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2022-06-22

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Big Tech Stocks Jumped in Morning Trading

2022-06-22

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Sea Limited: E-Commerce Leader Of The Developing World

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We also examined its e-commerce expansion into LATAM, in which it has already secured a leading position.</p><p><img src=\"https://static.tigerbbs.com/e85c1dc2bf5549b24149abd7793978b6\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p><b>Sea, Khaveen Investments</b></p><p>While 51.5% of its revenue is derived from Internet Retail, Sea also derives 43.4% of its revenue from gaming revenues under its Digital Entertainment Segment. Looking further into this segment, we believe this segment’s revenue is highly dependent on its only in-house developed game, Free Fire.</p><p>We also noticed the company&#39;s significant initiatives in the Fintech Industry, which we believe could be a major driver of the company’s growth moving forward. To determine its potential market share gain in this market, we looked at other companies that deployed similar business model mixes of Internet Retail and Fintech, such as Alibaba (BABA, BABAF) and MercadoLibre (MELI).</p><p><b>E-Commerce Leader of the Developing World</b></p><p><img src=\"https://static.tigerbbs.com/d015600a3f8edb6aee51866cff5e6d44\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p><b>Sea, Khaveen Investments</b></p><p>With 63.45% of the company’s total revenue derived from Southeast Asia, we believed the company would hold a dominant position in this region. To determine Shopee&#39;s (Sea Limited) competitive positioning in Southeast Asia, we looked into monthly web visits of more than 49 e-commerce platforms across this region from iPrice. We calculated their market share from Q1 2019 to Q4 2021 across the top 6 countries in Southeast Asia by GDP (Indonesia, Thailand, Vietnam, Philippines, Singapore and Malaysia). To determine the growth prospects of the market, we also compiled data on the size, and historical 5-year and forward 4-year CAGR of the Internet Retail industry (in terms of the Internet Retail transaction volumes from Statista).</p><p><img src=\"https://static.tigerbbs.com/d80dfc76c2c05b40ececeb22ed7eb228\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p>iPrice, Khaveen Investments</p><p>Based on the chart above, Shopee’s market share has increased significantly in all 6 markets from Q1 2019 to Q4 2021. In Vietnam, they strengthened their No. 1 position against Lazada in Q1 2019. In Thailand, Malaysia, the Philippines, and Singapore, Shopee grew from the No. 2 Position to unseat Lazada from the No. 1 position. Even in Indonesia, where Tokopedia remains at No. 1, Shopee has closed the gap considerably to Tokopedia, with their market share more than doubling from 15.82% to 34.27%. Although Tokopedia also gained market share, Shopee now remains just 4.61% market share points behind Tokopedia. Additionally, Shopee has more than 50% market share in Thailand, Malaysia and the Philippines. As Tokopedia is not even in the Top 3 positions in any country outside Indonesia, we see Shopee as the undisputed e-commerce leader in Southeast Asia.</p><p>In 2021, Indonesia was the largest market with $53 bln (more than twice the size of 2ndplace Thailand) in transaction volumes fueled by its historical CAGR of 74.1% which has been the highest among the 6 countries. Surprisingly, Sea Limited, a Singaporean company, only has a 40.46% market share which is the second-lowest in terms of market share. Singapore also has the smallest transaction volume of $7.1 bln, which is 13.40% of Indonesia’s transaction volume. We tabulated the results of each country&#39;s transaction volume per GDP as below:</p><table><tbody><tr><td><p><b>Geographic Region</b></p></td><td><p><b>2021 Shopee Market Share</b></p></td><td><p><b>2021 Market Sales Volume ($ bln)</b></p></td><td><p><b>2021 Shopee Sales Volume ($ bln)</b></p></td><td><p><b>Share of Total Volume</b></p></td><td><p><b>2020 GDP ($bln)</b></p></td><td><p><b>Sales Volume/GDP</b></p></td><td><p><b>GDP Growth % (2022F)</b></p></td></tr><tr><td><p>Indonesia</p></td><td><p>38.88%</p></td><td><p>53</p></td><td><p>20.6</p></td><td><p>37.4%</p></td><td><p>1,058</p></td><td><p>5.0%</p></td><td><p>5.4%</p></td></tr><tr><td><p>Vietnam</p></td><td><p>32.33%</p></td><td><p>13</p></td><td><p>4.2</p></td><td><p>7.6%</p></td><td><p>271</p></td><td><p>4.8%</p></td><td><p>6.0%</p></td></tr><tr><td><p>Thailand</p></td><td><p>50.57%</p></td><td><p>21</p></td><td><p>10.6</p></td><td><p>19.3%</p></td><td><p>502</p></td><td><p>4.2%</p></td><td><p>3.3%</p></td></tr><tr><td><p>Philippines</p></td><td><p>62.38%</p></td><td><p>12</p></td><td><p>7.5</p></td><td><p>13.6%</p></td><td><p>361</p></td><td><p>3.3%</p></td><td><p>6.5%</p></td></tr><tr><td><p>Malaysia</p></td><td><p>66.44%</p></td><td><p>14</p></td><td><p>9.3</p></td><td><p>16.9%</p></td><td><p>337</p></td><td><p>4.2%</p></td><td><p>5.6%</p></td></tr><tr><td><p>Singapore</p></td><td><p>40.46%</p></td><td><p>7.1</p></td><td><p>2.9</p></td><td><p>5.2%</p></td><td><p>340</p></td><td><p>2.1%</p></td><td><p>4.0%</p></td></tr><tr><td><p>Total</p></td><td><p>55.1</p></td></tr></tbody></table><p><i>Source:</i> <i>Statista,IMF, Khaveen Investments</i></p><p>As seen, Singapore has the lowest transaction volume per GDP, while Indonesia has the highest followed by Vietnam. In terms of 2022 expected GDP growth, Thailand is the lowest (3.30%) while the Philippines is the highest (6.5%), and Vietnam has the second highest (6%). In terms of our analysis of transaction volume/GDP and GDP growth rates, we see the Philippines market as having the best prospects while Singapore has the worst.</p><p>To determine the appropriate gauge of its e-commerce revenue breakdown, we first derived its monthly views breakdown by region. We then factor in its market share of total transaction volumes based on its web traffic share, multiplied by the overall transaction volume size of each country.</p><table><tbody><tr><td><p><b>Sea Southeast Asia E-commerce ($ mln)</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td><td><p><b>2026F</b></p></td></tr><tr><td><p>Estimated Southeast Asia GMV (&#39;a&#39;)</p></td><td><p>59,094</p></td><td><p>68,152</p></td><td><p>78,627</p></td><td><p>90,743</p></td><td><p>104,764</p></td><td><p>120,994</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>66.93%</p></td><td><p>15.33%</p></td><td><p>15.37%</p></td><td><p>15.41%</p></td><td><p>15.45%</p></td><td><p>15.49%</p></td></tr><tr><td><p>Take Rate (&#39;b&#39;)</p></td><td><p>8.67%</p></td><td><p>10.78%</p></td><td><p>12.89%</p></td><td><p>15.01%</p></td><td><p>17.12%</p></td><td><p>19.23%</p></td></tr><tr><td><p>Increase %</p></td><td><p>2.55%</p></td><td><p>2.11%</p></td><td><p>2.11%</p></td><td><p>2.11%</p></td><td><p>2.11%</p></td><td><p>2.11%</p></td></tr><tr><td><p><b>Southeast Asia E-commerce Revenue (&#39;c&#39;)</b></p></td><td><p><b>5,123</b></p></td><td><p><b>7,348</b></p></td><td><p><b>10,138</b></p></td><td><p><b>13,618</b></p></td><td><p><b>17,935</b></p></td><td><p><b>23,270</b></p></td></tr><tr><td><p><b>Growth %</b></p></td><td><p><b>43.43%</b></p></td><td><p><b>37.97%</b></p></td><td><p><b>34.32%</b></p></td><td><p><b>31.70%</b></p></td><td><p><b>29.74%</b></p></td></tr></tbody></table><p><i>*c = a x b</i></p><p><i>Source: Sea, Khaveen Investments</i></p><p>If we assume the company’s take rate is the same in all countries, we see this as a good gauge of its revenue breakdown. Overall, we see the company’s main e-commerce markets as Indonesia (33.2%), followed by Thailand (20.2%) and Malaysia (16.0%). In terms of forecasted growth rates, the average is 16.14% based on Statista. While Indonesia is the largest market, Statista forecasts Indonesia’s forward growth at just 12.95% which is the slowest moving forward.</p><p>On the other hand, 3rdplaced Malaysia (with $14 bln in transaction volumes) is forecasted to be the fastest-growing in the region with an 18.49% forward CAGR. To obtain the company’s weighted average transaction volumes growth moving forward excluding take rate increase and market share gain, we calculated the weighted growth based on Statista country forecasts. To calculate the company’s historical take rate, we compiled data on the company’s past e-commerce revenue and GMV. The average annual take rate increase since 2017 has been 2.11%. Overall, we projected its Southeast Asia e-commerce revenue to grow by 43.4% in 2022 and a 5-year forward average of 35.4%.</p><p><b>E-Commerce Leader of LATAM</b></p><p>Besides Southeast Asia, the company had expanded into Latin America’s e-commerce markets such as Brazil in 2019 and recently 2021, Mexico, Chile and Colombia. In the past 3 years, its revenue contribution from the LATAM region has increased from 13% to 18.6% in 2021 based on its annual report. According toApptopia, within 2 years of its launch, Shopee overtook Amazon (AMZN) and MercadoLibre to become the leading shopping app by monthly active users with a share of over 30% in 2021.</p><p><img src=\"https://static.tigerbbs.com/54f0ce49baaa2e5a80c158bfc9a8db6a\" tg-width=\"640\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p>Apptopia</p><p>Although Shopee is based in Singapore, it depends heavily on sellers from China which makes up the majority of its sellers on its platform. According to KPMG, China was ranked the second-lowest in terms of its manufacturing costs index. Thus, we believe this indicates Shopee’s advantage by keeping costs low. According to analyst Thiago Macruz from Itaú, Shopee carved a niche by selling low-cost products with free shipping. However, in Brazil, Shopee has also grown its number of local sellers to over 1 mln and has become the majority of its marketplace sellers. Previously, it charged low commission fees (6%) in comparison to competitors such as MercadoLibre at 17% but had raised its fees higher than Mercado.</p><p>According to Macruz, another factor is Shopee’s focus on enhancing its user experience through gamification on Shopee’s platform with mini-games that provides rewards. Furthermore, the company’s management explained in the latest earnings briefing that is committed to improving its tech capabilities and experience for users.</p><blockquote>Just two years after entering Brazil, the world’s sixth largest market by population, we are making rapid progress towards market leadership. We therefore remain focused on high quality execution alongside consistent innovation and investments in our tech capabilities to provide a differentiated experience to our users. –Forrest Li, CEO</blockquote><table><tbody><tr><td><p><b>LATAM E-commerce Market ($bln)</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td></tr><tr><td><p>LATAM Market Size ($ bln)</p></td><td><p>85</p></td><td><p>104</p></td><td><p>121</p></td><td><p>138</p></td><td><p>160</p></td></tr><tr><td><p>Growth %</p></td><td><p>25.0%</p></td><td><p>22.4%</p></td><td><p>16.3%</p></td><td><p>14.0%</p></td><td><p>15.9%</p></td></tr><tr><td><p>Shopee Market Share</p></td><td><p>4%</p></td><td><p>6%</p></td><td><p>10%</p></td><td><p>18%</p></td><td><p>30%</p></td></tr><tr><td><p>Shopee LATAM GMV</p></td><td><p>3.13</p></td><td><p>6.20</p></td><td><p>12.26</p></td><td><p>24.26</p></td><td><p>48</p></td></tr><tr><td><p>Growth %</p></td><td><p>97.9%</p></td><td><p>97.9%</p></td><td><p>97.9%</p></td><td><p>97.9%</p></td></tr></tbody></table><p><i>Source:</i> <i>Fidelity, Morgan Stanley,</i> <i>YipitData, Khaveen Investments</i></p><p>All in all, we expect the company to capitalize on the LATAM e-commerce market opportunity as it had already secured a lead over competitors despite its recent entry and as it expands into other regions within LATAM supported by its cost advantages and focus on user engagement. According to Fidelity, the LATAM e-commerce market is forecasted to grow to $160 bln by 2025. According to YipitData, Sea’s GMV from Brazil was estimated to have accounted for 5.3% of its GMV. Assuming Shopee’s share of 30% based on its MAU share from Apptopia, we estimated its GMV opportunity to be $48 bln by 2025 which is 31% of its total forecasted GMV. Overall, we projected its total e-commerce (including LATAM and Southeast Asia) revenue to grow by an average of 50.5% through 2025.</p><table><tbody><tr><td><p><b>Sea Total E-commerce Forecast ($ mln)</b></p></td><td><p><b>2020</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td></tr><tr><td><p>GMV</p></td><td><p>35,400</p></td><td><p>59,094</p></td><td><p>68,152</p></td><td><p>78,627</p></td><td><p>90,743</p></td><td><p>104,764</p></td></tr><tr><td><p>Add: LATAM GMV</p></td><td><p>3,506</p></td><td><p>6,197</p></td><td><p>12,261</p></td><td><p>24,260</p></td><td><p>48,000</p></td></tr><tr><td><p>Total GMV</p></td><td><p>35,400</p></td><td><p>62,600</p></td><td><p>74,349</p></td><td><p>90,888</p></td><td><p>115,003</p></td><td><p>152,764</p></td></tr><tr><td><p>Growth %</p></td><td><p>102.29%</p></td><td><p>76.84%</p></td><td><p>18.77%</p></td><td><p>22.24%</p></td><td><p>26.53%</p></td><td><p>32.83%</p></td></tr><tr><td><p>Take Rate %</p></td><td><p>6.1%</p></td><td><p>8.7%</p></td><td><p>10.8%</p></td><td><p>12.9%</p></td><td><p>15.0%</p></td><td><p>17.1%</p></td></tr><tr><td><p><b>E-commerce Revenue</b></p></td><td><p><b>2,167</b></p></td><td><p><b>5,123</b></p></td><td><p><b>8,016</b></p></td><td><p><b>11,719</b></p></td><td><p><b>17,258</b></p></td><td><p><b>26,152</b></p></td></tr><tr><td><p><b>Growth %</b></p></td><td><p><b>159.75%</b></p></td><td><p><b>136.40%</b></p></td><td><p><b>56.47%</b></p></td><td><p><b>46.20%</b></p></td><td><p><b>47.26%</b></p></td><td><p><b>51.53%</b></p></td></tr></tbody></table><p><i>Source: Sea, Fidelity, Morgan Stanley,</i> <i>YipitData, Khaveen Investments</i></p><p><b>FinTech Expansions</b></p><p>Moreover, the company also has a fintech segment which providese-wallet payment services through SeaMoney as well as credit lending. In Indonesia, ShopeePay was the most popular e-wallet at a 68% user penetration rate ahead of competitors OVO and DANA. However, GCash was the mostpopular in the Philippines and GrabPay (GRAB) inMalaysiaandSingapore.