In today’s briefing:
- Takeaways from the Times Neighborhood Investment Debacle
- Genting’s Suprise Bid for Macau Casino Not Resonating with Investors Seeing Uncertainties Ahead
- Roblox Analyst Day Observations
- China Internet Weekly (19Sep2022): Tencent, NetEase, Meituan, Trip.com
Takeaways from the Times Neighborhood Investment Debacle
- Times Neighborhood (9928 HK) has been a disastrous call since we first highlighted it. In this insight, we reflect upon the red flags we could have done well to spot.
- We cover red flags ranging from the level of precise guidance, pivot in strategy, and the parent’s poor financial health, to the effect on receivables sucking cash from the company.
- Everyone makes mistakes (we are human, after all). We would like to share our experience to educate readers to become better investors and sidestep investments in such names.
Genting’s Suprise Bid for Macau Casino Not Resonating with Investors Seeing Uncertainties Ahead
- During the current rebidding process for the six Macau concessions, a seventh “surprise guest”filed a bid. Opinion of their chances are mixed at best.
- Genting has tended to overreach over time in other markets.
- Macau operators already face daunting recovery odds ahead that will impose strains on cash and debt refis at higher rates.
Roblox Analyst Day Observations
- Roblox Analyst Day featured some interesting new initiatives around advertising and marketplace dynamics.
- The company will launch a self serve advertising platform in 2023 that has the potential to be worth an incremental 20% of revenues and margin supportive.
- The company is also allowing developers to start introducing scare items, and begin participating in the on-platform resale market.
China Internet Weekly (19Sep2022): Tencent, NetEase, Meituan, Trip.com
- Tencent and NetEase received new licenses from the authorities more than a year.
- Meituan’s car-hailing service joined Tencent WeChat’s traffic platform, Tencent Passenger Traffic.
- Express parcels and their revenue continued to recover in August.
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