Pinduoduo (PDD): 4Q22, Lower Than Consensus, But Higher Than Competitors
In 4Q22, revenue grew by 46% YoY, lower than consensus, but higher than competitors. The operating margin improved significantly from 7% in 2021 to...
270 Views
TRACKING TRAFFIC: Chinese Express / No Signs of a Sharp Recovery in Jan-Feb Data
So far in 2023, parcel volume has recovered only moderately. We believe the industry may again see price deterioration after a brief respite in 2022.
277 Views
ECM Weekly (19th Mar 2023) - Japan Post Bank, SBI Sumishin, Harita, Trial Holding, ZKH, DPC, Kelsian
Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
371 Views
Pinduoduo: Trading off Between Top-Line Growth and Bottom-Line Slowdown
We are turning more constructive on TEMU, but acknowledge the need to trade off between topline growth and bottomline pressure for PDD. Wait for...
548 Views
ZTO Express Q4/2022 Results & Guidance: Moderate Growth in '23, but Also Obstacles
ZTO guides strong volume growth and potentially better unit economics in '23, but we expect price pressure to return, and the company needs to rein...
461 Views