Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Equity Bottom-Up

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<li>
Huawei Technologies Co. Ltd. on Thursday launched the latest version of its own operating system — HarmonyOS NEXT, which will no longer support Android apps and can only accommodate apps specifically developed for it.</li>
<li>The Chinese telecom equipment giant said the Beta version for developers will be released in the second quarter, and the general version for consumers in the fourth quarter.</li>
<li>Insiders from Huawei expect the new Mate smartphones to be released in the second half with the HarmonyOS NEXT installed.</li>
</ul>



Huawei Technologies Co. Ltd. on Thursday launched the latest version of its own operating system — HarmonyOS NEXT, which will no longer support Android apps and can only accommodate apps specifically developed for it.
The Chinese telecom equipment giant said the Beta version for developers will be released in the second quarter, and the general version for consumers in the fourth quarter.
Insiders from Huawei expect the new Mate smartphones to be released in the second half with the HarmonyOS NEXT installed.


Huawei’s Latest Operating System Completely Breaks with Android  

Contextualizing EM Investment Opportunities, Pyramids and Pagodas

Pyramids and Pagodas

Contextualizing EM Investment Opportunities

Established in 2022, Pyramids and Pagodas aims to cover underreported trends and companies across emerging markets (“EM”), with a particular focus on Asia and the Middle East. Our content targets a broad audience of investors and anyone seeking to capitalize on or learn more about undervalued investment opportunities in these regions. We have skin in the game for these ideas with a view to build a strong track record with demonstrable returns in the long run.

<ul><li>Dada Nexus Limited (DADA.OQ) (“Dada”), with a market cap of USD 869.9 million, is one of China’s leading on-demand retail platforms holding around 20% market share behind Meituan (42%, 3690.HK) and Ele.me (24%, Alibaba-owned).</li><li>Dada, a 54% subsidiary of JD.com (JD.OQ; 9618.HK) and 9% owned by Walmart Inc. (WMT.N) operates two core businesses, namely:</li><li>JD Daojia (JDDJ), which is a local non-restaurant online to offline (“O2O”) retail marketplace</li></ul>

Dada Nexus Limited (DADA.OQ) (“Dada”), with a market cap of USD 869.9 million, is one of China’s leading on-demand retail platforms holding around 20% market share behind Meituan (42%, 3690.HK) and Ele.me (24%, Alibaba-owned).Dada, a 54% subsidiary of JD.com (JD.OQ; 9618.HK) and 9% owned by Walmart Inc. (WMT.N) operates two core businesses, namely:JD Daojia (JDDJ), which is a local non-restaurant online to offline (“O2O”) retail marketplace

Dada Nexus (DADA.OQ) – Leading Chinese On-Demand Retail Platform Accelerates on Significant Runway

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>Meituan reported (28 Nov) its 3Q23 results: revenue was RMB76.5bn, up 22% YoY, 1% higher than both our forecast and Bloomberg consensus estimate.</li><li>Adjusted net profit during 3Q23 reached RMB5.7bn, better than our forecast/consensus by 3/8%, due to better-than-expected operating profit (OP) generated from core local commerce (CLC) business, and slightly narrower than expected loss generated from new business.</li><li>Meituan is adopting proactive strategies to stimulate food delivery business growth, and to stay vigilant in the long-lasting competition with Douyin. </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.

Meituan reported (28 Nov) its 3Q23 results: revenue was RMB76.5bn, up 22% YoY, 1% higher than both our forecast and Bloomberg consensus estimate.Adjusted net profit during 3Q23 reached RMB5.7bn, better than our forecast/consensus by 3/8%, due to better-than-expected operating profit (OP) generated from core local commerce (CLC) business, and slightly narrower than expected loss generated from new business.Meituan is adopting proactive strategies to stimulate food delivery business growth, and to stay vigilant in the long-lasting competition with Douyin. 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.

