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:PDD valuation cheaper than slower growing e-commerce peers. (/)</li>
<li>SHEIN: SHEIN launches semi- consignment model in the EU.  (/)</li>
<li>BABA US: Taobao launches “Grass-Planting Plan” to drive off-site traffic to Taobao (+) </li>
</ul>


PDD US:PDD valuation cheaper than slower growing e-commerce peers. (/)
SHEIN: SHEIN launches semi- consignment model in the EU.  (/)
BABA US: Taobao launches “Grass-Planting Plan” to drive off-site traffic to Taobao (+) 


[Blue Lotus Daily-TMT Update]:PDD US/SHEIN/SE US/BABA US/JD US/700 HK/NTES US

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>Despite a negative share price reaction following its 1Q2025 earnings report, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> seems to have entered an earnings upgrade cycle due to improved profitability expectations.</li>
<li>Despite recent share price pressure, due to negative industry readthroughs from peers, Alibaba Group’s near-term momentum indicators are displaying bullish signals.</li>
<li>Alibaba Group trades at more than one standard deviation below its 5-year historic average forward PE ratio, and near the lowest level it has ever been.</li>
</ul>


Despite a negative share price reaction following its 1Q2025 earnings report, Alibaba Group Holding (9988 HK) seems to have entered an earnings upgrade cycle due to improved profitability expectations.
Despite recent share price pressure, due to negative industry readthroughs from peers, Alibaba Group’s near-term momentum indicators are displaying bullish signals.
Alibaba Group trades at more than one standard deviation below its 5-year historic average forward PE ratio, and near the lowest level it has ever been.


Alibaba Group (9988-HK): Positive Technical Analysis Signals

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>The "non-business factors" mentioned in <a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings (PDD US)</a> 's earnings call likely refer to potential political and policy risks in the U.S. due to the upcoming presidential elections.</li>
<li>Temu, PDD Holdings' global online shopping platform, has become the most downloaded shopping app in the U.S., significantly disrupting the local retail market.</li>
<li>PDD's rapid and disruptive growth has already led to litigation in the US, and political pressure could increase if Donald Trump wins the presidential election.</li>
</ul>


The "non-business factors" mentioned in PDD Holdings (PDD US) 's earnings call likely refer to potential political and policy risks in the U.S. due to the upcoming presidential elections.
Temu, PDD Holdings' global online shopping platform, has become the most downloaded shopping app in the U.S., significantly disrupting the local retail market.
PDD's rapid and disruptive growth has already led to litigation in the US, and political pressure could increase if Donald Trump wins the presidential election.


PDD Holdings (PDD US) : Could U.S. Elections Impact Temu's Dominance?

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings (PDD US)</a> shares fell 28% on Monday after a 3% revenue miss, with shares dropping an additional 4% yesterday.</li>
<li>The results themselves weren’t bad enough to justify such a sharp price reaction.</li>
<li>However, management’s comments on slower growth and a potential drop in profits triggered a significant sell-off.</li>
</ul>



PDD Holdings (PDD US) shares fell 28% on Monday after a 3% revenue miss, with shares dropping an additional 4% yesterday.
The results themselves weren’t bad enough to justify such a sharp price reaction.
However, management’s comments on slower growth and a potential drop in profits triggered a significant sell-off.


Pinduoduo: Anticipating Slower Growth And Potential Profit Dip

<ul>
<li>PDD reported C2Q24 top line, non-GAAP operating income and GAAP net income (3.9%), (1.2%) and (4.4%) below our estimates, and (2.9%), 12% and 16% above consensus. </li>
<li>We believe PDD's upgrade in its ecosystem and infrastructure is long overdue. Such investment would support its growth, especially in overseas. </li>
<li>Trading at 6.4x 2025 PE, we believe PDD is undervalued. We reiterate BUY and place it as TOP PICK of China's e-commerce sector.</li>
</ul>


PDD reported C2Q24 top line, non-GAAP operating income and GAAP net income (3.9%), (1.2%) and (4.4%) below our estimates, and (2.9%), 12% and 16% above consensus. 
We believe PDD's upgrade in its ecosystem and infrastructure is long overdue. Such investment would support its growth, especially in overseas. 
Trading at 6.4x 2025 PE, we believe PDD is undervalued. We reiterate BUY and place it as TOP PICK of China's e-commerce sector.


[Pinduoduo (PDD US, BUY, TP US$160) TP Change]: Investment Means Continued High Growth

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

[Blue Lotus Daily-TMT Update]:PDD US/SHEIN/SE US/BABA US/JD US/700 HK/NTES US

PDD US valuation cheaper than e-commerce peers, SHEIN launches consignment model in EU, Taobao's "Grass-Planting Plan" drives off-site traffic.

Blue Lotus Research Institute

Alibaba Group (9988-HK): Positive Technical Analysis Signals

In this insight, we perform a technical analysis of Alibaba Group by looking at earnings forecast revision trends, momentum indicators, and current...

Wium Malan, CFA