</p><p><img src=\"https://static.tigerbbs.com/a6aee3a44b91df509418774fad568e39\" tg-width=\"640\" tg-height=\"258\" referrerpolicy=\"no-referrer\"/>Based on the chart above by Temasek and Bain of the breakdown of the SEA population by banked, underbanked and unbanked categories, the region with the largest share of the unbanked population in Vietnam represents almost 70% of the population. This is followed by the Philippines and Indonesia. However, Indonesia has the largest unbanked population at 92 mln. Thus, we believe the vast underbanked and unbanked population presents the company with an opportunity to capitalize on its fintech expansion.</p><p>Besides digital payments, the company had applied for and wa sawarded digital banking licenses from Singapore and Malaysia’s central banks. The company also acquired an Indonesian bank, Bank BKE, in 2021. Its competitor GojekacquiredBank Jagoas to offer financial services to merchants and drivers. From its latest earnings briefing, the company explained that besides e-wallets, the company also offered more products such as offering credit to consumers and merchants and insurance as well as the possibility of wealth management products in the future.</p><blockquote>And in other markets, we are also rolling out increasing number of SeaMoney products, including continue to strengthen our market leadership on the e-wallet side, and the leveraging that offer more products across credit to both the consumers and our SME merchants, and also the insurance product – Intertek products, and potentially down the road wealth management products, of course in collaboration with financial institutions, and our digital banking products also being rolled out not only in Indonesia. - Yanjun Wang, Group Chief Corporate Officer</blockquote><p>We believe Sea’s expansion into fintech is comparable to Alibaba’s Ant Group whose operations span digital payments, lending, insurance and wealth management. Founded in 2014, the company had managed to achieve around $18 bln in revenue in its fourth year. Based on the Fintech market revenue in 2018 by Deloitte of $108.6 bln, we calculated its market share by its segments. In comparison, MercadoLibre had also expanded into fintech more recently in 2018 but only focused on digital wallets with Mercado Pago in Argentina.</p><table><tbody><tr><td><p><b>Ant Group</b></p></td><td><p><b>Revenue ($ bln)</b></p></td><td><p><b>Market Share</b></p></td></tr><tr><td><p>Digital Payments</p></td><td><p>7</p></td><td><p>6.4%</p></td></tr><tr><td><p>Digital Lending</p></td><td><p>3.5</p></td><td><p>3.3%</p></td></tr><tr><td><p>Insurance</p></td><td><p>0.7</p></td><td><p>0.6%</p></td></tr><tr><td><p>Total Ant</p></td><td><p>11.2</p></td><td><p>10%</p></td></tr><tr><td><p><b>MercadoLibre</b></p></td><td><p><b>Revenue ($ bln)</b></p></td><td><p><b>Market Share</b></p></td></tr><tr><td><p>Digital Payments</p></td><td><p>2</p></td><td><p>1.4%</p></td></tr></tbody></table><p><i>Source: Ant Group, MercadoLibre, Deloitte, Khaveen Investments</i></p><p>According to management in its earnings briefing, it highlighted that adoption of its credit products was a key driver of revenue growth and expected it to continue. Also, it stated that 30% of active users have used multiple SeaMoney products. Additionally, it also announced that it had obtained a financial institution license in Brazil which could allow it to expand internationally.</p><p>We estimated the company’s Fintech market opportunity in 2025 based on Ant Group and MercadoLibre’s market share in its fourth year and the projected fintech market size of $284 bln by 2025 at a CAGR of 13.9%.</p><table><tbody><tr><td><p><b>Sea Fintech</b></p></td><td><p><b>Revenue ($ bln) (2025F)</b></p></td><td><p><b>Market Share</b></p></td></tr><tr><td><p>Digital Payments</p></td><td><p>11.2</p></td><td><p>3.9%</p></td></tr><tr><td><p>Digital Lending</p></td><td><p>9.3</p></td><td><p>3.3%</p></td></tr><tr><td><p>Insurance</p></td><td><p>1.8</p></td><td><p>0.6%</p></td></tr><tr><td><p><b>Total Sea</b></p></td><td><p><b>22.2</b></p></td><td><p><b>7.8%</b></p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><table><tbody><tr><td><p><b>Segments ($ mln)</b></p></td><td><p><b>2020</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td></tr><tr><td><p>Digital Financial Services</p></td><td><p>61</p></td><td><p>470</p></td><td><p>1,232</p></td><td><p>3,229</p></td><td><p>8,468</p></td><td><p>22,201</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>560.87%</p></td><td><p>672.65%</p></td><td><p>162%</p></td><td><p>162%</p></td><td><p>162%</p></td><td><p>162%</p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><p>As the company expands into Fintech such as with SeaMoney in digital payments, lending and insurance, we believe the company’s segment outlook is buoyed by the large underbanked and unbanked population within the SEA region, especially in large markets such as Indonesia, Vietnam and Philippines. As the company secured digital banking licenses, we expect it to continue focusing on its fintech expansion to target these markets. Moreover, we also view its expansion into Fintech as similar to other e-commerce platforms such as Ant Group and MercadoLibre. As such, we projected its fintech segment with a revenue opportunity of $22.2 bln by 2025 based on the market share of its Ant Group and MercadoLibre.</p><p><b>Risk: High Dependency on Free Fire</b></p><p>The company’s largest segment is digital entertainment which was 43% of total revenue. The company’s most popular game is FreeFire whichcontributed$1.1 bln or 26% of its total revenue in 2021 according to Pocket Gamer. Based on Apptopia, the average life spanof games to stay within the top 50 in the app store was only 27.75 days. That said, Freefire was launched in 2017 but its daily active users have still increased in 2021 to a peak of 150 mln in Q2 compared to its active users of 80 mln in 2020 and 50 mln in the prior year. Recently in 2022, Indiabannedthe FreeFire game along with 54 Chinese apps due to security concerns. According to App Annie, the game was the highest-grossing mobile game in India in Q3 2021. Though, Morgan Stanley (MS)estimated its sales from the country to be $475 mln or 11% of its segment revenue in 2021.</p><p><b>Valuation</b></p><p>We summarized our revenue projections for the company in the table below according to its digital entertainment which we projected based on the market forecast CAGR of 11.9% as well as its e-commerce and digital financial services segments based on our projections as discussed above.</p><table><tbody><tr><td><p><b>Segments ($ mln)</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td></tr><tr><td><p>Digital Entertainment</p></td><td><p>4,320</p></td><td><p>4,834</p></td><td><p>5,409</p></td><td><p>6,053</p></td><td><p>6,773</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>114.29%</p></td><td><p>11.90%</p></td><td><p>11.90%</p></td><td><p>11.90%</p></td><td><p>11.90%</p></td></tr><tr><td><p>E-commerce</p></td><td><p>5,123</p></td><td><p>8,016</p></td><td><p>11,719</p></td><td><p>17,258</p></td><td><p>26,152</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>136.40%</p></td><td><p>56.47%</p></td><td><p>46.20%</p></td><td><p>47.26%</p></td><td><p>51.53%</p></td></tr><tr><td><p>Digital Financial Services</p></td><td><p>470</p></td><td><p>1,232</p></td><td><p>3,229</p></td><td><p>8,468</p></td><td><p>22,201</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>672.65%</p></td><td><p>162%</p></td><td><p>162%</p></td><td><p>162%</p></td><td><p>162%</p></td></tr><tr><td><p>Other Services</p></td><td><p>42</p></td><td><p>42</p></td><td><p>42</p></td><td><p>42</p></td><td><p>42</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>-67.83%</p></td><td><p>0.00%</p></td><td><p>0.00%</p></td><td><p>0.00%</p></td><td><p>0.00%</p></td></tr><tr><td><p><b>Total Revenue</b></p></td><td><p><b>9,955</b></p></td><td><p><b>14,124</b></p></td><td><p><b>20,401</b></p></td><td><p><b>31,821</b></p></td><td><p><b>55,169</b></p></td></tr><tr><td><p><b>Growth (%)</b></p></td><td><p><b>127.51%</b></p></td><td><p><b>41.88%</b></p></td><td><p><b>44.44%</b></p></td><td><p><b>55.98%</b></p></td><td><p><b>73.37%</b></p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><p>To value the company, we used a P/S valuation as we forecasted its revenue growth to grow robustly above 40%. We based its P/S ratio on the weighted average of competitors for its digital entertainment and e-commerce segments.</p><table><tbody><tr><td><p><b>Weighted Average P/S</b></p></td><td><p><b>Weight</b></p></td><td><p><b>P/S</b></p></td></tr><tr><td><p>Gaming</p></td><td><p>43.4%</p></td><td><p>4.43x</p></td></tr><tr><td><p>E-commerce</p></td><td><p>51.5%</p></td><td><p>3.09x</p></td></tr><tr><td><p><b>Weighted P/S</b></p></td><td><p><b>3.51x</b></p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><p>Based on a weighted P/S of 3.51x, we derived its 2024 price target with an upside of 146%. Based on that, we derived a 2022 price target with an upside of 35%.</p><table><tbody><tr><td><p><b>Valuation</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td></tr><tr><td><p>Revenue</p></td><td><p>14,124</p></td><td><p>20,401</p></td><td><p>31,821</p></td></tr><tr><td><p>P/S</p></td><td><p>3.51x</p></td><td><p>3.51x</p></td><td><p>3.51x</p></td></tr><tr><td><p>Valuation ($ mln)</p></td><td><p>49,575</p></td><td><p>71,605</p></td><td><p>111,691</p></td></tr><tr><td><p>Shares Outstanding</p></td><td><p>559.74</p></td><td><p>559.74</p></td><td><p>559.74</p></td></tr><tr><td><p><b>Price Target</b></p></td><td><p><b>$105.10</b></p></td><td><p><b>$144.82</b></p></td><td><p><b>$199.54</b></p></td></tr><tr><td><p>Current Price</p></td><td><p>$76.28</p></td><td><p>$76.28</p></td><td><p>$76.28</p></td></tr><tr><td><p><b>Upside</b></p></td><td><p><b>37.8%</b></p></td><td><p><b>89.9%</b></p></td><td><p><b>161.6%</b></p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><p><b>Verdict</b></p><p>Sea has grown over the years to become the leader of e-commerce in Southeast Asia which is a key region accounting for 63% of its revenues. Based on our projection of its estimated GMV by country in Southeast Asia, we projected its e-commerce revenue in the region to grow by 43.4% in 2022. Furthermore, as the company expands into LATAM such as Brazil, Mexico, Chile, and Colombia, we believe the region could present it with an e-commerce GMV opportunity of $48 bln or 50% of its GMV by 2025 as it had already secured a lead with over 30% share of active users.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: E-Commerce Leader Of The Developing World</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited: E-Commerce Leader Of The Developing World\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-22 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4519574-sea-ecommerce-leader-of-the-developing-world?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAs the e-commerce leader in Southeast Asia (63% of revenue), we forecasted Sea Limited's e-commerce revenue in the region to grow by 43.4% in 2022 with a 5-year average of 35.4%.Furthermore, as...</p>\n\n<a href=\"https://seekingalpha.com/article/4519574-sea-ecommerce-leader-of-the-developing-world?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4519574-sea-ecommerce-leader-of-the-developing-world?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100434932","content_text":"SummaryAs the e-commerce leader in Southeast Asia (63% of revenue), we forecasted Sea Limited's e-commerce revenue in the region to grow by 43.4% in 2022 with a 5-year average of 35.4%.Furthermore, as it expands into LATAM, we believe the region could be important to its growth with an estimated GMV opportunity of $48 bln by 2025.Finally, we believe its FinTech segment could leverage on the opportunity in South East Asia and estimated its market to reach $22.2 bln by 2025 at a CAGR of 162%.As the largest internet retailer in Southeast Asia, we analyzed Sea Limited's (NYSE:SE) competitive positioning as the leading e-commerce retailer in the region. We also examined its e-commerce expansion into LATAM, in which it has already secured a leading position.Sea, Khaveen InvestmentsWhile 51.5% of its revenue is derived from Internet Retail, Sea also derives 43.4% of its revenue from gaming revenues under its Digital Entertainment Segment. Looking further into this segment, we believe this segment’s revenue is highly dependent on its only in-house developed game, Free Fire.We also noticed the company's significant initiatives in the Fintech Industry, which we believe could be a major driver of the company’s growth moving forward. To determine its potential market share gain in this market, we looked at other companies that deployed similar business model mixes of Internet Retail and Fintech, such as Alibaba (BABA, BABAF) and MercadoLibre (MELI).E-Commerce Leader of the Developing WorldSea, Khaveen InvestmentsWith 63.45% of the company’s total revenue derived from Southeast Asia, we believed the company would hold a dominant position in this region. To determine Shopee's (Sea Limited) competitive positioning in Southeast Asia, we looked into monthly web visits of more than 49 e-commerce platforms across this region from iPrice. We calculated their market share from Q1 2019 to Q4 2021 across the top 6 countries in Southeast Asia by GDP (Indonesia, Thailand, Vietnam, Philippines, Singapore and Malaysia). To determine the growth prospects of the market, we also compiled data on the size, and historical 5-year and forward 4-year CAGR of the Internet Retail industry (in terms of the Internet Retail transaction volumes from Statista).iPrice, Khaveen InvestmentsBased on the chart above, Shopee’s market share has increased significantly in all 6 markets from Q1 2019 to Q4 2021. In Vietnam, they strengthened their No. 1 position against Lazada in Q1 2019. In Thailand, Malaysia, the Philippines, and Singapore, Shopee grew from the No. 2 Position to unseat Lazada from the No. 1 position. Even in Indonesia, where Tokopedia remains at No. 1, Shopee has closed the gap considerably to Tokopedia, with their market share more than doubling from 15.82% to 34.27%. Although