In today’s briefing:
- Valuation System with Chinese Characteristics – the Correct Interpretation and Its Deep Meaning
- China TMT Update(May 10) – 3690.HK/Douyin/1024.HK/LEGN: Douyin’s Latest Strategy in Food Delivery
Valuation System with Chinese Characteristics – the Correct Interpretation and Its Deep Meaning
- The overvaluation or undervaluation of China core assets cannot be explained solely by valuation models such as PE/PB/DCF etc., but rather by considering the deep meaning represented by them.
- The so-called policy, strategic, and systemic importance are playing increasingly important role in stock picking process. It’s not wise to just analyze it from bottom-up perspective without considering top-down perspective.
- There’s no eternal,universal,absolute truth in this world. We’re in the midst of a “unprecedented upheaval in a century”.It’s time to change mindset so investors don’t miss the next valuation takeoff.
China TMT Update(May 10) – 3690.HK/Douyin/1024.HK/LEGN: Douyin’s Latest Strategy in Food Delivery
- 3690.HK/Douyin: Douyin’s latest strategy in China food delivery market, per Chinese local media reports (-)
- 1024: Kuaishou launches annual eCommerce conference for merchants ( + )
- LEGN：Legend raised another US$350mn, which can support at least one year of operation (+)
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