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>BABA/PDD/CPNG: South Korean commissions investigating compliance of Chinese ecommerce platforms (-/-/+)</li>
<li>ByteDance/3690 HK: Douyin life service business had organizational restructure, and set annual sales target at RMB600bn, 100% yoy(-)</li>
<li>JD: JD provides free AI services for new 3P merchants (+)</li>
</ul>


BABA/PDD/CPNG: South Korean commissions investigating compliance of Chinese ecommerce platforms (-/-/+)
ByteDance/3690 HK: Douyin life service business had organizational restructure, and set annual sales target at RMB600bn, 100% yoy(-)
JD: JD provides free AI services for new 3P merchants (+)


[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

<ul>
<li>BABA/CPNG/PDD: AliExpress offering 0% commission to sellers of Korean brand products (+/-/-)</li>
<li>700 HK/NTES:NPPA has released the latest approvals for imported games, and Tencent’s highly anticipated &lt;DNF Mobile&gt; has received approval(+)</li>
<li>3690 HK: Meituan changed organizational structure by consolidating In-store and food delivery business(+)</li>
</ul>


BABA/CPNG/PDD: AliExpress offering 0% commission to sellers of Korean brand products (+/-/-)
700 HK/NTES:NPPA has released the latest approvals for imported games, and Tencent’s highly anticipated &lt;DNF Mobile&gt; has received approval(+)
3690 HK: Meituan changed organizational structure by consolidating In-store and food delivery business(+)


[Blue Lotus Daily - TMT Update]:BABA/CPNG/PDD/700 HK/NTES/3690 HK

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>E Mart Inc (139480 KS) has been a strong outperformer this year (up 5.6% YTD) versus KOSPI which is down 5.8% in the same period. </li>
<li>We expect E Mart to outperform the market in the rest of 2024 driven by two major factors including "open on Sundays" policy and focus on low P/B stocks. </li>
<li>E Mart is trading at P/B of 0.2x versus Coupang which is trading at P/B of 8.3x. E Mart is more attractive than Coupang, especially considering the recent catalysts. </li>
</ul>


E Mart Inc (139480 KS) has been a strong outperformer this year (up 5.6% YTD) versus KOSPI which is down 5.8% in the same period. 
We expect E Mart to outperform the market in the rest of 2024 driven by two major factors including "open on Sundays" policy and focus on low P/B stocks. 
E Mart is trading at P/B of 0.2x versus Coupang which is trading at P/B of 8.3x. E Mart is more attractive than Coupang, especially considering the recent catalysts. 


Emart: Double Catalysts Of "Open on Sundays" + Focus on Low P/B Stocks

<ul>
<li>TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)</li>
<li>PDD/ZTO/1519 HK: PDD partners with ZTO and J&amp;T for upcoming “Open during Spring Festival” event (+/+/+)</li>
<li>PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)</li>
</ul>


TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)
PDD/ZTO/1519 HK: PDD partners with ZTO and J&amp;T for upcoming “Open during Spring Festival” event (+/+/+)
PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)


[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

<ul>
<li>BABA/ SE/ PDD: Lazada mass-layoffs also in China offices (+/+/-)</li>
<li>NTES: Local media published an article addressing the issue of underage top-up in NetEase's mobile game &lt;Eggy Party&gt; (/)</li>
<li>700 HK: The New Year event operation of &lt;CrossFire Mobile&gt; is a success.(+)</li>
</ul>


BABA/ SE/ PDD: Lazada mass-layoffs also in China offices (+/+/-)
NTES: Local media published an article addressing the issue of underage top-up in NetEase's mobile game &lt;Eggy Party&gt; (/)
700 HK: The New Year event operation of &lt;CrossFire Mobile&gt; is a success.(+)


[Blue Lotus Daily - TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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

Coupang (CPNG US)

[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:BABA/CPNG/PDD/700 HK/NTES/3690 HK

AliExpress is waiving commission fees for Korean brand sellers; NPPA has released the latest approvals for imported games; and Meituan...

Blue Lotus Research Institute

Emart: Double Catalysts Of "Open on Sundays" + Focus on Low P/B Stocks

We expect E Mart to outperform the market in the rest of 2024 driven by two major factors including "open on Sundays" policy and focus on low P/B...

Douglas Kim

[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

Lazada mass-layoffs also in China offices. NetEase faces criticism over underage top-ups in mobile game . The New Year event operation of is a...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

​South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:BABA/CPNG/PDD/700 HK/NTES/3690 HK

​AliExpress is waiving commission fees for Korean brand sellers; NPPA has released the latest approvals for imported games; and Meituan...

Blue Lotus Research Institute

Emart: Double Catalysts Of "Open on Sundays" + Focus on Low P/B Stocks

We expect E Mart to outperform the market in the rest of 2024 driven by two major factors including "open on Sundays" policy and focus on low P/B...

Douglas Kim

[Blue Lotus Daily - TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

​Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

Lazada mass-layoffs also in China offices. NetEase faces criticism over underage top-ups in mobile game . The New Year event operation of is a...

Blue Lotus Research Institute

South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.

AliExpress is waiving commission fees for Korean brand sellers; NPPA has released the latest approvals for imported games; and Meituan...

Ctrip teams up with Kuaishou to boost travel offerings; PDD collaborates with ZTO and J&T for Spring Festival event; and Temu considers adding 3P...