Tokopedia also gained market share, Shopee now remains just 4.61% market share points behind Tokopedia. Additionally, Shopee has more than 50% market share in Thailand, Malaysia and the Philippines. As Tokopedia is not even in the Top 3 positions in any country outside Indonesia, we see Shopee as the undisputed e-commerce leader in Southeast Asia.In 2021, Indonesia was the largest market with $53 bln (more than twice the size of 2ndplace Thailand) in transaction volumes fueled by its historical CAGR of 74.1% which has been the highest among the 6 countries. Surprisingly, Sea Limited, a Singaporean company, only has a 40.46% market share which is the second-lowest in terms of market share. Singapore also has the smallest transaction volume of $7.1 bln, which is 13.40% of Indonesia’s transaction volume. We tabulated the results of each country's transaction volume per GDP as below:Geographic Region2021 Shopee Market Share2021 Market Sales Volume ($ bln)2021 Shopee Sales Volume ($ bln)Share of Total Volume2020 GDP ($bln)Sales Volume/GDPGDP Growth % (2022F)Indonesia38.88%5320.637.4%1,0585.0%5.4%Vietnam32.33%134.27.6%2714.8%6.0%Thailand50.57%2110.619.3%5024.2%3.3%Philippines62.38%127.513.6%3613.3%6.5%Malaysia66.44%149.316.9%3374.2%5.6%Singapore40.46%7.12.95.2%3402.1%4.0%Total55.1Source: Statista,IMF, Khaveen InvestmentsAs seen, Singapore has the lowest transaction volume per GDP, while Indonesia has the highest followed by Vietnam. In terms of 2022 expected GDP growth, Thailand is the lowest (3.30%) while the Philippines is the highest (6.5%), and Vietnam has the second highest (6%). In terms of our analysis of transaction volume/GDP and GDP growth rates, we see the Philippines market as having the best prospects while Singapore has the worst.To determine the appropriate gauge of its e-commerce revenue breakdown, we first derived its monthly views breakdown by region. We then factor in its market share of total transaction volumes based on its web traffic share, multiplied by the overall transaction volume size of each country.Sea Southeast Asia E-commerce ($ mln)20212022F2023F2024F2025F2026FEstimated Southeast Asia GMV ('a')59,09468,15278,62790,743104,764120,994Growth (%)66.93%15.33%15.37%15.41%15.45%15.49%Take Rate ('b')8.67%10.78%12.89%15.01%17.12%19.23%Increase %2.55%2.11%2.11%2.11%2.11%2.11%Southeast Asia E-commerce Revenue ('c')5,1237,34810,13813,61817,93523,270Growth %43.43%37.97%34.32%31.70%29.74%*c = a x bSource: Sea, Khaveen InvestmentsIf we assume the company’s take rate is the same in all countries, we see this as a good gauge of its revenue breakdown. Overall, we see the company’s main e-commerce markets as Indonesia (33.2%), followed by Thailand (20.2%) and Malaysia (16.0%). In terms of forecasted growth rates, the average is 16.14% based on Statista. While Indonesia is the largest market, Statista forecasts Indonesia’s forward growth at just 12.95% which is the slowest moving forward.On the other hand, 3rdplaced Malaysia (with $14 bln in transaction volumes) is forecasted to be the fastest-growing in the region with an 18.49% forward CAGR. To obtain the company’s weighted average transaction volumes growth moving forward excluding take rate increase and market share gain, we calculated the weighted growth based on Statista country forecasts. To calculate the company’s historical take rate, we compiled data on the company’s past e-commerce revenue and GMV. The average annual take rate increase since 2017 has been 2.11%. Overall, we projected its Southeast Asia e-commerce revenue to grow by 43.4% in 2022 and a 5-year forward average of 35.4%.E-Commerce Leader of LATAMBesides Southeast Asia, the company had expanded into Latin America’s e-commerce markets such as Brazil in 2019 and recently 2021, Mexico, Chile and Colombia. In the past 3 years, its revenue contribution from the LATAM region has increased from 13% to 18.6% in 2021 based on its annual report. According toApptopia, within 2 years of its launch, Shopee overtook Amazon (AMZN) and MercadoLibre to become the leading shopping app by monthly active users with a share of over 30% in 2021.ApptopiaAlthough Shopee is based in Singapore, it depends heavily on sellers from China which makes up the majority of its sellers on its platform. According to KPMG, China was ranked the second-lowest in terms of its manufacturing costs index. Thus, we believe this indicates Shopee’s advantage by keeping costs low. According to analyst Thiago Macruz from Itaú, Shopee carved a niche by selling low-cost products with free shipping. However, in Brazil, Shopee has also grown its number of local sellers to over 1 mln and has become the majority of its marketplace sellers. Previously, it charged low commission fees (6%) in comparison to competitors such as MercadoLibre at 17% but had raised its fees higher than Mercado.According to Macruz, another factor is Shopee’s focus on enhancing its user experience through gamification on Shopee’s platform with mini-games that provides rewards. Furthermore, the company’s management explained in the latest earnings briefing that is committed to improving its tech capabilities and experience for users.Just two years after entering Brazil, the world’s sixth largest market by population, we are making rapid progress towards market leadership. We therefore remain focused on high quality execution alongside consistent innovation and investments in our tech capabilities to provide a differentiated experience to our users. –Forrest Li, CEOLATAM E-commerce Market ($bln)20212022F2023F2024F2025FLATAM Market Size ($ bln)85104121138160Growth %25.0%22.4%16.3%14.0%15.9%Shopee Market Share4%6%10%18%30%Shopee LATAM GMV3.136.2012.2624.2648Growth %97.9%97.9%97.9%97.9%Source: Fidelity, Morgan Stanley, YipitData, Khaveen InvestmentsAll in all, we expect the company to capitalize on the LATAM e-commerce market opportunity as it had already secured a lead over competitors despite its recent entry and as it expands into other regions within LATAM supported by its cost advantages and focus on user engagement. According to Fidelity, the LATAM e-commerce market is forecasted to grow to $160 bln by 2025. According to YipitData, Sea’s GMV from Brazil was estimated to have accounted for 5.3% of its GMV. Assuming Shopee’s share of 30% based on its MAU share from Apptopia, we estimated its GMV opportunity to be $48 bln by 2025 which is 31% of its total forecasted GMV. Overall, we projected its total e-commerce (including LATAM and Southeast Asia) revenue to grow by an average of 50.5% through 2025.Sea Total E-commerce Forecast ($ mln)202020212022F2023F2024F2025FGMV35,40059,09468,15278,62790,743104,764Add: LATAM GMV3,5066,19712,26124,26048,000Total GMV35,40062,60074,34990,888115,003152,764Growth %102.29%76.84%18.77%22.24%26.53%32.83%Take Rate %6.1%8.7%10.8%12.9%15.0%17.1%E-commerce Revenue2,1675,1238,01611,71917,25826,152Growth %159.75%136.40%56.47%46.20%47.26%51.53%Source: Sea, Fidelity, Morgan Stanley, YipitData, Khaveen InvestmentsFinTech ExpansionsMoreover, the company also has a fintech segment which providese-wallet payment services through SeaMoney as well as credit lending. In Indonesia, ShopeePay was the most popular e-wallet at a 68% user penetration rate ahead of competitors OVO and DANA. However, GCash was the mostpopular in the Philippines and GrabPay (GRAB) inMalaysiaandSingapore.Based on the chart above by Temasek and Bain of the breakdown of the SEA population by banked, underbanked and unbanked categories, the region with the largest share of the unbanked population in Vietnam represents almost 70% of the population. This is followed by the Philippines and Indonesia. However, Indonesia has the largest unbanked population at 92 mln. Thus, we believe the vast underbanked and unbanked population presents the company with an opportunity to capitalize on its fintech expansion.Besides digital payments, the company had applied for and wa sawarded digital banking licenses from Singapore and Malaysia’s central banks. The company also acquired an Indonesian bank, Bank BKE, in 2021. Its competitor GojekacquiredBank Jagoas to offer financial services to merchants and drivers. From its latest earnings briefing, the company explained that besides e-wallets, the company also offered more products such as offering credit to consumers and merchants and insurance as well as the possibility of wealth management products in the future.And in other markets, we are also rolling out increasing number of SeaMoney products, including continue to strengthen our market leadership on the e-wallet side, and the leveraging that offer more products across credit to both the consumers and our SME merchants, and also the insurance product – Intertek products, and potentially down the road wealth management products, of course in collaboration with financial institutions, and our digital banking products also being rolled out not only in Indonesia. - Yanjun Wang, Group Chief Corporate OfficerWe believe Sea’s expansion into fintech is comparable to Alibaba’s Ant Group whose operations span digital payments, lending, insurance and wealth management. Founded in 2014, the company had managed to achieve around $18 bln in revenue in its fourth year. Based on the Fintech market revenue in 2018 by Deloitte of $108.6 bln, we calculated its market share by its segments. In comparison, MercadoLibre had also expanded into fintech more recently in 2018 but only focused on digital wallets with Mercado Pago in Argentina.Ant GroupRevenue ($ bln)Market ShareDigital Payments76.4%Digital Lending3.53.3%Insurance0.70.6%Total Ant11.210%MercadoLibreRevenue ($ bln)Market ShareDigital Payments21.4%Source: Ant Group, MercadoLibre, Deloitte, Khaveen InvestmentsAccording to management in its earnings briefing, it highlighted that adoption of its credit products was a key driver of revenue growth and expected it to continue. Also, it stated that 30% of active users have used multiple SeaMoney products. Additionally, it also announced that it had obtained a financial institution license in Brazil which could allow it to expand internationally.We estimated the company’s Fintech market opportunity in 2025 based on Ant Group and MercadoLibre’s market share in its fourth year and the projected fintech market size of $284 bln by 2025 at a CAGR of 13.9%.Sea FintechRevenue ($ bln) (2025F)Market ShareDigital Payments11.23.9%Digital Lending9.33.3%Insurance1.80.6%Total Sea22.27.8%Source: Khaveen InvestmentsSegments ($ mln)202020212022F2023F2024F2025FDigital Financial Services614701,2323,2298,46822,201Growth (%)560.87%672.65%162%162%162%162%Source: Khaveen InvestmentsAs the company expands into Fintech such as with SeaMoney in digital payments, lending and insurance, we believe the company’s segment outlook is buoyed by the large underbanked and unbanked population within the SEA region, especially in large markets such as Indonesia, Vietnam and Philippines. As the company secured digital banking licenses, we expect it to continue focusing on its fintech expansion to target these markets. Moreover, we also view its expansion into Fintech as similar to other e-commerce platforms such as Ant Group and MercadoLibre. As such, we projected its fintech segment with a revenue opportunity of $22.2 bln by 2025 based on the market share of its Ant Group and MercadoLibre.Risk: High Dependency on Free FireThe company’s largest segment is digital entertainment which was 43% of total revenue. The company’s most popular game is FreeFire whichcontributed$1.1 bln or 26% of its total revenue in 2021 according to Pocket Gamer. Based on Apptopia, the average life spanof games to stay within the top 50 in the app store was only 27.75 days. That said, Freefire was launched in 2017 but its daily active users have still increased in 2021 to a peak of 150 mln in Q2 compared to its active users of 80 mln in 2020 and 50 mln in the prior year. Recently in 2022, Indiabannedthe FreeFire game along with 54 Chinese apps due to security concerns. According to App Annie, the game was the highest-grossing mobile game in India in Q3 2021. Though, Morgan Stanley (MS)estimated its sales from the country to be $475 mln or 11% of its segment revenue in 2021.ValuationWe summarized our revenue projections for the company in the table below according to its digital entertainment which we projected based on the market forecast CAGR of 11.9% as well as its e-commerce and digital financial services segments based on our projections as discussed above.Segments ($ mln)20212022F2023F2024F2025FDigital Entertainment4,3204,8345,4096,0536,773Growth (%)114.29%11.90%11.90%11.90%11.90%E-commerce5,1238,01611,71917,25826,152Growth (%)136.40%56.47%46.20%47.26%51.53%Digital Financial Services4701,2323,2298,46822,201Growth (%)672.65%162%162%162%162%Other Services4242424242Growth (%)-67.83%0.00%0.00%0.00%0.00%Total Revenue9,95514,12420,40131,82155,169Growth (%)127.51%41.88%44.44%55.98%73.37%Source: Khaveen InvestmentsTo value the company, we used a P/S valuation as we forecasted its revenue growth to grow robustly above 40%. We based its P/S ratio on the weighted average of competitors for its digital entertainment and e-commerce segments.Weighted Average P/SWeightP/SGaming43.4%4.43xE-commerce51.5%3.09xWeighted P/S3.51xSource: Khaveen InvestmentsBased on a weighted P/S of 3.51x, we derived its 2024 price target with an upside of 146%. Based on that, we derived a 2022 price target with an upside of 35%.Valuation2022F2023F2024FRevenue14,12420,40131,821P/S3.51x3.51x3.51xValuation ($ mln)49,57571,605111,691Shares Outstanding559.74559.74559.74Price Target$105.10$144.82$199.54Current Price$76.28$76.28$76.28Upside37.8%89.9%161.6%Source: Khaveen InvestmentsVerdictSea has grown over the years to become the leader of e-commerce in Southeast Asia which is a key region accounting for 63% of its revenues. Based on our projection of its estimated GMV by country in Southeast Asia, we projected its e-commerce revenue in the region to grow by 43.4% in 2022. Furthermore, as the company expands into LATAM such as Brazil, Mexico, Chile, and Colombia, we believe the region could present it with an e-commerce GMV opportunity of $48 bln or 50% of its GMV by 2025 as it had already secured a lead with over 30% share of active users.","news_type":1},"isVote":1,"tweetType":1,"viewCount":91,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9043811237,"gmtCreate":1655904553329,"gmtModify":1676535728804,"author":{"id":"4097829462255070","authorId":"4097829462255070","name":"ZZA","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097829462255070","authorIdStr":"4097829462255070"},"themes":[],"htmlText":"China&nbsp;EV good buyimg","listText":"China&nbsp;EV good buyimg","text":"China EV good buyimg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043811237","repostId":"1199338318","repostType":4,"repost":{"id":"1199338318","kind":"news","pubTimestamp":1655881422,"share":"https://ttm.financial/m/news/1199338318?lang=&edition=fundamental","pubTime":"2022-06-22 15:03","market":"us","language":"en","title":"5 Best Chinese Stocks: Two Tesla Rivals Near Buy Points","url":"https://stock-news.laohu8.com/highlight/detail?id=1199338318","media":"Investor's Business Daily","summary":"Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to b","content":"<html><head></head><body><p>Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? Among the best are <a href=\"https://laohu8.com/S/JD\">JD.com</a>, <a href=\"https://laohu8.com/S/NTES\">NetEase</a>, <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/XPEV\">Xpeng</a> and <a href=\"https://laohu8.com/S/BYDDF\">BYD Co.