In today’s briefing:
- [KE Holdings Inc. (BEKE US, BUY, TP US$24.5) TP Change]: Policy Stimulus Drive up near Term Sales
- The Year Ahead For Gaming 2024 (Executive Summary)
[KE Holdings Inc. (BEKE US, BUY, TP US$24.5) TP Change]: Policy Stimulus Drive up near Term Sales
- Beijing and Shanghai laid out long waited stimulus policies on property market, include 1) lower property down payments ratio;2) lower mortgage loan rate;
- 3) lower recognition standard for ordinary home. The key is to encourage households to add leverage.
- We treat the financial stimulus as one-off positive shock to the home transaction markets in the two cities, especially benefiting 1Q24 sales for Beike due to…
The Year Ahead For Gaming 2024 (Executive Summary)
- Blockchain gaming peaks industry interest with unprecedented content quality. With the combined market cap of almost 200 leading projects being less than DOGE, there is ample room for future growth.
- In 2023, 133 deals closed, securing $1.1B in funding, marking a 66% drop from 2022. Anticipating a reversal in the next ~6 months due to increased attention and capital.
- High Web3 project costs drive competition for <1M gaming-inclined wallets. A battle for player liquidity will favor projects with versatile user bases, efficiently funneling between games for market dominance.
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