External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates, which we attribute to increase in merchant activities and on boarding of more quality merchants that drove stronger-than-expected monetization rate expansion, aided by PDD’s sticky user base, and its enhanced technology capability that drove better match between products and consumers.</li><li>Non-GAAP net income attributable to PDD was RMB12.4bn (3Q21: 3.2bn), beating our/consensus estimates of RMB7.5/7.1bn, given better-than-expected GPM and stronger-than-expected operating leverage aided by robust revenue growth.</li><li>Leveraging highly sticky user base, PDD is able to manage sales and marketing spending in an efficient and more proactive way.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates, which we attribute to increase in merchant activities and on boarding of more quality merchants that drove stronger-than-expected monetization rate expansion, aided by PDD’s sticky user base, and its enhanced technology capability that drove better match between products and consumers.Non-GAAP net income attributable to PDD was RMB12.4bn (3Q21: 3.2bn), beating our/consensus estimates of RMB7.5/7.1bn, given better-than-expected GPM and stronger-than-expected operating leverage aided by robust revenue growth.Leveraging highly sticky user base, PDD is able to manage sales and marketing spending in an efficient and more proactive way.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pinduoduo (PDD US) – Strong revenue and earnings growth

<div><div><div><div><ul><li>Pinduoduo (PDD) has established strong consumer mindshare with value proposition, which will aid resilient revenue growth amid macro uncertainties.</li><li>PDD is also strategically incorporating more branded products, which will aid monetization rate improvement.</li><li>Strong user stickiness enables PDD to optimize Opex, provide merchants with cost-effective traffic on its platform which lead to sustainable competitive edge and online GMV market share gain. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pinduoduo (PDD) has established strong consumer mindshare with value proposition, which will aid resilient revenue growth amid macro uncertainties.PDD is also strategically incorporating more branded products, which will aid monetization rate improvement.Strong user stickiness enables PDD to optimize Opex, provide merchants with cost-effective traffic on its platform which lead to sustainable competitive edge and online GMV market share gain. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pinduoduo (PDD US) – Strong consumer mindshare aids monetization progress and cost optimization

Defining Social Commerce in Southeast Asia, Cube Asia

Sarabjit Singh

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Private Capital Markets

<ul><li><p>Community group buying is a type of B2C e-commerce where purchases are instigated or influenced not by individual buyers alone, but by reseller agents or a group of fellow consumers</p></li><li><p>Community group buying is a 3-5bn USD market in Southeast Asia today; future outlook depends on how well current players will be able to continue to innovate</p></li><li><p>In its most basic form, Community group buying is innovating by introducing agents of resellers who can take on the tasks performed by traditional distributors or retailers</p></li></ul>

Community group buying is a type of B2C e-commerce where purchases are instigated or influenced not by individual buyers alone, but by reseller agents or a group of fellow consumersCommunity group buying is a 3-5bn USD market in Southeast Asia today; future outlook depends on how well current players will be able to continue to innovateIn its most basic form, Community group buying is innovating by introducing agents of resellers who can take on the tasks performed by traditional distributors or retailers

CEO, Rock and Turner

James Emanuel

Rock and Turner

investment advisory company Rock and Turner.

Investment Advisory Company

<ul>
<li>Alibaba is entirely misunderstood by most investors. It is more an ecosystem than a company as I shall explain.</li>
<li>Combine Amazon including AWS, Ebay, Shopify, Netflix, Paypal, and JPMorgan into a single entity and then you have something similar to Alibaba.</li>
<li>Not only does Alibaba have a very wide moat and durable earnings, but due to geopolitics, the entire Chinese tech sector is currently on sale in the market.</li>
<li>Alibaba is a veritable bargain right now. Don't take my word for it - Goldman Sachs, Deutsche Bank, Morningstar, and many others agree.</li>
<li>Allow me to guide you to a better understanding of this wonderful opportunity.</li>
</ul>


Alibaba is entirely misunderstood by most investors. It is more an ecosystem than a company as I shall explain.
Combine Amazon including AWS, Ebay, Shopify, Netflix, Paypal, and JPMorgan into a single entity and then you have something similar to Alibaba.
Not only does Alibaba have a very wide moat and durable earnings, but due to geopolitics, the entire Chinese tech sector is currently on sale in the market.
Alibaba is a veritable bargain right now. Don't take my word for it - Goldman Sachs, Deutsche Bank, Morningstar, and many others agree.
Allow me to guide you to a better understanding of this wonderful opportunity.


Understanding Alibaba, Why It's Better Than Amazon

Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27255" target="_blank">Tencent Music Entertainment (TME US)</a> ("TM") is the latest family member to grow up under the <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a> umbrella and is now looking to spread its wings further afield by standing on its own. We believe investors will be disappointed with what they see and will quickly come to the conclusion that TM neither offers unique growth prospects nor a defensible business model.</p><p>In our view, this is Tencent's last hurrah! </p>

Tencent Music Entertainment (TME US) ("TM") is the latest family member to grow up under the Tencent Holdings (700 HK) umbrella and is now looking to spread its wings further afield by standing on its own. We believe investors will be disappointed with what they see and will quickly come to the conclusion that TM neither offers unique growth prospects nor a defensible business model.In our view, this is Tencent's last hurrah! 

Tencent Music Entertainment Group - Much Ado Nah Music About Nothing!

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PDD Holdings (PDD US)

Pinduoduo (PDD US) – Strong revenue and earnings growth

Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates

CMB International

Pinduoduo (PDD US) – Strong consumer mindshare aids monetization progress and cost optimization

Pinduoduo (PDD) has established strong consumer mindshare with value proposition, which will aid resilient revenue growth amid macro uncertainties.

CMB International

Community Group Buying in Southeast Asia

Community group buying is a type of B2C e-commerce where purchases are instigated or influenced not by individual buyers alone, but by reseller...

Sarabjit Singh

Understanding Alibaba, Why It's Better Than Amazon

Alibaba is entirely misunderstood by most investors. It is more an ecosystem than a company as I shall explain. Combine Amazon including AWS, Ebay,...

James Emanuel

Tencent Music Entertainment Group - Much Ado Nah Music About Nothing!

Tencent Music Entertainment (TME US) ("TM") is the latest family member to grow up under the Tencent Holdings (700 HK) umbrella and is now looking...

ANTYA Investments

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)