Hi everyone, this post is a breakdown of Alibaba’s 3Q21 results. It was originally shared on Twitter here. For convenience sake, we will be sharing the tweetstorm as a single article for easier reading. If you enjoyed this recap and would like to have access to all of our research, models, and supplementary material, subscribe …
JD Deep Dive
What could you do with 4 square meters of retail space? Try creating over $100 billion dollars of market value with one of the world's largest retailers. The path would not be easy though, and would require risking it all - multiple times. With just a 4sqm stall in an offbeat Chinese market, after 5 …
Tencent Deep Dive
A tech conglomerate with a leading industry position in no fewer than 8 industries with revenues growing ~20% and trading at 24x earnings excl. investments, Tencent is the company you would have tried to create if you had a crystal ball in China in 1998. But Tencent didn’t need a crystal ball because they had …
Grab Deep Dive
Society benefits the most when entrepreneurs focus on solving problems before monetizing the solution. But solving a problem doesn’t equate to creating a great business. GRAB has unlocked tremendous consumer value in ride-hail, but their decade-long slog in the most difficult sector in consumer interment has them squeezing out just 6 dimes of revenue out of …
Sea Limited Update
*Note that we refer to some of our other pieces that are behind the Members paywall throughout the piece. We do this for two reasons 1) brevity, 2) but also because we use our free pieces as an acquisition tool to convince readers to sign up for our $29 subscription (sneaky, right?) which entitles you …
Coupang Deep Dive
Some say you can pay any price for a great company, but was Coupang at $100bn too high? Well, one things for certain: You wouldn't have paid that for what it started out as. It started out as a money losing Groupon clone that stemmed losses by pivoting to an eBay model, but failed to …
Nintendo Deep Dive
Nintendo, a multi- generational icon, with 26 of the top 50 best selling titles, an IP portfolio 2nd to only Disney, trades at just 12x 2021 ex-cash earnings. Margins have only been improving because of the shift to digital, and they have over 30mn paying online subscribers--their first recurring revenue ever. Not to mention, their …
Didi Deep Dive
In 2016, Didi beat Uber, THE Silicon Valley sweetheart at the time, to gain control of China’s ride hail market despite having far less capital, fewer partners, and a smaller engineering pool. Regulatory talk aside, Didi just had the biggest IPO in the U.S. since Alibaba. So is Didi the next tech giant to join …
Alibaba Deep Dive
Alibaba today is a bit of an enigma with investor trepidation stemming from both inadequate competitive moats and fears that regulators could curtail this “monopoly.” Adding to the confusion, Alibaba likely houses more billion-dollar businesses than any other company. The fear of competition is real though: PDD is gaining share on lower end commerce, JD.com …
Sea Limited: Management, Culture, and Execution
Housekeeping: We are still trying to figure out the best publishing cadence for Details and what kind of content would be most appreciated by our followers and subscribers. We were planning on putting out another short details on ShopeeFood shortly, but please let us know your thoughts on what you would like to see! Upcoming: …
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