58.com (WUBA): Weak Membership Growth Suggests More Volatile Performance, 17% Downside
* We believe that the stagnancy in membership was due to the new competitor Ke.com and will make total revenues more volatile in the future. * We...
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Can China’s Credit Easing Sequel 2019 Save Its Falling Economy?
Unsustainable Sentiment-Driven Multiple ExpansionsMarkets rallied on China’s credit easing starting in December and expect meaningful fiscal...
557 Views
58.com Inc. (NYSE: WUBA): Regulatory Pressure Has Long Term Implications
● We notice that Anjuke’s Oct.-Nov. traffic declined. We attribute this decline to the tightening of registration requirement in various cities,...
759 Views
58.com (WUBA): Promising Main Business, But But New Businesses Squeezed Margins, Upgrade to HOLD
* The main business of online marketing grew strongly by 40% YoY in 3Q18. * The expansion to small cities squeezed margins. * The Company’s P/E is...
486 Views
Tubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?
Tubatu (1245588D CH) plans to raise around US$200m in its Hong Kong IPO, as per media reports. The company counts Matrix Partners, Sequoia and...
604 Views