2 billion), an increase of 21.9% from the ...

Research Department
  • Research Department

INFORME DIARIO 22 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IAG. EUROPA: PROSUS. La Fed insiste: el objetivo es controlar la inflación Las bolsas europeas saldaron la semana con retrocesos algo superiores al -1%. Aunque las referencias macro fueron escasas la atención de los inversores estuvo centrada en las perspectivas de subidas de tipos (las actas de la Fed y los comentarios de algunos miembros durante la semana apuntan a una moderación en el ritmo de subidas en adelante, pero que la prioridad sigue sien...

Jin Yoon
  • Jin Yoon

New Street: Tencent 2Q22 Results - Monetization of Video Accounts Kick...

What's new: Tencent’s reported 2Q22 top-line results were below consensus and our expectations. Despite limited visibility in top-line growth, margins could continue to improve in 2H amid continued cost controls and operating efficiency initiatives across the business segments. We maintain our PT at HKD400. Analysts: Jin Yoon

 PRESS RELEASE

Prosus, Which Is Majority Owned by Naspers, to Acquire Remaining Stake...

CAPE TOWN, South Africa--(BUSINESS WIRE)-- Naspers Limited ("Naspers") (JSE: NPN): Prosus N.V. (Prosus) (Euronext Amsterdam: PRX; JSE: PRX), which is majority owned by Naspers, and a global consumer internet group and one of the largest technology investors in the world, today announced it has entered into an agreement to acquire the remaining 33.3% stake in iFood, from minority shareholder Just Eat Holding Limited for €1.5bn in cash plus a contingent consideration of up to €300m. Following the transaction, Prosus and its affiliate company, Movile (a Brazilian investor in technology companies)...

Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

Tencent Holdings (700 HK): 2Q22: Earnings beat; buoyed by cost savings...

Tencent’s 2Q22 results were broadly within expectations. Revenue declined 3% yoy to Rmb133.5b, in line with our and the street’s estimates. Gross margin contracted by 2.2ppt yoy to 43% on stringent cost control. Non-GAAP net profit was Rmb28.1b, down 17% yoy (after stripping out extraordinary items), beating our expectations on prudent cost control. The company during the earnings call stated it was confident on the recovery of the macro economy. Maintain BUY. Target price: HK$400.00.

Chun Sung Oong ... (+18)
  • Chun Sung Oong
  • Jacquelyn Yow Hui Li
  • Jessie Guo Yuting
  • Jo Yee Ng
  • John Cheong Ming Chern
  • Jonathan Koh
  • Julia Pan Mengyao
  • Keith Wee Teck Keong
  • Ken Lee
  • Kong Ho Meng
  • Kwanchai Atiphophai
  • Leow Huey Chuen
  • Limartha Adhiputra
  • Llelleythan Tan Tan
  • Malaysia Research Team
  • Sabrina Soh
  • Waritthorn Kaewmuang
  • Zhifeng Shen

Regional Morning Notes - Thursday, August 18, 2022

GREATER CHINA Results China Resources Beer (291 HK/BUY/HK$56.00/Target: HK$73.00): 1H22: Solid results on premiumisation and operational efficiency. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$341.20/Target: HK$435.43): 1H22: No surprises as results fall within expectations. Nexteer Automotive Group (1316 HK/BUY/HK$6.38/Target: HK$10.00): 1H22: Results met expectations. 2H22 earnings to recover on easing chip shortage. Tencent Holdings (700 HK/BUY/HK$303.20/Target: HK$400.00): 2Q22: Earnings...

Chun Sung Oong ... (+8)
  • Chun Sung Oong
  • Greater China Research Team
  • Jessie Guo Yuting
  • Jo Yee Ng
  • Julia Pan Mengyao
  • Ken Lee
  • Sabrina Soh
  • Zhifeng Shen

Greater China Daily: Thursday, August 18, 2022

KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$56.00/Target: HK$73.00) 1H22: Solid results on premiumisation and operational efficiency. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$341.20/Target: HK$435.43) 1H22: No surprises as results fall within expectations. Nexteer Automotive Group (1316 HK/BUY/HK$6.38/Target: HK$10.00) 1H22: Results met expectations. 2H22 earnings to recover on easing chip shortage. Tencent Holdings (700 HK/BUY/HK$303.20/Target: HK$400.00) 2Q22: Earning...

