In today’s briefing:
- Ohayo Japan | Stocks Higher Again Ahead of Inflation Data; Why TSMC Chose Japan as a Place to Invest
- China TMT Update Oct.12-Pdd/Baba/4385jp/BABA/LI/NIO/XPEV-TikTok Shop US/Taobao Management Change
- [Blue Lotus Internet Sector Update]: Increasing Marginalization of Middle-Sized Companies
- CHina TMT Update Oct.12-Pt.2-BABA/BILI/U:：Taobao Upgrades Membership/Bilibili Aims to Double DAU
Ohayo Japan | Stocks Higher Again Ahead of Inflation Data; Why TSMC Chose Japan as a Place to Invest
- Overseas: SPX +0.4% , Nasdaq +0.7%; Exxon Mobil to buy Pioneer Natural Resources for $60b: Birkenstock slumps 12% on debut.
- Today: NKY Futs v cash +0.3%. JPY 149/$; Surge in profits at ABC Mart and Bic Camera
- JapanX: Why TSMC Chose Japan as a place to invest…it wasn’t just the subsidies
China TMT Update Oct.12-Pdd/Baba/4385jp/BABA/LI/NIO/XPEV-TikTok Shop US/Taobao Management Change
- PDD/BABA/4385JP：TikTok Shop US opened up, initial target categories in Mercari, ETSY and eBay（/）
- BABA ：rumor says Taobao/Tmall looking to shuffle CEO（ / ）
- LI/NIO/XPEV: AITO’s sales performance during the National Day holiday see good performance（-）
[Blue Lotus Internet Sector Update]: Increasing Marginalization of Middle-Sized Companies
- We view the recent cooperation between Alimama and Tencent a true change that both parties need to enter a new paradigm of business priorities in China Internet;
- Middle-Sized social/video companies like Kuaishou and Bilibili have historically exploited the disconnect between Alibaba’s e-commerce merchandise shelf and Tencent’s advertising inventory. This opportunity is diminishing;
- We raised Tencent’s TP by 4% to HK$417 while keeping Alibaba unchanged. We cut Kuaishou and Bilibili’s TP by 8% and 3% and maintain SELL.
CHina TMT Update Oct.12-Pt.2-BABA/BILI/U:：Taobao Upgrades Membership/Bilibili Aims to Double DAU
- BABA：Taobao upgrades its membership program in preparation for 11.11（ / ）
- BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU( / )
- U: Unity CEO Resigns After the Runtime Fees Incident ( + )
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