Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<ul>
<li>
Didi Global (DIDIY US — US$23 billion) is China’s largest ride-hailing company.
</li>
<li>
You can think of Didi as the “Uber of China.” Open the app and specify a destination, and Didi will then match you with a driver to take you there.
</li>
<li>
Payment is done seamlessly via the app.
</li>
</ul>



Didi Global (DIDIY US — US$23 billion) is China’s largest ride-hailing company.


You can think of Didi as the “Uber of China.” Open the app and specify a destination, and Didi will then match you with a driver to take you there.


Payment is done seamlessly via the app.



Didi Global (DIDIY US): China's Leading Ride Hailing Platform at 8.4x 2029e P/E with a HK Listing Catalyst

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>FY24 revenue growth of 19% solid, but mostly driven by one operating segment</li>
<li>Gross margin in FY24 fell on mix, but platform monetization down, too</li>
<li>Sharp growth in FY24 working capital requires investors' close attention</li>
</ul>


FY24 revenue growth of 19% solid, but mostly driven by one operating segment
Gross margin in FY24 fell on mix, but platform monetization down, too
Sharp growth in FY24 working capital requires investors' close attention


Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The Hong Kong Alpha simulated portfolio returned 0.97% in March outperforming its benchmark by 1.1%.  Since inception the portfolio has outperformed Hong Kong indexes by 8% to 11%.</li>
<li>The portfolio has generated alpha while maintaining a correlation of 0.8 and a beta of 1.05.  The HK Alpha portfolio has a Sharpe ratio of 2.19 YTD.</li>
<li>On 3/31/25 we sold <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group Company (2727 HK)</a> , <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a> , <a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> , and <a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a></li>
</ul>


The Hong Kong Alpha simulated portfolio returned 0.97% in March outperforming its benchmark by 1.1%.  Since inception the portfolio has outperformed Hong Kong indexes by 8% to 11%.
The portfolio has generated alpha while maintaining a correlation of 0.8 and a beta of 1.05.  The HK Alpha portfolio has a Sharpe ratio of 2.19 YTD.
On 3/31/25 we sold Shanghai Electric Group Company (2727 HK) , Citic Securities (H) (6030 HK) , Sands China (1928 HK) , and Sunny Optical Technology Group (2382 HK)


<ul>
<li>Most key P&amp;L items and revenue drivers improved Y/Y and sequentially vs Q324</li>
<li>Although GTV per transaction dipped slightly, estimated "take rate" improved in Q424</li>
<li>Strong OpCF obviates need for quick FY25 IPO -- but it could still happen this year</li>
</ul>


Most key P&amp;L items and revenue drivers improved Y/Y and sequentially vs Q324
Although GTV per transaction dipped slightly, estimated "take rate" improved in Q424
Strong OpCF obviates need for quick FY25 IPO -- but it could still happen this year


Didi Global Q424 Results: Another Set of Solid Numbers from China's Ride Hailing Giant

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Didi Global Inc. is a prominent mobility technology platform offering ride hailing, taxi hailing, and ride sharing services</li><li>The company dominates the market in China and Latin America, especially in Brazil and Mexico</li><li>Didi also has other initiatives including E-bike sharing, energy and vehicle services, intra-city freight, autonomous driving, and financial services.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Didi Global Inc. is a prominent mobility technology platform offering ride hailing, taxi hailing, and ride sharing servicesThe company dominates the market in China and Latin America, especially in Brazil and MexicoDidi also has other initiatives including E-bike sharing, energy and vehicle services, intra-city freight, autonomous driving, and financial services.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Didi Global Inc (DIDIY) - Sunday, Nov 3, 2024

China

DiDi Chuxing Inc operates passenger transportation platforms. The Company provides mobility solutions, cloud computing, and other application based services. DiDi Chuxing serves customers worldwide.

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DiDi Global (DIDIY US)