PDD (PDD US): 3Q24, Focuses on Growth, But Not Profit Margin
In 3Q24, PDD released strong revenue growth, but a flat margin. We believe, in 2025, PDD will continue to focus on growth more than profit margin....
1.4k Views
KS / Kuaishou (1024 HK): 3Q24, Ad and E-Commerce Strong, Margins Improved
Both online marketing and “other revenues” grew strongly in 3Q24. Margins improved over the same period last year. We believe total revenue will...
157 Views
Trip.com (9961.HK, TCOM): 3Q24, Still Healthy, But Stock Price Exceeded Our Last Target
The stock has risen by 38% since our last buy rate. The 3Q24 results are still healthy – both growth rate and operating margin. We set a down side...
175 Views
2025 High Conviction: Tencent Music Entertainment (TME) – Music as Promising Future
Our 2024 High Conviction, Meituan, has risen by 87% in one year. We believe the market ignores TME because of its flat revenue, but TME will...
266 Views
Alibaba (BABA US): 2Q25, Weak Quarter, But Waiting for Two Events to Benefit Top Line
Total revenue grew slightly and the margin improvement was due to the shrinks of non-cash items. However, we believe Alibaba will benefit from the...
368 Views