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Ming Lu
Overseas Chinese Equities
• Aequitas Research

Location: China

Joined: 09 February 2018

597

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China • Information Technology • Equity Bottom-Up • Thematic (Sector/Industry)

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bullish•PDD Holdings Inc•29 May 2023 10:23

Pinduoduo (PDD): 1Q23, Up by 58% YoY, 40% Upside

In 1Q23, total revenue grew by 58% YoY and the operating margin improved significantly. We believe the company benefit from its low-price products...

Ming Lu

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bullish•Meituan•26 May 2023 03:27

Meituan (3690 HK): 1Q23, Real Operating Profit Turned Positive After Nine Quarters

In 1Q23, Meituan (MT)’s revenues still strongly grew by 27% YoY with all business lines up by more than 10% YoY. The real operating profits turned...

Ming Lu

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bullish•Kuaishou Technology•23 May 2023 00:46

Kuaishou (1024 HK): 1Q23, All Business Lines Accelerated

The revenue growth rates of all business lines accelerated in 1Q23. Operating losses shrank. We believe the stock has an upside of 66% for the...

Ming Lu

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bullish•Alibaba Group•19 May 2023 03:25

Alibaba (9988 HK): 4Q23, Physical Store Revenue Decreased for First Time, Downgrade to Hold

Alibaba’s revenue from physical stores decreased year over year for the first time. The operating margin declined despite that Alibaba cut losses...

Ming Lu

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bullish•Tencent•18 May 2023 03:39

Tencent (700 HK): 1Q23, Significant Improvements in Growth and Margin

In 1Q23, the revenue growth rose significantly to 11% YoY. The operating margin also improved significantly to 24% in 1Q23 versus 17% in 1Q22. We...

Ming Lu

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Summary

A veteran with 19-year experience in equity research. Geographical coverage: * Companies operating in China, but listed in Hong Kong and the U.S. * Previously China A-share (listed in mainland China). Equity sector coverage: * Chinese App / Internet-based consumption in China, e.g., Alibaba, Tencent, etc. * Previously covered education, transportation, telecom, power, bank, advertisement, hotel, etc. Research methods: * Generally bottom-up. * Talk to related people on the ground. Talk to readers and independent writers for analyzing a news portal. Talk to parents and teachers for analyzing a tutoring school. * Visit stores and show photos as evidence in notes. * Do technical analysis when finding a short-seller attacking an equity. Languages: * English * Mandarin Chinese (Official l...

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