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bullish
China Online Marketplaces: Recap of 2Q Results
1.3k Views22 Sep 2023 07:55
SUMMARY
- The sector sees dramatic improvement in profitability and cashflow thanks to cutback on marketing expenses and headcount reduction.
- Topline growth is recovering but still clouded by sluggish macro conditions. It is understandable that investors treat these China proxies – one way or another – with caution.
- The sector’s valuation will remain pressured before the property market stabilizes and key macro indicators show concrete signs of improvement, in our view.
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Eric Chen
Greater China Equity Long/Short Analyst
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