Ming Lu
Overseas Chinese Equities
• Aequitas Research

Location: China

Joined: 09 February 2018

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

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bullish•Kuaishou Technology•30 Mar 2023 02:01

Kuaishou (1024 HK): Outstanding 2022 and Outstanding Q4

The short video company has been taking users and users’ time from other kinds of apps. In 4Q22, operating loss shrank significantly and the growth...

Ming Lu

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bullish•Meituan•27 Mar 2023 08:57

Meituan (3690 HK): 4Q22, High Growth, Better Margin, and 45% Upside

In 4Q22, the growth rates of total revenue and most business lines are better than our expectation. The operating margin have stayed at a low level...

Ming Lu

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bullish•Bilibili•27 Mar 2023 08:56

China Internet Weekly (27Mar2023): Douyin, Bilibili, Tencent, NetEase, JD Health, Zhihu

Apps’ time on site decreased in 2022 in China. The authorities approved 27 imported games in March. Douyin launched a Bilibili-like app, Green Peach.

Ming Lu

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bullish•Tencent•22 Mar 2023 23:55

Tencent (700 HK): 4Q22, Stop Decreasing WeChat Ad Recovered Earlier

As we expected, total revenue stop decreasing in 4Q22. WeChat advertising recovered earlier than we expected. We believe game-related revenues will...

Ming Lu

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bullish•Kuaishou Technology•22 Mar 2023 10:32

Kuaishou (1024 HK) 4Q22 Earnings Preview: Weak Growth, But Loss to Shrink Significantly

We believe both 4Q22 and 1Q23 can be weak quarters. However, we believe operating losses will shrink significantly in 4Q22 and 2023. We believe the...

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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