 PRESS RELEASE

JD.com to Report Second Quarter and Interim 2022 Financial Results on ...

JD.com to Report Second Quarter and Interim 2022 Financial Results on August 23, 2022 BEIJING, Aug. 10, 2022 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited financial results for the three months and six months ended June 30, 2022 on Tuesday, August 23, 2022, before the U.S. market opens. JD.com’s management will hold a conference call at 8:00 am, Eastern Time on August 23, 2022, (8:00 pm, Beijing/Hong Kong Time on August 23, 2022) to discuss its financial re...

Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

Tencent Holdings (700 HK): 2Q22 preview: Still plenty of headwinds.

We see near-term headwinds from its online game and advertising segments as well as subdued share price performance from its investee companies. However, we believe Tencent will still be able to gain market share in overseas markets as it has a confirmed 20 games pipeline with 20 in 2022, with over 40 new games ready to be published over 2022-24 in overseas markets. We trimmed our target price to HK$408.00 from HK$445.00. Maintain BUY as it is trading at the historical trough valuation level.

Ariel Poh Yun Li ... (+16)
  • Ariel Poh Yun Li
  • Chaiwat Arsirawichai
  • Chong Lee Len
  • Chun Sung Oong
  • Desmond Chong Chee Wai
  • Jieqi Liu
  • John Cheong Ming Chern
  • Jonathan Koh
  • Julia Pan Mengyao
  • Llelleythan Tan Tan
  • Posmarito Pakpahan
  • Selvi Ocktaviani
  • Singapore Research Team
  • Stevanus Juanda
  • Tanaporn Visaruthaphong
  • Thailand Research Team

Regional Morning Notes - Tuesday, August 02, 2022

GREATER CHINA Sector Property: Home delivery remains a major risk; residential REITs make a breakthrough. Update Tencent Holdings (700 HK/BUY/HK$299.60/Target: HK$408.00): 2Q22 preview: Still plenty of headwinds. INDONESIA Results Champ Resto Indonesia (ENAK IJ/BUY/Rp1,815/Target: Rp2,010): 2Q22: High net profit growth with operating margin near pre-COVID-19 levels. Mitra Keluarga (MIKA IJ/BUY/Rp2,500/Target: Rp2,980): 1H22: Seasonal effect from Eid al-Fitr holiday, in line with expectation. Si...

Ariel Poh Yun Li ... (+5)
  • Ariel Poh Yun Li
  • Chun Sung Oong
  • Curtis Yeung
  • Jieqi Liu
  • Julia Pan Mengyao

Greater China Daily: Tuesday, August 2, 2022

KEY HIGHLIGHTS Sector Property Home delivery remains a major risk; residential REITs make a breakthrough. Update Tencent Holdings (700 HK/BUY/HK$299.60/Target: HK$408.00) 2Q22 preview: Still plenty of headwinds. TRADERS’ CORNER HSBC Holdings Plc (5 HK): Trading Buy range: HK$51.00-51.85 NIO Inc. (9866 HK): Trading Buy range: HK$160.00-162.10

Sumeet Singh
  • Sumeet Singh

ECM Weekly (24th Jul 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.

Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

China Internet: Still looking out for catalysts.

The latest batch of new games approved on 12 July has demonstrated NPPA’s keenness to keep the approval momentum going (despite fewer games as compared with pre-Jul 21). Key investor focus remains on: a) when Tencent and Netease will get their new games approved, as both companies still have eight games each in their pipelines; and b) the launch date for Diablo China by Netease. We remain cautiously optimistic given the potential slowdown in approvals and a lack of growth drivers from the domest...

Sumeet Singh
  • Sumeet Singh

ECM Weekly (17th Jul 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.

Jin Yoon
  • Jin Yoon

New Street: Tencent 2Q22 Preview - Near Term Outlook Intact

What’s New: We maintain our 2Q and FY22 estimates as near-term outlook remains intact. In this note, we discussed some of the key updates including 2H recovery trend, game approval, and cost optimization initiatives. Analysts: Jin Yoon

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