We had also compared the company with its close peer and provided our preliminary thoughts on valuation. The company also has a long track record for more than 10 years in the market. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners. The company is looking to raise up to USD 300 million via a Hong Kong listing. We expect Mr Aguzin will continue to strengthen HKEx market leading position in China New Economy sector and Stock Connect program.Īngelalign is a leading clear aligner player in China with a market share of nearly half. Nicolas Aguzin will become HKEx new CEO effective next Monday May 24 and will deliver his first public speech as HKEx new CEO at LME Asia2021 Metal Seminar on May 25, 2021. We forecast Securities ADT of HK$240bn in FY 21 (excluding Stock Connect Northbound volume) and have TP HKD 550 for HKEX (388 HK).Commodity trading volume at LME also rebounded 5% quarter-over-quarter. Excluding Southbound Stock Connect, ADT grew 76% year-over-year.
Total ADT is up 86% year-over-year and reached HK$244 bn. HKEx delivered HK$3,840mn profit in 21Q1, up 31% quarter-over-quarter, 70% year-over-year.
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HKEX (388 HK) April ADT (Average Daily Turnover) re-accelerated from March metrics, delivering amazing 55% year-over-year growth in the month.Management stressed that similar growth is expected for 1H21 compared to 1Q20. Risk: The market may hold back its enthusiasm as lower revenue growth relative to 1Q21 is estimated in 2Q21 because of the skewed growth in 2Q20.This was due to investments in JD Logistics capacity and in new businesses - Jingxi, cloud and AI. However, total Non-GAAP operating profit margin declined to 1.7% from 2.2% in 1Q20. Some may be concerned over operating margin declining, but I remain constructive as the core business (JD Retail) operating margin hit 4%, second highest level in its history.This suggests JD is gaining market share. I highlight this trend in my report, China E-Commerce: Robust Consumption Data Hints at Online Spending Spree. JD’s product revenue growth was 35% YoY, outpacing the China over all online physical goods sales growth of 32%.The stock still trades at 34% below the peak in March. JD reported the highest topline growth (39% YoY) in the last 5 years, aided by the explosive JD Logistics and marketplace revenue growth.JD.com Inc (ADR) (JD US) just happens to be one of them. There are only a few large cap stocks in Asia that can deliver on 30%+ revenue growth and trade at 1x P/Sales (TTM) and forward P/E of 40x (on consensus estimate).
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