Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>PDD US/SHEIN/AMZN US: Temu opens up platform to brand merchants (+/-/-)</li>
<li>TCOM US/3690 HK/ATAT US  :  Visa-free policy for 12 countries including France extended until December 31, 2025.(+/+/+)</li>
<li>700 HK: After the release of new limited skins for &lt;League of Legends: Wild Rift&gt;, there has been a noticeable rebound in grossing rankings.(+)</li>
</ul>


PDD US/SHEIN/AMZN US: Temu opens up platform to brand merchants (+/-/-)
TCOM US/3690 HK/ATAT US  :  Visa-free policy for 12 countries including France extended until December 31, 2025.(+/+/+)
700 HK: After the release of new limited skins for &lt;League of Legends: Wild Rift&gt;, there has been a noticeable rebound in grossing rankings.(+)


[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Amazon.com reported robust first quarter financial results in 2024, with revenue of $143.3 billion, a 13% increase year-over-year.</li><li>However, the result excludes the impact of foreign exchange rates, which caused an unfavorable impact that reduced revenue by roughly $700 million.</li><li>The company delivered higher than expected operating income of $15.3 billion, which is a 221% increase from last year, driven primarily by efficiency improvements and better customer experiences.</li></ul>

Amazon.com reported robust first quarter financial results in 2024, with revenue of $143.3 billion, a 13% increase year-over-year.However, the result excludes the impact of foreign exchange rates, which caused an unfavorable impact that reduced revenue by roughly $700 million.The company delivered higher than expected operating income of $15.3 billion, which is a 221% increase from last year, driven primarily by efficiency improvements and better customer experiences.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.</li><li>AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.</li><li>This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.</li></ul>

I will start with a AMD section. Shares are down ~6-7% on last week’s result. Let’s talk about the result and why it was so disappointing.AMD exactly matched EPS, was slightly light on revenue, and guided essentially in line with Q2 guidance.This also was one of the slightest EPS and revenue beats in recent years. The last time this happened, the PC segment was imploding. This time it’s embedded revenue.

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

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.

<ul><li>Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven by 4% beat in AWS revenue as impact from cloud optimization is milder than expectation, and total operating profit was US$15.3bn, up 221% YoY, better than consensus at US$11.0bn, driven by OPM margin beat across all three business segments (North America, International, and AWS).</li><li>We trim 2024-26E revenue forecast by 1% each but lifted OP forecast by 11-15% to account for better-than-expected margin expansion.</li><li>Our TP was largely unchanged at US$211.0 (was US$213.0) based on unchanged 18.8x EV/EBITDA, as we accounted for the incremental investment in capex that Amazon will incur to fulfil the reaccelerating cloud demand. </li></ul>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.

Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven by 4% beat in AWS revenue as impact from cloud optimization is milder than expectation, and total operating profit was US$15.3bn, up 221% YoY, better than consensus at US$11.0bn, driven by OPM margin beat across all three business segments (North America, International, and AWS).We trim 2024-26E revenue forecast by 1% each but lifted OP forecast by 11-15% to account for better-than-expected margin expansion.Our TP was largely unchanged at US$211.0 (was US$213.0) based on unchanged 18.8x EV/EBITDA, as we accounted for the incremental investment in capex that Amazon will incur to fulfil the reaccelerating cloud demand. 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.

Amazon (AMZN US) - Steady Margin Expansion Ongoing

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Now that Meta, Alphabet, Microsoft, and Amazon all reported their quarters, we now have better context to how their quarters went.</li><li>So, while I will mostly discuss Amazon's earnings in this update, I will briefly touch on some broader themes as well.</li><li>Overall revenue was slightly below the high end of Amazon's guidance.</li></ul>

Now that Meta, Alphabet, Microsoft, and Amazon all reported their quarters, we now have better context to how their quarters went.So, while I will mostly discuss Amazon's earnings in this update, I will briefly touch on some broader themes as well.Overall revenue was slightly below the high end of Amazon's guidance.

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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

Amazon (AMZN US)

[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...

Blue Lotus Research Institute

Amazon.com Inc.: Prime

Amazon.com reported robust first quarter financial results in 2024, with revenue of $143.3 billion, a 13% increase year-over-year. However, the...

Baptista Research

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

Amazon (AMZN US) - Steady Margin Expansion Ongoing

Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven...

CMB International

Amazon 1Q'24 Update

Now that Meta, Alphabet, Microsoft, and Amazon all reported their quarters, we now have better context to how their quarters went.

MBI Deep Dives

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

​Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...

Blue Lotus Research Institute

Amazon.com Inc.: Prime

Amazon.com reported robust first quarter financial results in 2024, with revenue of $143.3 billion, a 13% increase year-over-year. However, the...

Baptista Research

AMD's MI300 Disappointment, Hyperscalers Capex, and FPGAs

This is my earnings overview for the Hyperscalers, AMD, and thoughts specifically on FPGAs. I will start with a AMD section. Shares are down ~6-7%...

Fabricated Knowledge

Amazon (AMZN US) - Steady Margin Expansion Ongoing

Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven...

CMB International

Amazon 1Q'24 Update

Now that Meta, Alphabet, Microsoft, and Amazon all reported their quarters, we now have better context to how their quarters went.

MBI Deep Dives

Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...