Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

<ul><li>Cover Story: China’s halting steps to dial back ‘zero Covid’</li><li>Flights to China still lag demand despite easing of some Covid restrictions, sources say</li><li>Canada’s Manulife approved to take full control of its China mutual fund venture</li></ul>

Cover Story: China’s halting steps to dial back ‘zero Covid’Flights to China still lag demand despite easing of some Covid restrictions, sources sayCanada’s Manulife approved to take full control of its China mutual fund venture

CX Daily: China’s Halting Steps to Dial Back ‘Zero Covid’

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>JD announced (18 Nov) 3Q22 results: revenue was RMB243.5bn, up 11.4% YoY, in line with both our forecast and Bloomberg-consensus.</li><li>Non-GAAP net income of RMB10.0bn in 3Q22 was 38/41% ahead of our estimates/consensus, and translated into a non-GAAP net margin of 4.1% (3Q21: 2.3%), 1.1pp ahead of our forecast, driven by strict cost control amid macro headwinds.</li><li>We lowered 22-24E revenue forecast by 1.2-3.0% to account for severe-than-expected impact brought by pandemic resurgence, and slower-than-expected general merchandise revenue growth due to management’s proactive move to focus more on driving profitability expansion than scale growth.</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.

JD announced (18 Nov) 3Q22 results: revenue was RMB243.5bn, up 11.4% YoY, in line with both our forecast and Bloomberg-consensus.Non-GAAP net income of RMB10.0bn in 3Q22 was 38/41% ahead of our estimates/consensus, and translated into a non-GAAP net margin of 4.1% (3Q21: 2.3%), 1.1pp ahead of our forecast, driven by strict cost control amid macro headwinds.We lowered 22-24E revenue forecast by 1.2-3.0% to account for severe-than-expected impact brought by pandemic resurgence, and slower-than-expected general merchandise revenue growth due to management’s proactive move to focus more on driving profitability expansion than scale growth.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.

JD.com (JD US) – Stronger-than-expected margin expansion

<ul><li>In Depth: Rival ride-hailing apps challenge Didi in world’s biggest market</li><li>Xi calls for improved China-Australia relations at G-20</li><li>Indonesia IT minister plays up opportunities in country’s digital transformation</li></ul>

In Depth: Rival ride-hailing apps challenge Didi in world’s biggest marketXi calls for improved China-Australia relations at G-20Indonesia IT minister plays up opportunities in country’s digital transformation

CX Daily: Rival Ride-Hailing Apps Challenge Didi in World’s Biggest Market

Thematic (Sector/Industry)

<div><ul><li>Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMV</li><li>Overall consumption sentiment still needs confidence boost.</li><li>Ability to stabilize earnings remains the key focus in the near term.</li></ul></div>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.

Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMVOverall consumption sentiment still needs confidence boost.Ability to stabilize earnings remains the key focus in the near term.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.

China Internet – October online retail sales recap

<ul><li>Resilient online sales growth during double 11, where Tik Tok, PDD and JD platforms continued to outperform.</li><li>Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market expectation, similar to online sales growth in Sep 2022 and had picked up vs Oct 2022.</li><li>In terms of platforms, YoY growth for Alibaba (Tmall + Tao Bao)/ JD/ PDD/ TikTok increased by ~flattish/ ~teens/ 27%/ 38%.</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.

Resilient online sales growth during double 11, where Tik Tok, PDD and JD platforms continued to outperform.Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market expectation, similar to online sales growth in Sep 2022 and had picked up vs Oct 2022.In terms of platforms, YoY growth for Alibaba (Tmall + Tao Bao)/ JD/ PDD/ TikTok increased by ~flattish/ ~teens/ 27%/ 38%.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.

China Sportswear Sector – Sequential improvements during double 11

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

CX Daily: China’s Halting Steps to Dial Back ‘Zero Covid’

Cover Story: China’s halting steps to dial back ‘zero Covid’. Flights to China still lag demand despite easing of some Covid restrictions, sources say

Caixin Global

JD.com (JD US) – Stronger-than-expected margin expansion

JD announced (18 Nov) 3Q22 results: revenue was RMB243.5bn, up 11.4% YoY, in line with both our forecast and Bloomberg-consensus.

CMB International

CX Daily: Rival Ride-Hailing Apps Challenge Didi in World’s Biggest Market

In Depth: Rival ride-hailing apps challenge Didi in world’s biggest market. Xi calls for improved China-Australia relations at G-20.

Caixin Global

China Internet – October online retail sales recap

Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMV. Overall consumption...

CMB International

China Sportswear Sector – Sequential improvements during double 11

Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market...

CMB International

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