</a>.</p><p>China is the world&#39;s most-populous nation and the second-largest economy, with a booming urban middle class and amazing entrepreneurial activity. Dozens of Chinese stocks are often among the top performers at any given time, across an array of sectors.</p><p>China EV sales for <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/XPEV\">Xpeng</a> and <a href=\"https://laohu8.com/S/NIO\">Nio </a> rebounded somewhat in May as restrictions eased slightly, following sharp declines in April. A full recovery may not occur for a few more weeks.</p><p>However, EV giant BYD, benefiting from in-house chips and batteries, reported yet another month of record sales in May.</p><p>Several local governments are providing modest subsidies for EV or hybrid sales, including Shenzhen and Shanghai. The Chinese government will encourage affordable EV and hybrid sales in rural areas.</p><p>Several EV makers, including <a href=\"https://laohu8.com/S/BYDDY\">BYD</a> and Li Auto, plan new model unveilings or deliveries in the new few weeks.</p><h3>Best Chinese Stocks Across Many Industries</h3><p>As the world&#39;s largest internet market, it&#39;s no surprise to see big growth from China stocks focusing on e-commerce, messaging or mobile gaming. Notable Chinese internet stocks include:</p><ul><li><a href=\"https://laohu8.com/S/BABA\">Alibaba </a></li><li><a href=\"https://laohu8.com/S/JD\">JD.com </a></li><li><a href=\"https://laohu8.com/S/PDD\">Pinduoduo </a></li><li><a href=\"https://laohu8.com/S/TCEHY\">Tencent </a></li><li><a href=\"https://laohu8.com/S/VIPS\">Vipshop </a></li><li><a href=\"https://laohu8.com/S/BIDU\">Baidu </a></li><li><a href=\"https://laohu8.com/S/TME\">Tencent Music Entertainment </a></li><li><a href=\"https://laohu8.com/S/NTES\">NetEase </a></li><li><a href=\"https://laohu8.com/S/TCOM\">Trip.com </a></li><li><a href=\"https://laohu8.com/S/DADA\">Dada Nexus </a></li><li><a href=\"https://laohu8.com/S/BILI\">Bilibili </a></li><li><a href=\"https://laohu8.com/S/YY\">Joy </a></li><li><a href=\"https://laohu8.com/S/BEKE\">KE Holdings </a></li></ul><p>In electric vehicles, several Chinese companies are becoming serious rivals to Tesla (TSLA) in the world&#39;s biggest auto market.</p><ul><li><a href=\"https://laohu8.com/S/NIO\">Nio </a></li><li><a href=\"https://laohu8.com/S/XPEV\">Xpeng Motors </a></li><li><a href=\"https://laohu8.com/S/LI\">Li Auto </a></li><li><a href=\"https://laohu8.com/S/BYDDF\">BYD Co. </a></li></ul><p>Several China stocks are in solar power.</p><ul><li><a href=\"https://laohu8.com/S/DQ\">Daqo New Energy </a></li><li><a href=\"https://laohu8.com/S/JKS\">JinkoSolar </a></li></ul><p>For-profit education Chinese stocks are a notable nontech sector.</p><ul><li><a href=\"https://laohu8.com/S/EDU\">New Oriental Education </a></li><li><a href=\"https://laohu8.com/S/TAL\">TAL Education </a></li><li><a href=\"https://laohu8.com/S/YQ\">17 Education &amp; Technology Group </a></li><li><a href=\"https://laohu8.com/S/GOTU\">Gaotu Techedu </a>, formerly known as GSX Techedu.</li></ul><h3>China Stock Investing Via ETFs</h3><p>One way to minimize individual China stock risks is via ETFs. Another advantage of buying ETFs is that a growing number of Chinese companies are listing in Hong Kong or Shanghai, instead of or in addition to the U.S.</p><p>KraneShares CSI China Internet ETF (KWEB) tracks major Chinese internet companies. Many Chinese stock holdings in the KWEB ETF are U.S. listed or traded, such as Alibaba stock, JD.com, Tencent, Pinduoduo and Bilibili, but KWEB also holds companies listed on Chinese markets. Direxion Daily FTSE China Bull (YINN) is a three-times-leveraged ETF of the 50 largest companies listed in Hong Kong, including Alibaba, JD.com and Tencent stock, but its biggest weights are in financials. (The Direxion Daily FTSE China Bear (YANN) is a three-times-leveraged ETF shorting Hong Kong&#39;s biggest companies.)</p><h3>Best China Stocks To Buy: Key Ingredients</h3><p>Look for companies that have new, game-changing products and services. Invest in stocks with recent quarterly and annual earnings growth of at least 25%.</p><p>Start with companies with strong earnings growth, such as Pinduoduo. If they&#39;re not profitable, at least look for rapid revenue growth as with Xpeng. The best China stocks should have strong technicals, including superior price performance over time. But we&#39;ll be highlighting stocks that are near proper buy points from bullish bases or rebounds from key levels.</p><p>Chinese stocks are starting to outperform. BYD is near record highs, Li Auto and NetEase are breaking above key levels while many are rebounding off lows.</p><h3>Best Chinese Stocks To Buy Or Watch</h3><p><img src=\"https://static.tigerbbs.com/5736167b8ef174e15dd909f0bd2a414a\" tg-width=\"724\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/>So let&#39;s analyze these five top China stocks: Li Auto stock, NetEase stock, BYD stock, Xpeng stock and JD.com stock.</p><h3><a href=\"https://laohu8.com/S/LI\">Li Auto</a></h3><p>Li Auto is one of several Chinese electric-vehicle makers that trade in the U.S., competing with each other and <a href=\"https://laohu8.com/S/TSLA\">Tesla </a>.</p><p>On June 1, Li Auto reported it delivered 11,496 Li One SUV hybrids in May, up 176% vs. April and 166% vs. a year earlier. The Li One is actually a hybrid, with a small gasoline engine to extend its range. Li delivered just 4,167 in April, down 62% vs. March&#39;s 11,034 and 25% below a year earlier. Many suppliers were shut down, severely affecting Li&#39;s production.</p><p>The May data suggests Li Auto will easily top its recent Q2 delivery forecast of 21,000-24,000 Li One SUV hybrids.</p><p>Li Auto unveiled a larger, more-advanced L9 hybrid SUV on June 21, with deliveries starting in August. Li Auto recently predicted L9 deliveries would reach 10,000 by September, suggesting a big increase in</p><p>Shares sold off hard in March to their lowest levels since last May. Li stock bounced following Q1 earnings on May 10. Shares reclaimed their 50-day line in late May. LI stock recently gapped above its 200-day line and is at a five-month high.</p><p>Investors could view Li Auto as being in a six-month consolidation with a 37.55 buy point. Ideally, shares would form a long handle first.</p><p>On June 21, following the L9 reveal, Li Auto stock jumped to the buy point, hitting its close since January 2021.</p><p>The automaker has a dual listing on the Hong Kong exchange.</p><p>Li stock has a 94IBD Composite Ratingout of a best-possible 99.</p><p><b>Bottom line:</b> Li Auto stock is not a buy, but it&#39;s close.</p><h3><a href=\"https://laohu8.com/S/NTES\">NetEase</a></h3><p>NetEase reported May 24 that Q1 earnings rose slightly vs. a year earlier, defying views for a decline. Revenue rose 18%. Year over year comparisons are becoming more difficult: Q4 EPS surged 333%, with revenue growth picking up to 27%.</p><p>NetEase stock hit a record high at 134.33 in February 2021 but tumbled to 77.79 last August. Shares rallied to 118.19 on Nov. 22, right as the Nasdaq peaked, then dropped back below its 50-day and 200-day lines.</p><p>Shares hit a 22-month low on March 14, but since then have rebounded.</p><p>NetEase stock is back above its 50-day line and even the 200-day line, a key resistance level for the past several months. Shares recently hit their best levels since early February.</p><p>NTES stock is in a deep consolidation going back to late November, or as part of a massive double-bottom base from February 2021.</p><p>NTES stock recently tried to clear key resistance levels at 108. NetEase tried to break out on June 10, but pulled back. Shares have since tumbled back below their 200-day and 50-day lines.</p><p>The RS line for NTES stock has backed off after recently hitting a 52-week high.</p><p><b>Bottom line:</b> NTES stock is not a buy.</p><h3><a href=\"https://laohu8.com/S/BYDDY\">BYD</a></h3><p>BYD is the biggest pure-play Chinese EV maker. It makes electric cars and buses and many hybrids. It&#39;s also a major EV battery maker. Warren Buffett&#39;s <b>Berkshire Hathaway</b>(BRKB) is a longtime investor.</p><p>Notably, BYD is profitable, though it was subdued in 2021 as capital spending surged to power the company&#39;s ongoing expansion. BYD reported first-quarter net income jumped 241% in local currency terms vs. a year earlier. That was in line with a recent forecast for 174%-300% growth. Revenue rose 63%.</p><p>On June 2, China EV and battery giant <b>BYD</b>(BYDDF) reported May sales of 114,943 EVs and plug-in hybrids. Sales surged 250% vs. a year earlier and rose 8% vs. April&#39;s 106,042.</p><p>BYD sold 114,183 passenger new energy vehicles in May.That includes 53,349 EVs, a slight decline vs. April, and 60,834 PHEVs.</p><p>Hybrid sales have surged thanks to a new, fuel-efficient DM-i system that provides substantial battery range. As of the end of March, BYD ended production of its traditional gas-powered cars.</p><p>BYD largely avoided April production hiccups amid China&#39;s Covid lockdowns, helped by its in-house battery and chip operations.</p><p>The automaker is conservatively targeting 1.5 million in unit sales, or up to 2 million if supply constraints ease.</p><p>BYD is beginning mass production of its Seal sedan this month, suggesting deliveries will start in the next month. The Seal is a Model 3 rival, with similar range but $10,000 cheaper. Unlike many Tesla rivals, when BYD launches a new model, it quickly produces in volume.</p><p>Like Nio and Xpeng, BYD began selling EVs in Norway in late 2021, starting with the Tang SUV.</p><p>The China EV giant does plan to move upscale significantly. It will unveil a high-end brand in the third quarter and roll out its first model in the fourth quarter, a BYD executive said on May 22. Prior reports suggest it could be called Xingji, which means &#34;star.&#34; The brand will target the luxury market for 800,000 ($119,520) to 1.5 million yuan vehicles, the exec said, who added that the first model will be an off-road SUV.</p><p>BYD&#39;s 90%-owned Danza unit has just launched a minivan in the affordable luxury space. A Danza SUV will be unveiled soon. Mercedes-Benz owns 10% of Danza.</p><p>On June 8, a BYD executive said the company will supply batteries to Tesla, after months of speculation.</p><p>Toyota reportedly will make a small EV car for the China market in late 2022, using BYD Blade batteries. It&#39;s possible that BYD will play a big role in Toyota&#39;s new, sweeping EV push in the coming years.</p><p>Stocks plunged to a multimonth low on March 14 but have rebounded powerfully. Shares jumped on April 4 back above the 50-day. The EV and battery giant has generally held the 50-day line since then, trading relatively tightly over the past several weeks, before a bullish upside reversal in the week ended May 13.</p><p>On May 17, BYD jumped above a mini-consolidation within a 48%-deepcup baseand then moved above the 200-day line. BYD stock blew past an early entry in late May and has continued to move toward record highs.</p><p>On a weekly chart, BYD stock now has a handle with a 39.81 buy point. Ideally, the handle would build out over a few weeks or longer. Shares are well extended from the 200-day and 50-day line.</p><p>The relative strength line has been hitting record highs.</p><p>BYD is listed in Hong Kong and trades over the counter in the U.S. The BYDDF stock chart is prone to lots of little gaps up and down.</p><p>Warren Buffett&#39;s Berkshire Hathaway is a longtime investor in BYD. Cathie Wood&#39;s Ark Invest has a small stake in BYD.</p><p><b>Bottom line:</b> BYD stock is not a buy, but it&#39;s closing in on a breakout.</p><h3><a href=\"https://laohu8.com/S/EPEV\">Xpeng </a></h3><p>Xpeng makes the G3 small SUV, the P7 sedan and the smaller P5 sedan. On Nov. 12, Xpeng unveiled the G9 SUV, saying it&#39;s targeted for international markets. The fast-charging SUV is due to launch in Q3 2022.</p><p>The EV maker has now opened P5 reservations in Norway, Denmark, Sweden and the Netherlands. It already sells some G3 SUVs and P7 sedans in Norway.</p><p>Xpeng reported an in-line first-quarter loss, with revenue up 153%.</p><p>Xpeng said June 21 that it had delivered a cumulative 200,000 EVs. That means that it&#39;s delivered at least 8,359 vehicles in June so far.</p><p>Xpeng delivered 10,125 vehicles in May, the automaker announced on June 1. That was up 12.5% vs. April and 78% vs. May 2021. The EV maker delivered 9,002 vehicles in April, down 42% vs. March.</p><p>Xpeng had previously forecast it would deliver 31,000-34,000 EVs in the second quarter. That would be below the34,561 EVs that China&#39;s Xpeng deliveredin Q1, up 159% vs. a year earlier.</p><p>Xpeng reportedly is undergoing an executive shakeup that signals a reined-in approach to European expansion, amid lackluster sales and overall limited production. The automaker also appears to be shifting toward higher-end EVs vs. mass-market vehicles.