JD.com (JD): The Real Main Business Grew 46% YoY, and Not 20% YoY in 4Q2018
We believe the real main business line is service (commission), but not product (direct sales). In 4Q2018, service revenues grew by 46% YoY, but...
737 Views
Sea Ltd: Further Share Re-Rating After a 35% Daily Gain? Why Not?
The biggest positive surprise from Sea Ltd's (SE US)Ā conference call is strong 2019 adjusted sales guidance: 82%-97% YoY growth for Garena...
717 Views
Puregold Price Club: Steady Grower with Provincial Expansion Story
Conference call with the IR of Puregold Price Club (PGOLD PM) reveals that SSSG grew healthily at 6.5% YoY in 9M18, thanks to personal income tax...
685 Views
Pinduoduo (ę¼å¤å¤) Placement - Not a Good Sign
Pinduoduo (PDD US)Ā is looking to raise about US$1.5bn in its follow-up offering. The placement isĀ a mix of primary and secondary selldown.The deal...
872 Views
TRACKING TRAFFIC/Chinese Tourism: HK & Macau Gained 'Share' in December, Continuing H218 Trend
Tracking Traffic/Chinese TourismĀ is the hub for all of our research on China's tourism sector. This monthly report features analysisĀ of Chinese...
772 Views