Credit

<ul><li>Credit stories remain sound: Chinese TMT issuers are generally cash-rich with solid liquidity profiles. Most of them are in net cash positions and have strong coverage ratios at their rating levels. See Table 6 on p.7.</li><li>Shorter-dated XIAOMIs remain our top picks: We like Xiaomi for its solid credit story.</li><li>The sizeable net cash position and operating cash inflow offset the impact of higher R&amp;D expenses, especially those on EV. XIAOMI 3 3/8 04/29/30 (Baa2/BBB-/BBB) and XIAOMI 2 7/8 07/14/31 (Baa2/BBB-/BBB) offer 121bps yield pick-up over JD 3 3/8’30 (Baa1/A-/-) and 12bps over MEITUA 3.05’30 (Baa3/BBB-/BBB-).</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.

Credit stories remain sound: Chinese TMT issuers are generally cash-rich with solid liquidity profiles. Most of them are in net cash positions and have strong coverage ratios at their rating levels. See Table 6 on p.7.Shorter-dated XIAOMIs remain our top picks: We like Xiaomi for its solid credit story.The sizeable net cash position and operating cash inflow offset the impact of higher R&amp;D expenses, especially those on EV. XIAOMI 3 3/8 04/29/30 (Baa2/BBB-/BBB) and XIAOMI 2 7/8 07/14/31 (Baa2/BBB-/BBB) offer 121bps yield pick-up over JD 3 3/8’30 (Baa1/A-/-) and 12bps over MEITUA 3.05’30 (Baa3/BBB-/BBB-).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 TMT: Maintain Buy XIAOMI’30-31s, XIAOMI 0’27 (CB)

<ul><li>Meituan reported (24 Aug) its 2Q23 results: revenue was RMB68.0bn, up 33% YoY, 2%/1% higher than our forecast/consensus estimate.</li><li>Adjusted net profit during 2Q23 reached RMB7.7bn, better than our forecast and consensus at both RMB4.5bn, due to better-than-expected operating profit generated from core local commerce business.</li><li>Industry competition has become more disciplined. Meituan’s targeted promotional campaigns drove revenue growth, and it ensured the campaigns are not at profit-destructive mode, which lead to improved profitability outlook. </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.

Meituan reported (24 Aug) its 2Q23 results: revenue was RMB68.0bn, up 33% YoY, 2%/1% higher than our forecast/consensus estimate.Adjusted net profit during 2Q23 reached RMB7.7bn, better than our forecast and consensus at both RMB4.5bn, due to better-than-expected operating profit generated from core local commerce business.Industry competition has become more disciplined. Meituan’s targeted promotional campaigns drove revenue growth, and it ensured the campaigns are not at profit-destructive mode, which lead to improved profitability outlook. 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.

Meituan (3690 HK) – Staying vigilant in long-lasting competition

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

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Meituan (3690 HK)

Huawei’s Latest Operating System Completely Breaks with Android

Huawei Technologies Co. Ltd. on Thursday launched the latest version of its own operating system — HarmonyOS NEXT, which will no longer support...

Caixin Global

Dada Nexus (DADA.OQ) – Leading Chinese On-Demand Retail Platform Accelerates on Significant Runway

Dada Nexus Limited (DADA.OQ) (“Dada”), with a market cap of USD 869.9 million, is one of China’s leading on-demand retail platforms holding around...

Pyramids and Pagodas

Meituan (3690 HK) – 29 Nov 2023

Meituan reported (28 Nov) its 3Q23 results: revenue was RMB76.5bn, up 22% YoY, 1% higher than both our forecast and Bloomberg consensus estimate.

CMB International

China TMT: Maintain Buy XIAOMI’30-31s, XIAOMI 0’27 (CB)

Chinese TMT issuers are generally cash-rich with solid liquidity profiles. Most of them are in net cash positions and have strong coverage ratios...

CMB International

Meituan (3690 HK) – Staying vigilant in long-lasting competition

Meituan reported (24 Aug) its 2Q23 results: revenue was RMB68.0bn, up 33% YoY, 2%/1% higher than our forecast/consensus estimate.

CMB International

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