</p><p><b>Bottom line:</b> Xpeng stock is not a buy.</p><h3><a href=\"https://laohu8.com/S/ID\">JD.com</a></h3><p>JD.com is a Chinese e-commerce giant.</p><p>The online retailer reported better-than-expected first-quarter earnings on May 17, with revenue up 18%. Results largely came before the massive Shanghai Covid lockdowns.</p><p>JD.com stock peaked at 108.29 in February 2021, and bottomed at a two-year low of 46.83 in May 2022.</p><p>Shares rebounded back above its 50-day line but have stalled after nearing the 200-day line.</p><p>Even with the lockdowns over, consumer spending could take months to recover, CEO Xin Lijun told Bloomberg on June 17. JD.com is exploring an expansion into food delivery, he said.</p><p>But JD.com shares jumped on June 17, along with many other Chinese stocks, but fell modestly on June 21.</p><p>JD.com founder Richard Liu recently stepped down as CEO. He remains chairman.</p><p><b>Bottom line:</b> JD.com is not a buy.</p></body></html>","source":"lsy1610612141385","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Best Chinese Stocks: Two Tesla Rivals Near Buy Points</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Best Chinese Stocks: Two Tesla Rivals Near Buy Points\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-22 15:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/news/best-chinese-stocks-to-buy/><strong>Investor's Business Daily</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? Among the best are JD.com, NetEase, Li Auto, Xpeng and BYD Co..China is the ...</p>\n\n<a href=\"https://www.investors.com/news/best-chinese-stocks-to-buy/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","JD":"京东","BYDDF":"BYD Co., Ltd.","LI":"理想汽车","NTES":"网易","TSLA":"特斯拉"},"source_url":"https://www.investors.com/news/best-chinese-stocks-to-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199338318","content_text":"Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? Among the best are JD.com, NetEase, Li Auto, Xpeng and BYD Co..China is the world's most-populous nation and the second-largest economy, with a booming urban middle class and amazing entrepreneurial activity. Dozens of Chinese stocks are often among the top performers at any given time, across an array of sectors.China EV sales for Li Auto, Xpeng and Nio  rebounded somewhat in May as restrictions eased slightly, following sharp declines in April. A full recovery may not occur for a few more weeks.However, EV giant BYD, benefiting from in-house chips and batteries, reported yet another month of record sales in May.Several local governments are providing modest subsidies for EV or hybrid sales, including Shenzhen and Shanghai. The Chinese government will encourage affordable EV and hybrid sales in rural areas.Several EV makers, including BYD and Li Auto, plan new model unveilings or deliveries in the new few weeks.Best Chinese Stocks Across Many IndustriesAs the world's largest internet market, it's no surprise to see big growth from China stocks focusing on e-commerce, messaging or mobile gaming. Notable Chinese internet stocks include:Alibaba JD.com Pinduoduo Tencent Vipshop Baidu Tencent Music Entertainment NetEase Trip.com Dada Nexus Bilibili Joy KE Holdings In electric vehicles, several Chinese companies are becoming serious rivals to Tesla (TSLA) in the world's biggest auto market.Nio Xpeng Motors Li Auto BYD Co. Several China stocks are in solar power.Daqo New Energy JinkoSolar For-profit education Chinese stocks are a notable nontech sector.New Oriental Education TAL Education 17 Education & Technology Group Gaotu Techedu , formerly known as GSX Techedu.China Stock Investing Via ETFsOne way to minimize individual China stock risks is via ETFs. Another advantage of buying ETFs is that a growing number of Chinese companies are listing in Hong Kong or Shanghai, instead of or in addition to the U.S.KraneShares CSI China Internet ETF (KWEB) tracks major Chinese internet companies. Many Chinese stock holdings in the KWEB ETF are U.S. listed or traded, such as Alibaba stock, JD.com, Tencent, Pinduoduo and Bilibili, but KWEB also holds companies listed on Chinese markets. Direxion Daily FTSE China Bull (YINN) is a three-times-leveraged ETF of the 50 largest companies listed in Hong Kong, including Alibaba, JD.com and Tencent stock, but its biggest weights are in financials. (The Direxion Daily FTSE China Bear (YANN) is a three-times-leveraged ETF shorting Hong Kong's biggest companies.)Best China Stocks To Buy: Key IngredientsLook for companies that have new, game-changing products and services. Invest in stocks with recent quarterly and annual earnings growth of at least 25%.Start with companies with strong earnings growth, such as Pinduoduo. If they're not profitable, at least look for rapid revenue growth as with Xpeng. The best China stocks should have strong technicals, including superior price performance over time. But we'll be highlighting stocks that are near proper buy points from bullish bases or rebounds from key levels.Chinese stocks are starting to outperform. BYD is near record highs, Li Auto and NetEase are breaking above key levels while many are rebounding off lows.Best Chinese Stocks To Buy Or WatchSo let's analyze these five top China stocks: Li Auto stock, NetEase stock, BYD stock, Xpeng stock and JD.com stock.Li AutoLi Auto is one of several Chinese electric-vehicle makers that trade in the U.S., competing with each other and Tesla .On June 1, Li Auto reported it delivered 11,496 Li One SUV hybrids in May, up 176% vs. April and 166% vs. a year earlier. The Li One is actually a hybrid, with a small gasoline engine to extend its range. Li delivered just 4,167 in April, down 62% vs. March's 11,034 and 25% below a year earlier. Many suppliers were shut down, severely affecting Li's production.The May data suggests Li Auto will easily top its recent Q2 delivery forecast of 21,000-24,000 Li One SUV hybrids.Li Auto unveiled a larger, more-advanced L9 hybrid SUV on June 21, with deliveries starting in August. Li Auto recently predicted L9 deliveries would reach 10,000 by September, suggesting a big increase inShares sold off hard in March to their lowest levels since last May. Li stock bounced following Q1 earnings on May 10. Shares reclaimed their 50-day line in late May. LI stock recently gapped above its 200-day line and is at a five-month high.Investors could view Li Auto as being in a six-month consolidation with a 37.55 buy point. Ideally, shares would form a long handle first.On June 21, following the L9 reveal, Li Auto stock jumped to the buy point, hitting its close since January 2021.The automaker has a dual listing on the Hong Kong exchange.Li stock has a 94IBD Composite Ratingout of a best-possible 99.Bottom line: Li Auto stock is not a buy, but it's close.NetEaseNetEase reported May 24 that Q1 earnings rose slightly vs. a year earlier, defying views for a decline. Revenue rose 18%. Year over year comparisons are becoming more difficult: Q4 EPS surged 333%, with revenue growth picking up to 27%.NetEase stock hit a record high at 134.33 in February 2021 but tumbled to 77.79 last August. Shares rallied to 118.19 on Nov. 22, right as the Nasdaq peaked, then dropped back below its 50-day and 200-day lines.Shares hit a 22-month low on March 14, but since then have rebounded.NetEase stock is back above its 50-day line and even the 200-day line, a key resistance level for the past several months. Shares recently hit their best levels since early February.NTES stock is in a deep consolidation going back to late November, or as part of a massive double-bottom base from February 2021.NTES stock recently tried to clear key resistance levels at 108. NetEase tried to break out on June 10, but pulled back. Shares have since tumbled back below their 200-day and 50-day lines.The RS line for NTES stock has backed off after recently hitting a 52-week high.Bottom line: NTES stock is not a buy.BYDBYD is the biggest pure-play Chinese EV maker. It makes electric cars and buses and many hybrids. It's also a major EV battery maker. Warren Buffett's Berkshire Hathaway(BRKB) is a longtime investor.Notably, BYD is profitable, though it was subdued in 2021 as capital spending surged to power the company's ongoing expansion. BYD reported first-quarter net income jumped 241% in local currency terms vs. a year earlier. That was in line with a recent forecast for 174%-300% growth. Revenue rose 63%.On June 2, China EV and battery giant BYD(BYDDF) reported May sales of 114,943 EVs and plug-in hybrids. Sales surged 250% vs. a year earlier and rose 8% vs. April's 106,042.BYD sold 114,183 passenger new energy vehicles in May.That includes 53,349 EVs, a slight decline vs. April, and 60,834 PHEVs.Hybrid sales have surged thanks to a new, fuel-efficient DM-i system that provides substantial battery range. As of the end of March, BYD ended production of its traditional gas-powered cars.BYD largely avoided April production hiccups amid China's Covid lockdowns, helped by its in-house battery and chip operations.The automaker is conservatively targeting 1.5 million in unit sales, or up to 2 million if supply constraints ease.BYD is beginning mass production of its Seal sedan this month, suggesting deliveries will start in the next month. The Seal is a Model 3 rival, with similar range but $10,000 cheaper. Unlike many Tesla rivals, when BYD launches a new model, it quickly produces in volume.Like Nio and Xpeng, BYD began selling EVs in Norway in late 2021, starting with the Tang SUV.The China EV giant does plan to move upscale significantly. It will unveil a high-end brand in the third quarter and roll out its first model in the fourth quarter, a BYD executive said on May 22. Prior reports suggest it could be called Xingji, which means \"star.\" The brand will target the luxury market for 800,000 ($119,520) to 1.5 million yuan vehicles, the exec said, who added that the first model will be an off-road SUV.BYD's 90%-owned Danza unit has just launched a minivan in the affordable luxury space. A Danza SUV will be unveiled soon. Mercedes-Benz owns 10% of Danza.On June 8, a BYD executive said the company will supply batteries to Tesla, after months of speculation.Toyota reportedly will make a small EV car for the China market in late 2022, using BYD Blade batteries. It's possible that BYD will play a big role in Toyota's new, sweeping EV push in the coming years.Stocks plunged to a multimonth low on March 14 but have rebounded powerfully. Shares jumped on April 4 back above the 50-day. The EV and battery giant has generally held the 50-day line since then, trading relatively tightly over the past several weeks, before a bullish upside reversal in the week ended May 13.On May 17, BYD jumped above a mini-consolidation within a 48%-deepcup baseand then moved above the 200-day line. BYD stock blew past an early entry in late May and has continued to move toward record highs.On a weekly chart, BYD stock now has a handle with a 39.81 buy point. Ideally, the handle would build out over a few weeks or longer. Shares are well extended from the 200-day and 50-day line.The relative strength line has been hitting record highs.BYD is listed in Hong Kong and trades over the counter in the U.S. The BYDDF stock chart is prone to lots of little gaps up and down.Warren Buffett's Berkshire Hathaway is a longtime investor in BYD. Cathie Wood's Ark Invest has a small stake in BYD.Bottom line: BYD stock is not a buy, but it's closing in on a breakout.Xpeng Xpeng makes the G3 small SUV, the P7 sedan and the smaller P5 sedan. On Nov. 12, Xpeng unveiled the G9 SUV, saying it's targeted for international markets. The fast-charging SUV is due to launch in Q3 2022.The EV maker has now opened P5 reservations in Norway, Denmark, Sweden and the Netherlands. It already sells some G3 SUVs and P7 sedans in Norway.Xpeng reported an in-line first-quarter loss, with revenue up 153%.Xpeng said June 21 that it had delivered a cumulative 200,000 EVs. That means that it's delivered at least 8,359 vehicles in June so far.Xpeng delivered 10,125 vehicles in May, the automaker announced on June 1. That was up 12.5% vs. April and 78% vs. May 2021. The EV maker delivered 9,002 vehicles in April, down 42% vs. March.Xpeng had previously forecast it would deliver 31,000-34,000 EVs in the second quarter. That would be below the34,561 EVs that China's Xpeng deliveredin Q1, up 159% vs. a year earlier.Xpeng reportedly is undergoing an executive shakeup that signals a reined-in approach to European expansion, amid lackluster sales and overall limited production. The automaker also appears to be shifting toward higher-end EVs vs. mass-market vehicles.Bottom line: Xpeng stock is not a buy.JD.comJD.com is a Chinese e-commerce giant.The online retailer reported better-than-expected first-quarter earnings on May 17, with revenue up 18%. Results largely came before the massive Shanghai Covid lockdowns.JD.com stock peaked at 108.29 in February 2021, and bottomed at a two-year low of 46.83 in May 2022.Shares rebounded back above its 50-day line but have stalled after nearing the 200-day line.Even with the lockdowns over, consumer spending could take months to recover, CEO Xin Lijun told Bloomberg on June 17. JD.com is exploring an expansion into food delivery, he said.But JD.com shares jumped on June 17, along with many other Chinese stocks, but fell modestly on June 21.JD.com founder Richard Liu recently stepped down as CEO. He remains chairman.Bottom line: JD.com is not a buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":65,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9043813281,"gmtCreate":1655904434643,"gmtModify":1676535728779,"author":{"id":"4097829462255070","authorId":"4097829462255070","name":"ZZA","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097829462255070","authorIdStr":"4097829462255070"},"themes":[],"htmlText":"That's good","listText":"That's good","text":"That's good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043813281","repostId":"1145382896","repostType":4,"repost":{"id":"1145382896","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1655888171,"share":"https://ttm.financial/m/news/1145382896?lang=&edition=fundamental","pubTime":"2022-06-22 16:56","market":"us","language":"en","title":"Alibaba Shares Turned From Decline to Rise in Premarket Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1145382896","media":"Tiger Newspress","summary":"Alibaba's shares turned from decline to rise after falling by 3%.","content":"<html><head></head><body><p>Alibaba&#39;s shares turned from decline to rise after falling by 3%.