Yatsen – Quick Cal.

Comments on data in F-1: Yatsen has been growing very fast and the revenue contribution is getting more balanced or diversified in terms of channel, brand and product as the company launches and acquires more brands. It seems the company is quite aggressive on acquisition so the future growth will be relatively difficult to project. … Continue reading Yatsen – Quick Cal.

Game Engine as a Competitive Advantage for Game Developer?

I joined a Hong Kong listed Chinese game developer conference call last Friday. I don't remember most of the stuff discussed but the call gave me an impression that the company believes having technical capability in game engine is kind of competitive advantage. The management mentioned that some of their high quality game are developed … Continue reading Game Engine as a Competitive Advantage for Game Developer?

Natural Food – Initial Thoughts

Natural Food (1837.HK) [August 30, 2019] Interim Results Announcement @ Conrad Background I was simply attracted by the brand name and guided by my preliminary China theme - consumption upgrade. Before attending the meeting, I thought Natural Food was doing something like what General Mill does... Initial Thoughts I didn't find anything that got me … Continue reading Natural Food – Initial Thoughts

Cosmo Lady – Initial Thoughts

Cosmo Lady (2298.HK) [August 29, 2019] Interim Results Announcement @ Mandarin Oriental Background I was attracted by the ugly stock price chart and had a feeling that the company might be struggling like other traditional retail players. Initial Thoughts As expected, the company is struggling and delivered terrible financial results in the first half of … Continue reading Cosmo Lady – Initial Thoughts

Evergrande Group – Initial Thoughts

Evergrande Group (3333.HK) [August 28, 2019 ] Interim Result Announcement @ Four Seasons Background The first time I looked at this stock was several years ago when I was doing internship in Hong Kong. Someone in the team registered the site visit but figured out the company was "not interesting" so the trip was left … Continue reading Evergrande Group – Initial Thoughts

Sino BioPharmaceutical – Initial Thoughts

Sino BioPharmaceutical (1177.HK) [August 29, 2019] Interim Result Announcement @ JW Marriott Background I attended the meeting because of recommendation from a friend. The attendance was high reflecting interest of market for whatever reason (no preparation before the announcement as I was in auto-pilot exploration mode). Initial Thoughts I was super impressed by their briefing. … Continue reading Sino BioPharmaceutical – Initial Thoughts

Country Garden Service – Meeting Note 1

Country Garden Service (6098.HK) [August 26, 2019] Meeting Note 1 @ One IFC Background The company posted strong 1H2019 earnings last Friday. Reaction in the market were quite positive reflecting in stock price movement and high attendance in the meeting. Related post: Country Garden Service - Initial thoughts Topics of Interest Maybe it's for the … Continue reading Country Garden Service – Meeting Note 1

Country Garden Service – Initial Thoughts

Country Garden Service (6098.HK) [August 24, 2019] * Initial Thoughts * Background I came across this stock when reviewing post earnings release roadshow schedule. It showed up in various timeslots at different brokers' venues. This indicates the market is interested in the stock and the company is happy to promote itself publicly. Country Garden Service … Continue reading Country Garden Service – Initial Thoughts

58.com – Initial Thoughts

58.com (WUBA.US) [August 23, 2019] * Initial Thoughts * Background I came across this stock when trying various online stock analysis tools. I listened to its 2Q2019 earnings conference call and briefly reviewed most recent company presentation. I found 58.com interesting because of its business model and new business initiatives such as 58 Town and … Continue reading 58.com – Initial Thoughts

PDD.US – 3Q18 Results Quick Look

Projection vs Actual Source of Difference ~ Operation Metrics ~ [1] Conversion rate defined as LTM Active Buyer / Avg. MAU decreased (an improvement for me) significantly by around 10 percentage points. [2] Actual LTM average rate per active buyer is higher then projected [3] Overestimation of adoption rate based on Wechat MAU [4] Underestimation … Continue reading PDD.US – 3Q18 Results Quick Look