TRACKING TRAFFIC/Chinese Tourism: February Collapse & What Signs of a Recovery Could Look Like
In February, Chinese tourism activity collapsed. Measures of outbound traffic we track declined by 80-90% YoY (or more) while domestic air traffic...
348 Views
Meituan (3690 HK): Expects Significant Revenue Decline and Stock Price Downside
We believe revenues will decrease 45% QOQ and 20% YoY in 1Q2020. We believe operating margin will be -15% in 1Q2020 and -4% in 2020. Our...
343 Views
Meituan (3690 HK) Pre-Earning: Catering Industry Decreased 43% in China? Maybe Worse.
Meituan will release 2019 result on March 30, much later than last year. The National Statistics Bureau of China released that catering revenues...
314 Views
HK Connect Weekly: $6.6bn of Chinese Bottom Fishing
In our weekly HK Connect Flow series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed...
246 Views
Softbank's Unspoken Problem: Oyo China Is Now "Default Dead"
Oyo China is 'default dead' in our view, using the words of Paul Graham of Y Combinator. They just don't know it yet in our opinion. Oyo's China...
377 Views