</p><p><img src=\"https://static.tigerbbs.com/33e7957a56e9f8c7ffc1e65a547ca08c\" tg-width=\"874\" tg-height=\"619\" width=\"100%\" height=\"auto\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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We also examined its e-commerce expansion into LATAM, in which it has already secured a leading position.</p><p><img src=\"https://static.tigerbbs.com/e85c1dc2bf5549b24149abd7793978b6\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p><b>Sea, Khaveen Investments</b></p><p>While 51.5% of its revenue is derived from Internet Retail, Sea also derives 43.4% of its revenue from gaming revenues under its Digital Entertainment Segment. Looking further into this segment, we believe this segment’s revenue is highly dependent on its only in-house developed game, Free Fire.</p><p>We also noticed the company&#39;s significant initiatives in the Fintech Industry, which we believe could be a major driver of the company’s growth moving forward. To determine its potential market share gain in this market, we looked at other companies that deployed similar business model mixes of Internet Retail and Fintech, such as Alibaba (BABA, BABAF) and MercadoLibre (MELI).</p><p><b>E-Commerce Leader of the Developing World</b></p><p><img src=\"https://static.tigerbbs.com/d015600a3f8edb6aee51866cff5e6d44\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p><b>Sea, Khaveen Investments</b></p><p>With 63.45% of the company’s total revenue derived from Southeast Asia, we believed the company would hold a dominant position in this region. To determine Shopee&#39;s (Sea Limited) competitive positioning in Southeast Asia, we looked into monthly web visits of more than 49 e-commerce platforms across this region from iPrice. We calculated their market share from Q1 2019 to Q4 2021 across the top 6 countries in Southeast Asia by GDP (Indonesia, Thailand, Vietnam, Philippines, Singapore and Malaysia). To determine the growth prospects of the market, we also compiled data on the size, and historical 5-year and forward 4-year CAGR of the Internet Retail industry (in terms of the Internet Retail transaction volumes from Statista).</p><p><img src=\"https://static.tigerbbs.com/d80dfc76c2c05b40ececeb22ed7eb228\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p>iPrice, Khaveen Investments</p><p>Based on the chart above, Shopee’s market share has increased significantly in all 6 markets from Q1 2019 to Q4 2021. In Vietnam, they strengthened their No. 1 position against Lazada in Q1 2019. In Thailand, Malaysia, the Philippines, and Singapore, Shopee grew from the No. 2 Position to unseat Lazada from the No. 1 position. Even in Indonesia, where Tokopedia remains at No. 1, Shopee has closed the gap considerably to Tokopedia, with their market share more than doubling from 15.82% to 34.27%. Although Tokopedia also gained market share, Shopee now remains just 4.61% market share points behind Tokopedia. Additionally, Shopee has more than 50% market share in Thailand, Malaysia and the Philippines. As Tokopedia is not even in the Top 3 positions in any country outside Indonesia, we see Shopee as the undisputed e-commerce leader in Southeast Asia.</p><p>In 2021, Indonesia was the largest market with $53 bln (more than twice the size of 2ndplace Thailand) in transaction volumes fueled by its historical CAGR of 74.1% which has been the highest among the 6 countries. Surprisingly, Sea Limited, a Singaporean company, only has a 40.46% market share which is the second-lowest in terms of market share. Singapore also has the smallest transaction volume of $7.1 bln, which is 13.40% of Indonesia’s transaction volume. We tabulated the results of each country&#39;s transaction volume per GDP as below:</p><table><tbody><tr><td><p><b>Geographic Region</b></p></td><td><p><b>2021 Shopee Market Share</b></p></td><td><p><b>2021 Market Sales Volume ($ bln)</b></p></td><td><p><b>2021 Shopee Sales Volume ($ bln)</b></p></td><td><p><b>Share of Total Volume</b></p></td><td><p><b>2020 GDP ($bln)</b></p></td><td><p><b>Sales Volume/GDP</b></p></td><td><p><b>GDP Growth % (2022F)</b></p></td></tr><tr><td><p>Indonesia</p></td><td><p>38.88%</p></td><td><p>53</p></td><td><p>20.6</p></td><td><p>37.4%</p></td><td><p>1,058</p></td><td><p>5.0%</p></td><td><p>5.4%</p></td></tr><tr><td><p>Vietnam</p></td><td><p>32.33%</p></td><td><p>13</p></td><td><p>4.2</p></td><td><p>7.6%</p></td><td><p>271</p></td><td><p>4.8%</p></td><td><p>6.0%</p></td></tr><tr><td><p>Thailand</p></td><td><p>50.57%</p></td><td><p>21</p></td><td><p>10.6</p></td><td><p>19.3%</p></td><td><p>502</p></td><td><p>4.2%</p></td><td><p>3.3%</p></td></tr><tr><td><p>Philippines</p></td><td><p>62.38%</p></td><td><p>12</p></td><td><p>7.5</p></td><td><p>13.6%</p></td><td><p>361</p></td><td><p>3.3%</p></td><td><p>6.5%</p></td></tr><tr><td><p>Malaysia</p></td><td><p>66.44%</p></td><td><p>14</p></td><td><p>9.3</p></td><td><p>16.9%</p></td><td><p>337</p></td><td><p>4.2%</p></td><td><p>5.6%</p></td></tr><tr><td><p>Singapore</p></td><td><p>40.46%</p></td><td><p>7.1</p></td><td><p>2.9</p></td><td><p>5.2%</p></td><td><p>340</p></td><td><p>2.1%</p></td><td><p>4.0%</p></td></tr><tr><td><p>Total</p></td><td><p>55.1</p></td></tr></tbody></table><p><i>Source:</i> <i>Statista,IMF, Khaveen Investments</i></p><p>As seen, Singapore has the lowest transaction volume per GDP, while Indonesia has the highest followed by Vietnam. In terms of 2022 expected GDP growth, Thailand is the lowest (3.30%) while the Philippines is the highest (6.5%), and Vietnam has the second highest (6%). In terms of our analysis of transaction volume/GDP and GDP growth rates, we see the Philippines market as having the best prospects while Singapore has the worst.</p><p>To determine the appropriate gauge of its e-commerce revenue breakdown, we first derived its monthly views breakdown by region. We then factor in its market share of total transaction volumes based on its web traffic share, multiplied by the overall transaction volume size of each country.</p><table><tbody><tr><td><p><b>Sea Southeast Asia E-commerce ($ mln)</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td><td><p><b>2026F</b></p></td></tr><tr><td><p>Estimated Southeast Asia GMV (&#39;a&#39;)</p></td><td><p>59,094</p></td><td><p>68,152</p></td><td><p>78,627</p></td><td><p>90,743</p></td><td><p>104,764</p></td><td><p>120,994</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>66.93%</p></td><td><p>15.33%</p></td><td><p>15.37%</p></td><td><p>15.41%</p></td><td><p>15.45%</p></td><td><p>15.49%</p></td></tr><tr><td><p>Take Rate (&#39;b&#39;)</p></td><td><p>8.67%</p></td><td><p>10.78%</p></td><td><p>12.89%</p></td><td><p>15.01%</p></td><td><p>17.12%</p></td><td><p>19.23%</p></td></tr><tr><td><p>Increase %</p></td><td><p>2.55%</p></td><td><p>2.11%</p></td><td><p>2.11%</p></td><td><p>2.11%</p></td><td><p>2.11%</p></td><td><p>2.11%</p></td></tr><tr><td><p><b>Southeast Asia E-commerce Revenue (&#39;c&#39;)</b></p></td><td><p><b>5,123</b></p></td><td><p><b>7,348</b></p></td><td><p><b>10,138</b></p></td><td><p><b>13,618</b></p></td><td><p><b>17,935</b></p></td><td><p><b>23,270</b></p></td></tr><tr><td><p><b>Growth %</b></p></td><td><p><b>43.43%</b></p></td><td><p><b>37.97%</b></p></td><td><p><b>34.32%</b></p></td><td><p><b>31.70%</b></p></td><td><p><b>29.74%</b></p></td></tr></tbody></table><p><i>*c = a x b</i></p><p><i>Source: Sea, Khaveen Investments</i></p><p>If we assume the company’s take rate is the same in all countries, we see this as a good gauge of its revenue breakdown. Overall, we see the company’s main e-commerce markets as Indonesia (33.2%), followed by Thailand (20.2%) and Malaysia (16.0%). In terms of forecasted growth rates, the average is 16.14% based on Statista. While Indonesia is the largest market, Statista forecasts Indonesia’s forward growth at just 12.95% which is the slowest moving forward.</p><p>On the other hand, 3rdplaced Malaysia (with $14 bln in transaction volumes) is forecasted to be the fastest-growing in the region with an 18.49% forward CAGR. To obtain the company’s weighted average transaction volumes growth moving forward excluding take rate increase and market share gain, we calculated the weighted growth based on Statista country forecasts. To calculate the company’s historical take rate, we compiled data on the company’s past e-commerce revenue and GMV. The average annual take rate increase since 2017 has been 2.11%. Overall, we projected its Southeast Asia e-commerce revenue to grow by 43.4% in 2022 and a 5-year forward average of 35.4%.</p><p><b>E-Commerce Leader of LATAM</b></p><p>Besides Southeast Asia, the company had expanded into Latin America’s e-commerce markets such as Brazil in 2019 and recently 2021, Mexico, Chile and Colombia. In the past 3 years, its revenue contribution from the LATAM region has increased from 13% to 18.6% in 2021 based on its annual report. According toApptopia, within 2 years of its launch, Shopee overtook Amazon (AMZN) and MercadoLibre to become the leading shopping app by monthly active users with a share of over 30% in 2021.</p><p><img src=\"https://static.tigerbbs.com/54f0ce49baaa2e5a80c158bfc9a8db6a\" tg-width=\"640\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p>Apptopia</p><p>Although Shopee is based in Singapore, it depends heavily on sellers from China which makes up the majority of its sellers on its platform. According to KPMG, China was ranked the second-lowest in terms of its manufacturing costs index. Thus, we believe this indicates Shopee’s advantage by keeping costs low. According to analyst Thiago Macruz from Itaú, Shopee carved a niche by selling low-cost products with free shipping. However, in Brazil, Shopee has also grown its number of local sellers to over 1 mln and has become the majority of its marketplace sellers. Previously, it charged low commission fees (6%) in comparison to competitors such as MercadoLibre at 17% but had raised its fees higher than Mercado.</p><p>According to Macruz, another factor is Shopee’s focus on enhancing its user experience through gamification on Shopee’s platform with mini-games that provides rewards. Furthermore, the company’s management explained in the latest earnings briefing that is committed to improving its tech capabilities and experience for users.</p><blockquote>Just two years after entering Brazil, the world’s sixth largest market by population, we are making rapid progress towards market leadership. We therefore remain focused on high quality execution alongside consistent innovation and investments in our tech capabilities to provide a differentiated experience to our users. –Forrest Li, CEO</blockquote><table><tbody><tr><td><p><b>LATAM E-commerce Market ($bln)</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td></tr><tr><td><p>LATAM Market Size ($ bln)</p></td><td><p>85</p></td><td><p>104</p></td><td><p>121</p></td><td><p>138</p></td><td><p>160</p></td></tr><tr><td><p>Growth %</p></td><td><p>25.0%</p></td><td><p>22.4%</p></td><td><p>16.3%</p></td><td><p>14.0%</p></td><td><p>15.9%</p></td></tr><tr><td><p>Shopee Market Share</p></td><td><p>4%</p></td><td><p>6%</p></td><td><p>10%</p></td><td><p>18%</p></td><td><p>30%</p></td></tr><tr><td><p>Shopee LATAM GMV</p></td><td><p>3.13</p></td><td><p>6.20</p></td><td><p>12.26</p></td><td><p>24.26</p></td><td><p>48</p></td></tr><tr><td><p>Growth %</p></td><td><p>97.9%</p></td><td><p>97.9%</p></td><td><p>97.9%</p></td><td><p>97.9%</p></td></tr></tbody></table><p><i>Source:</i> <i>Fidelity, Morgan Stanley,</i> <i>YipitData, Khaveen Investments</i></p><p>All in all, we expect the company to capitalize on the LATAM e-commerce market opportunity as it had already secured a lead over competitors despite its recent entry and as it expands into other regions within LATAM supported by its cost advantages and focus on user engagement. According to Fidelity, the LATAM e-commerce market is forecasted to grow to $160 bln by 2025. According to YipitData, Sea’s GMV from Brazil was estimated to have accounted for 5.3% of its GMV. Assuming Shopee’s share of 30% based on its MAU share from Apptopia, we estimated its GMV opportunity to be $48 bln by 2025 which is 31% of its total forecasted GMV. Overall, we projected its total e-commerce (including LATAM and Southeast Asia) revenue to grow by an average of 50.5% through 2025.</p><table><tbody><tr><td><p><b>Sea Total E-commerce Forecast ($ mln)</b></p></td><td><p><b>2020</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td></tr><tr><td><p>GMV</p></td><td><p>35,400</p></td><td><p>59,094</p></td><td><p>68,152</p></td><td><p>78,627</p></td><td><p>90,743</p></td><td><p>104,764</p></td></tr><tr><td><p>Add: LATAM GMV</p></td><td><p>3,506</p></td><td><p>6,197</p></td><td><p>12,261</p></td><td><p>24,260</p></td><td><p>48,000</p></td></tr><tr><td><p>Total GMV</p></td><td><p>35,400</p></td><td><p>62,600</p></td><td><p>74,349</p></td><td><p>90,888</p></td><td><p>115,003</p></td><td><p>152,764</p></td></tr><tr><td><p>Growth %</p></td><td><p>102.29%</p></td><td><p>76.84%</p></td><td><p>18.77%</p></td><td><p>22.24%</p></td><td><p>26.53%</p></td><td><p>32.83%</p></td></tr><tr><td><p>Take Rate %</p></td><td><p>6.1%</p></td><td><p>8.7%</p></td><td><p>10.8%</p></td><td><p>12.9%</p></td><td><p>15.0%</p></td><td><p>17.1%</p></td></tr><tr><td><p><b>E-commerce Revenue</b></p></td><td><p><b>2,167</b></p></td><td><p><b>5,123</b></p></td><td><p><b>8,016</b></p></td><td><p><b>11,719</b></p></td><td><p><b>17,258</b></p></td><td><p><b>26,152</b></p></td></tr><tr><td><p><b>Growth %</b></p></td><td><p><b>159.75%</b></p></td><td><p><b>136.40%</b></p></td><td><p><b>56.47%</b></p></td><td><p><b>46.20%</b></p></td><td><p><b>47.26%</b></p></td><td><p><b>51.53%</b></p></td></tr></tbody></table><p><i>Source: Sea, Fidelity, Morgan Stanley,</i> <i>YipitData, Khaveen Investments</i></p><p><b>FinTech Expansions</b></p><p>Moreover, the company also has a fintech segment which providese-wallet payment services through SeaMoney as well as credit lending. In Indonesia, ShopeePay was the most popular e-wallet at a 68% user penetration rate ahead of competitors OVO and DANA. However, GCash was the mostpopular in the Philippines and GrabPay (GRAB) inMalaysiaandSingapore.