Macquarie calls DiDi 'under-valued market leader', initiates coverage with outperform

seekingalpha09-24

Macquarie's Equity Research on Tuesday initiated coverage on ride-hailing platform DiDi (OTCPK:DIDIY) at 'outperform', stating that the company is in a "unique position" to capture share in the $1.1tn...

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The brokerage expects DiDi's market positioning and \"superior execution quality\" to continue drive improved economies of scale, thus supporting sustained margin expansion. And with DiDi Global (OTCPK:DIDIY) trading at a ~75% discount to Uber (UBER) despite its higher earnings CAGR, Macquarie believes rising LatAM adoption could emerge as positive optionality. Didi vs UBER YTD price comparison:  The company's shares, up 2.5% YTD, was up about 3% premarket.  Furthermore, while regulatory uncertainty is admittedly the largest risk, \"despite a bumpy listing path, we believe the company is now finally out of the woods and entering a new phase of normalisation on an easing regulatory environment for the broader Internet sector.\" In terms of catalysts, the brokerage says, DiDi (OTCPK:DIDIY) is currently trading in the OTC market with valuation 72% below its NYSE IPO level, but with a 20% larger scale and a significant earnings turnaround. \"Potential HK IPO could be the next key catalyst.\" In other news, DiDi Global (OTCPK:DIDIY) was reportedly in discussions to sell its smart driving and cockpit assets to AutoAi. The move is part of DIDIY's plans to focus more on its core business.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2469943124"}