China Online Marketplaces: 4Q23 Preview

1k Views07 Feb 2024 17:50
  • We argued in last follow-up note that property woes and challenging macro situation would keep pressuring China online marketplaces’ valuation despite their improving profitability and cashflow.
  • The sector’s brutal de-rating since last 4Q has been pricing in a dire growth outlook and it is closer to the end of tunnel in our view.
  • We expect a lackluster 4Q23 results season for the sector in general but also less share price volatility given extremely depressed valuation. Stay positive over 12-month time horizon.
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Eric Chen
Greater China Equity Long/Short Analyst
ChinaInformation Technology & Consumer DiscretionaryEquity Bottom-UpThematic (Sector/Industry)