</p><p><img src=\"https://static.tigerbbs.com/a6aee3a44b91df509418774fad568e39\" tg-width=\"640\" tg-height=\"258\" referrerpolicy=\"no-referrer\"/>Based on the chart above by Temasek and Bain of the breakdown of the SEA population by banked, underbanked and unbanked categories, the region with the largest share of the unbanked population in Vietnam represents almost 70% of the population. This is followed by the Philippines and Indonesia. However, Indonesia has the largest unbanked population at 92 mln. Thus, we believe the vast underbanked and unbanked population presents the company with an opportunity to capitalize on its fintech expansion.</p><p>Besides digital payments, the company had applied for and wa sawarded digital banking licenses from Singapore and Malaysia’s central banks. The company also acquired an Indonesian bank, Bank BKE, in 2021. Its competitor GojekacquiredBank Jagoas to offer financial services to merchants and drivers. From its latest earnings briefing, the company explained that besides e-wallets, the company also offered more products such as offering credit to consumers and merchants and insurance as well as the possibility of wealth management products in the future.</p><blockquote>And in other markets, we are also rolling out increasing number of SeaMoney products, including continue to strengthen our market leadership on the e-wallet side, and the leveraging that offer more products across credit to both the consumers and our SME merchants, and also the insurance product – Intertek products, and potentially down the road wealth management products, of course in collaboration with financial institutions, and our digital banking products also being rolled out not only in Indonesia. - Yanjun Wang, Group Chief Corporate Officer</blockquote><p>We believe Sea’s expansion into fintech is comparable to Alibaba’s Ant Group whose operations span digital payments, lending, insurance and wealth management. Founded in 2014, the company had managed to achieve around $18 bln in revenue in its fourth year. Based on the Fintech market revenue in 2018 by Deloitte of $108.6 bln, we calculated its market share by its segments. In comparison, MercadoLibre had also expanded into fintech more recently in 2018 but only focused on digital wallets with Mercado Pago in Argentina.</p><table><tbody><tr><td><p><b>Ant Group</b></p></td><td><p><b>Revenue ($ bln)</b></p></td><td><p><b>Market Share</b></p></td></tr><tr><td><p>Digital Payments</p></td><td><p>7</p></td><td><p>6.4%</p></td></tr><tr><td><p>Digital Lending</p></td><td><p>3.5</p></td><td><p>3.3%</p></td></tr><tr><td><p>Insurance</p></td><td><p>0.7</p></td><td><p>0.6%</p></td></tr><tr><td><p>Total Ant</p></td><td><p>11.2</p></td><td><p>10%</p></td></tr><tr><td><p><b>MercadoLibre</b></p></td><td><p><b>Revenue ($ bln)</b></p></td><td><p><b>Market Share</b></p></td></tr><tr><td><p>Digital Payments</p></td><td><p>2</p></td><td><p>1.4%</p></td></tr></tbody></table><p><i>Source: Ant Group, MercadoLibre, Deloitte, Khaveen Investments</i></p><p>According to management in its earnings briefing, it highlighted that adoption of its credit products was a key driver of revenue growth and expected it to continue. Also, it stated that 30% of active users have used multiple SeaMoney products. Additionally, it also announced that it had obtained a financial institution license in Brazil which could allow it to expand internationally.</p><p>We estimated the company’s Fintech market opportunity in 2025 based on Ant Group and MercadoLibre’s market share in its fourth year and the projected fintech market size of $284 bln by 2025 at a CAGR of 13.9%.</p><table><tbody><tr><td><p><b>Sea Fintech</b></p></td><td><p><b>Revenue ($ bln) (2025F)</b></p></td><td><p><b>Market Share</b></p></td></tr><tr><td><p>Digital Payments</p></td><td><p>11.2</p></td><td><p>3.9%</p></td></tr><tr><td><p>Digital Lending</p></td><td><p>9.3</p></td><td><p>3.3%</p></td></tr><tr><td><p>Insurance</p></td><td><p>1.8</p></td><td><p>0.6%</p></td></tr><tr><td><p><b>Total Sea</b></p></td><td><p><b>22.2</b></p></td><td><p><b>7.8%</b></p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><table><tbody><tr><td><p><b>Segments ($ mln)</b></p></td><td><p><b>2020</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td></tr><tr><td><p>Digital Financial Services</p></td><td><p>61</p></td><td><p>470</p></td><td><p>1,232</p></td><td><p>3,229</p></td><td><p>8,468</p></td><td><p>22,201</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>560.87%</p></td><td><p>672.65%</p></td><td><p>162%</p></td><td><p>162%</p></td><td><p>162%</p></td><td><p>162%</p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><p>As the company expands into Fintech such as with SeaMoney in digital payments, lending and insurance, we believe the company’s segment outlook is buoyed by the large underbanked and unbanked population within the SEA region, especially in large markets such as Indonesia, Vietnam and Philippines. As the company secured digital banking licenses, we expect it to continue focusing on its fintech expansion to target these markets. Moreover, we also view its expansion into Fintech as similar to other e-commerce platforms such as Ant Group and MercadoLibre. As such, we projected its fintech segment with a revenue opportunity of $22.2 bln by 2025 based on the market share of its Ant Group and MercadoLibre.</p><p><b>Risk: High Dependency on Free Fire</b></p><p>The company’s largest segment is digital entertainment which was 43% of total revenue. The company’s most popular game is FreeFire whichcontributed$1.1 bln or 26% of its total revenue in 2021 according to Pocket Gamer. Based on Apptopia, the average life spanof games to stay within the top 50 in the app store was only 27.75 days. That said, Freefire was launched in 2017 but its daily active users have still increased in 2021 to a peak of 150 mln in Q2 compared to its active users of 80 mln in 2020 and 50 mln in the prior year. Recently in 2022, Indiabannedthe FreeFire game along with 54 Chinese apps due to security concerns. According to App Annie, the game was the highest-grossing mobile game in India in Q3 2021. Though, Morgan Stanley (MS)estimated its sales from the country to be $475 mln or 11% of its segment revenue in 2021.</p><p><b>Valuation</b></p><p>We summarized our revenue projections for the company in the table below according to its digital entertainment which we projected based on the market forecast CAGR of 11.9% as well as its e-commerce and digital financial services segments based on our projections as discussed above.</p><table><tbody><tr><td><p><b>Segments ($ mln)</b></p></td><td><p><b>2021</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td><td><p><b>2025F</b></p></td></tr><tr><td><p>Digital Entertainment</p></td><td><p>4,320</p></td><td><p>4,834</p></td><td><p>5,409</p></td><td><p>6,053</p></td><td><p>6,773</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>114.29%</p></td><td><p>11.90%</p></td><td><p>11.90%</p></td><td><p>11.90%</p></td><td><p>11.90%</p></td></tr><tr><td><p>E-commerce</p></td><td><p>5,123</p></td><td><p>8,016</p></td><td><p>11,719</p></td><td><p>17,258</p></td><td><p>26,152</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>136.40%</p></td><td><p>56.47%</p></td><td><p>46.20%</p></td><td><p>47.26%</p></td><td><p>51.53%</p></td></tr><tr><td><p>Digital Financial Services</p></td><td><p>470</p></td><td><p>1,232</p></td><td><p>3,229</p></td><td><p>8,468</p></td><td><p>22,201</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>672.65%</p></td><td><p>162%</p></td><td><p>162%</p></td><td><p>162%</p></td><td><p>162%</p></td></tr><tr><td><p>Other Services</p></td><td><p>42</p></td><td><p>42</p></td><td><p>42</p></td><td><p>42</p></td><td><p>42</p></td></tr><tr><td><p>Growth (%)</p></td><td><p>-67.83%</p></td><td><p>0.00%</p></td><td><p>0.00%</p></td><td><p>0.00%</p></td><td><p>0.00%</p></td></tr><tr><td><p><b>Total Revenue</b></p></td><td><p><b>9,955</b></p></td><td><p><b>14,124</b></p></td><td><p><b>20,401</b></p></td><td><p><b>31,821</b></p></td><td><p><b>55,169</b></p></td></tr><tr><td><p><b>Growth (%)</b></p></td><td><p><b>127.51%</b></p></td><td><p><b>41.88%</b></p></td><td><p><b>44.44%</b></p></td><td><p><b>55.98%</b></p></td><td><p><b>73.37%</b></p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><p>To value the company, we used a P/S valuation as we forecasted its revenue growth to grow robustly above 40%. We based its P/S ratio on the weighted average of competitors for its digital entertainment and e-commerce segments.</p><table><tbody><tr><td><p><b>Weighted Average P/S</b></p></td><td><p><b>Weight</b></p></td><td><p><b>P/S</b></p></td></tr><tr><td><p>Gaming</p></td><td><p>43.4%</p></td><td><p>4.43x</p></td></tr><tr><td><p>E-commerce</p></td><td><p>51.5%</p></td><td><p>3.09x</p></td></tr><tr><td><p><b>Weighted P/S</b></p></td><td><p><b>3.51x</b></p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><p>Based on a weighted P/S of 3.51x, we derived its 2024 price target with an upside of 146%. Based on that, we derived a 2022 price target with an upside of 35%.</p><table><tbody><tr><td><p><b>Valuation</b></p></td><td><p><b>2022F</b></p></td><td><p><b>2023F</b></p></td><td><p><b>2024F</b></p></td></tr><tr><td><p>Revenue</p></td><td><p>14,124</p></td><td><p>20,401</p></td><td><p>31,821</p></td></tr><tr><td><p>P/S</p></td><td><p>3.51x</p></td><td><p>3.51x</p></td><td><p>3.51x</p></td></tr><tr><td><p>Valuation ($ mln)</p></td><td><p>49,575</p></td><td><p>71,605</p></td><td><p>111,691</p></td></tr><tr><td><p>Shares Outstanding</p></td><td><p>559.74</p></td><td><p>559.74</p></td><td><p>559.74</p></td></tr><tr><td><p><b>Price Target</b></p></td><td><p><b>$105.10</b></p></td><td><p><b>$144.82</b></p></td><td><p><b>$199.54</b></p></td></tr><tr><td><p>Current Price</p></td><td><p>$76.28</p></td><td><p>$76.28</p></td><td><p>$76.28</p></td></tr><tr><td><p><b>Upside</b></p></td><td><p><b>37.8%</b></p></td><td><p><b>89.9%</b></p></td><td><p><b>161.6%</b></p></td></tr></tbody></table><p><i>Source: Khaveen Investments</i></p><p><b>Verdict</b></p><p>Sea has grown over the years to become the leader of e-commerce in Southeast Asia which is a key region accounting for 63% of its revenues. Based on our projection of its estimated GMV by country in Southeast Asia, we projected its e-commerce revenue in the region to grow by 43.4% in 2022. Furthermore, as the company expands into LATAM such as Brazil, Mexico, Chile, and Colombia, we believe the region could present it with an e-commerce GMV opportunity of $48 bln or 50% of its GMV by 2025 as it had already secured a lead with over 30% share of active users.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: E-Commerce Leader Of The Developing World</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited: E-Commerce Leader Of The Developing World\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-22 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4519574-sea-ecommerce-leader-of-the-developing-world?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAs the e-commerce leader in Southeast Asia (63% of revenue), we forecasted Sea Limited's e-commerce revenue in the region to grow by 43.4% in 2022 with a 5-year average of 35.4%.Furthermore, as...</p>\n\n<a href=\"https://seekingalpha.com/article/4519574-sea-ecommerce-leader-of-the-developing-world?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4519574-sea-ecommerce-leader-of-the-developing-world?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100434932","content_text":"SummaryAs the e-commerce leader in Southeast Asia (63% of revenue), we forecasted Sea Limited's e-commerce revenue in the region to grow by 43.4% in 2022 with a 5-year average of 35.4%.Furthermore, as it expands into LATAM, we believe the region could be important to its growth with an estimated GMV opportunity of $48 bln by 2025.Finally, we believe its FinTech segment could leverage on the opportunity in South East Asia and estimated its market to reach $22.2 bln by 2025 at a CAGR of 162%.As the largest internet retailer in Southeast Asia, we analyzed Sea Limited's (NYSE:SE) competitive positioning as the leading e-commerce retailer in the region. We also examined its e-commerce expansion into LATAM, in which it has already secured a leading position.Sea, Khaveen InvestmentsWhile 51.5% of its revenue is derived from Internet Retail, Sea also derives 43.4% of its revenue from gaming revenues under its Digital Entertainment Segment. Looking further into this segment, we believe this segment’s revenue is highly dependent on its only in-house developed game, Free Fire.We also noticed the company's significant initiatives in the Fintech Industry, which we believe could be a major driver of the company’s growth moving forward. To determine its potential market share gain in this market, we looked at other companies that deployed similar business model mixes of Internet Retail and Fintech, such as Alibaba (BABA, BABAF) and MercadoLibre (MELI).E-Commerce Leader of the Developing WorldSea, Khaveen InvestmentsWith 63.45% of the company’s total revenue derived from Southeast Asia, we believed the company would hold a dominant position in this region. To determine Shopee's (Sea Limited) competitive positioning in Southeast Asia, we looked into monthly web visits of more than 49 e-commerce platforms across this region from iPrice. We calculated their market share from Q1 2019 to Q4 2021 across the top 6 countries in Southeast Asia by GDP (Indonesia, Thailand, Vietnam, Philippines, Singapore and Malaysia). To determine the growth prospects of the market, we also compiled data on the size, and historical 5-year and forward 4-year CAGR of the Internet Retail industry (in terms of the Internet Retail transaction volumes from Statista).iPrice, Khaveen InvestmentsBased on the chart above, Shopee’s market share has increased