In this briefing:
- Futu Holdings Pre-IPO – FY18 Updates And Quick Thoughts on Valuation
- Baidu (BIDU): Stagnant in 4Q18, Wrong Change Feeds a 24% User Increase to Google
1. Futu Holdings Pre-IPO – FY18 Updates And Quick Thoughts on Valuation
Futu Holdings Ltd (FHL US) plans to raise around US$300m in its US IPO. The company is backed by Tencent Holdings (700 HK) , Matrix Partners and Sequoia.
In my earlier insight, Futu Holdings Pre-IPO – Great Metrics but in a Commoditised Industry, I looked at the company’s background and past financial performance along with some of the other firms that are competing in the same space.
This insight covers the positive and negative takeaways from the FY18 updated filing and also includes our thoughts on valuation.
2. Baidu (BIDU): Stagnant in 4Q18, Wrong Change Feeds a 24% User Increase to Google
- Baidu posted a weak result for 4Q2018.
- We believe it is a wrong decision to change Baidu into an in-house search engine.
- Alphabet Inc Cl C (GOOG US) ’s monthly active users in mainland China increased 24% QoQ in January 2019.
- We believe Baidu’s stock price has been fairly impacted.
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