significantly in all 6 markets from Q1 2019 to Q4 2021. In Vietnam, they strengthened their No. 1 position against Lazada in Q1 2019. In Thailand, Malaysia, the Philippines, and Singapore, Shopee grew from the No. 2 Position to unseat Lazada from the No. 1 position. Even in Indonesia, where Tokopedia remains at No. 1, Shopee has closed the gap considerably to Tokopedia, with their market share more than doubling from 15.82% to 34.27%. Although Tokopedia also gained market share, Shopee now remains just 4.61% market share points behind Tokopedia. Additionally, Shopee has more than 50% market share in Thailand, Malaysia and the Philippines. As Tokopedia is not even in the Top 3 positions in any country outside Indonesia, we see Shopee as the undisputed e-commerce leader in Southeast Asia.In 2021, Indonesia was the largest market with $53 bln (more than twice the size of 2ndplace Thailand) in transaction volumes fueled by its historical CAGR of 74.1% which has been the highest among the 6 countries. Surprisingly, Sea Limited, a Singaporean company, only has a 40.46% market share which is the second-lowest in terms of market share. Singapore also has the smallest transaction volume of $7.1 bln, which is 13.40% of Indonesia’s transaction volume. We tabulated the results of each country's transaction volume per GDP as below:Geographic Region2021 Shopee Market Share2021 Market Sales Volume ($ bln)2021 Shopee Sales Volume ($ bln)Share of Total Volume2020 GDP ($bln)Sales Volume/GDPGDP Growth % (2022F)Indonesia38.88%5320.637.4%1,0585.0%5.4%Vietnam32.33%134.27.6%2714.8%6.0%Thailand50.57%2110.619.3%5024.2%3.3%Philippines62.38%127.513.6%3613.3%6.5%Malaysia66.44%149.316.9%3374.2%5.6%Singapore40.46%7.12.95.2%3402.1%4.0%Total55.1Source: Statista,IMF, Khaveen InvestmentsAs seen, Singapore has the lowest transaction volume per GDP, while Indonesia has the highest followed by Vietnam. In terms of 2022 expected GDP growth, Thailand is the lowest (3.30%) while the Philippines is the highest (6.5%), and Vietnam has the second highest (6%). In terms of our analysis of transaction volume/GDP and GDP growth rates, we see the Philippines market as having the best prospects while Singapore has the worst.To determine the appropriate gauge of its e-commerce revenue breakdown, we first derived its monthly views breakdown by region. We then factor in its market share of total transaction volumes based on its web traffic share, multiplied by the overall transaction volume size of each country.Sea Southeast Asia E-commerce ($ mln)20212022F2023F2024F2025F2026FEstimated Southeast Asia GMV ('a')59,09468,15278,62790,743104,764120,994Growth (%)66.93%15.33%15.37%15.41%15.45%15.49%Take Rate ('b')8.67%10.78%12.89%15.01%17.12%19.23%Increase %2.55%2.11%2.11%2.11%2.11%2.11%Southeast Asia E-commerce Revenue ('c')5,1237,34810,13813,61817,93523,270Growth %43.43%37.97%34.32%31.70%29.74%*c = a x bSource: Sea, Khaveen InvestmentsIf we assume the company’s take rate is the same in all countries, we see this as a good gauge of its revenue breakdown. Overall, we see the company’s main e-commerce markets as Indonesia (33.2%), followed by Thailand (20.2%) and Malaysia (16.0%). In terms of forecasted growth rates, the average is 16.14% based on Statista. While Indonesia is the largest market, Statista forecasts Indonesia’s forward growth at just 12.95% which is the slowest moving forward.On the other hand, 3rdplaced Malaysia (with $14 bln in transaction volumes) is forecasted to be the fastest-growing in the region with an 18.49% forward CAGR. To obtain the company’s weighted average transaction volumes growth moving forward excluding take rate increase and market share gain, we calculated the weighted growth based on Statista country forecasts. To calculate the company’s historical take rate, we compiled data on the company’s past e-commerce revenue and GMV. The average annual take rate increase since 2017 has been 2.11%. Overall, we projected its Southeast Asia e-commerce revenue to grow by 43.4% in 2022 and a 5-year forward average of 35.4%.E-Commerce Leader of LATAMBesides Southeast Asia, the company had expanded into Latin America’s e-commerce markets such as Brazil in 2019 and recently 2021, Mexico, Chile and Colombia. In the past 3 years, its revenue contribution from the LATAM region has increased from 13% to 18.6% in 2021 based on its annual report. According toApptopia, within 2 years of its launch, Shopee overtook Amazon (AMZN) and MercadoLibre to become the leading shopping app by monthly active users with a share of over 30% in 2021.ApptopiaAlthough Shopee is based in Singapore, it depends heavily on sellers from China which makes up the majority of its sellers on its platform. According to KPMG, China was ranked the second-lowest in terms of its manufacturing costs index. Thus, we believe this indicates Shopee’s advantage by keeping costs low. According to analyst Thiago Macruz from Itaú, Shopee carved a niche by selling low-cost products with free shipping. However, in Brazil, Shopee has also grown its number of local sellers to over 1 mln and has become the majority of its marketplace sellers. Previously, it charged low commission fees (6%) in comparison to competitors such as MercadoLibre at 17% but had raised its fees higher than Mercado.According to Macruz, another factor is Shopee’s focus on enhancing its user experience through gamification on Shopee’s platform with mini-games that provides rewards. Furthermore, the company’s management explained in the latest earnings briefing that is committed to improving its tech capabilities and experience for users.Just two years after entering Brazil, the world’s sixth largest market by population, we are making rapid progress towards market leadership. We therefore remain focused on high quality execution alongside consistent innovation and investments in our tech capabilities to provide a differentiated experience to our users. –Forrest Li, CEOLATAM E-commerce Market ($bln)20212022F2023F2024F2025FLATAM Market Size ($ bln)85104121138160Growth %25.0%22.4%16.3%14.0%15.9%Shopee Market Share4%6%10%18%30%Shopee LATAM GMV3.136.2012.2624.2648Growth %97.9%97.9%97.9%97.9%Source: Fidelity, Morgan Stanley, YipitData, Khaveen InvestmentsAll in all, we expect the company to capitalize on the LATAM e-commerce market opportunity as it had already secured a lead over competitors despite its recent entry and as it expands into other regions within LATAM supported by its cost advantages and focus on user engagement. According to Fidelity, the LATAM e-commerce market is forecasted to grow to $160 bln by 2025. According to YipitData, Sea’s GMV from Brazil was estimated to have accounted for 5.3% of its GMV. Assuming Shopee’s share of 30% based on its MAU share from Apptopia, we estimated its GMV opportunity to be $48 bln by 2025 which is 31% of its total forecasted GMV. Overall, we projected its total e-commerce (including LATAM and Southeast Asia) revenue to grow by an average of 50.5% through 2025.Sea Total E-commerce Forecast ($ mln)202020212022F2023F2024F2025FGMV35,40059,09468,15278,62790,743104,764Add: LATAM GMV3,5066,19712,26124,26048,000Total GMV35,40062,60074,34990,888115,003152,764Growth %102.29%76.84%18.77%22.24%26.53%32.83%Take Rate %6.1%8.7%10.8%12.9%15.0%17.1%E-commerce Revenue2,1675,1238,01611,71917,25826,152Growth %159.75%136.40%56.47%46.20%47.26%51.53%Source: Sea, Fidelity, Morgan Stanley, YipitData, Khaveen InvestmentsFinTech ExpansionsMoreover, the company also has a fintech segment which providese-wallet payment services through SeaMoney as well as credit lending. In Indonesia, ShopeePay was the most popular e-wallet at a 68% user penetration rate ahead of competitors OVO and DANA. However, GCash was the mostpopular in the Philippines and GrabPay (GRAB) inMalaysiaandSingapore.Based on the chart above by Temasek and Bain of the breakdown of the SEA population by banked, underbanked and unbanked categories, the region with the largest share of the unbanked population in Vietnam represents almost 70% of the population. This is followed by the Philippines and Indonesia. However, Indonesia has the largest unbanked population at 92 mln. Thus, we believe the vast underbanked and unbanked population presents the company with an opportunity to capitalize on its fintech expansion.Besides digital payments, the company had applied for and wa sawarded digital banking licenses from Singapore and Malaysia’s central banks. The company also acquired an Indonesian bank, Bank BKE, in 2021. Its competitor GojekacquiredBank Jagoas to offer financial services to merchants and drivers. From its latest earnings briefing, the company explained that besides e-wallets, the company also offered more products such as offering credit to consumers and merchants and insurance as well as the possibility of wealth management products in the future.And in other markets, we are also rolling out increasing number of SeaMoney products, including continue to strengthen our market leadership on the e-wallet side, and the leveraging that offer more products across credit to both the consumers and our SME merchants, and also the insurance product – Intertek products, and potentially down the road wealth management products, of course in collaboration with financial institutions, and our digital banking products also being rolled out not only in Indonesia. - Yanjun Wang, Group Chief Corporate OfficerWe believe Sea’s expansion into fintech is comparable to Alibaba’s Ant Group whose operations span digital payments, lending, insurance and wealth management. Founded in 2014, the company had managed to achieve around $18 bln in revenue in its fourth year. Based on the Fintech market revenue in 2018 by Deloitte of $108.6 bln, we calculated its market share by its segments. In comparison, MercadoLibre had also expanded into fintech more recently in 2018 but only focused on digital wallets with Mercado Pago in Argentina.Ant GroupRevenue ($ bln)Market ShareDigital Payments76.4%Digital Lending3.53.3%Insurance0.70.6%Total Ant11.210%MercadoLibreRevenue ($ bln)Market ShareDigital Payments21.4%Source: Ant Group, MercadoLibre, Deloitte, Khaveen InvestmentsAccording to management in its earnings briefing, it highlighted that adoption of its credit products was a key driver of revenue growth and expected it to continue. Also, it stated that 30% of active users have used multiple SeaMoney products. Additionally, it also announced that it had obtained a financial institution license in Brazil which could allow it to expand internationally.We estimated the company’s Fintech market opportunity in 2025 based on Ant Group and MercadoLibre’s market share in its fourth year and the projected fintech market size of $284 bln by 2025 at a CAGR of 13.9%.Sea FintechRevenue ($ bln) (2025F)Market ShareDigital Payments11.23.9%Digital Lending9.33.3%Insurance1.80.6%Total Sea22.27.8%Source: Khaveen InvestmentsSegments ($ mln)202020212022F2023F2024F2025FDigital Financial Services614701,2323,2298,46822,201Growth (%)560.87%672.65%162%162%162%162%Source: Khaveen InvestmentsAs the company expands into Fintech such as with SeaMoney in digital payments, lending and insurance, we believe the company’s segment outlook is buoyed by the large underbanked and unbanked population within the SEA region, especially in large markets such as Indonesia, Vietnam and Philippines. As the company secured digital banking licenses, we expect it to continue focusing on its fintech expansion to target these markets. Moreover, we also view its expansion into Fintech as similar to other e-commerce platforms such as Ant Group and MercadoLibre. As such, we projected its fintech segment with a revenue opportunity of $22.2 bln by 2025 based on the market share of its Ant Group and MercadoLibre.Risk: High Dependency on Free FireThe company’s largest segment is digital entertainment which was 43% of total revenue. The company’s most popular game is FreeFire whichcontributed$1.1 bln or 26% of its total revenue in 2021 according to Pocket Gamer. Based on Apptopia, the average life spanof games to stay within the top 50 in the app store was only 27.75 days. That said, Freefire was launched in 2017 but its daily active users have still increased in 2021 to a peak of 150 mln in Q2 compared to its active users of 80 mln in 2020 and 50 mln in the prior year. Recently in 2022, Indiabannedthe FreeFire game along with 54 Chinese apps due to security concerns. According to App Annie, the game was the highest-grossing mobile game in India in Q3 2021. Though, Morgan Stanley (MS)estimated its sales from the country to be $475 mln or 11% of its segment revenue in 2021.ValuationWe summarized our revenue projections for the company in the table below according to its digital entertainment which we projected based on the market forecast CAGR of 11.9% as well as its e-commerce and digital financial services segments based on our projections as discussed above.Segments ($ mln)20212022F2023F2024F2025FDigital Entertainment4,3204,8345,4096,0536,773Growth (%)114.29%11.90%11.90%11.90%11.90%E-commerce5,1238,01611,71917,25826,152Growth (%)136.40%56.47%46.20%47.26%51.53%Digital Financial Services4701,2323,2298,46822,201Growth (%)672.65%162%162%162%162%Other Services4242424242Growth (%)-67.83%0.00%0.00%0.00%0.00%Total Revenue9,95514,12420,40131,82155,169Growth (%)127.51%41.88%44.44%55.98%73.37%Source: Khaveen InvestmentsTo value the company, we used a P/S valuation as we forecasted its revenue growth to grow robustly above 40%. We based its P/S ratio on the weighted average of competitors for its digital entertainment and e-commerce segments.Weighted Average P/SWeightP/SGaming43.4%4.43xE-commerce51.5%3.09xWeighted P/S3.51xSource: Khaveen InvestmentsBased on a weighted P/S of 3.51x, we derived its 2024 price target with an upside of 146%. Based on that, we derived a 2022 price target with an upside of 35%.Valuation2022F2023F2024FRevenue14,12420,40131,821P/S3.51x3.51x3.51xValuation ($ mln)49,57571,605111,691Shares Outstanding559.74559.74559.74Price Target$105.10$144.82$199.54Current Price$76.28$76.28$76.28Upside37.8%89.9%161.6%Source: Khaveen InvestmentsVerdictSea has grown over the years to become the leader of e-commerce in Southeast Asia which is a key region accounting for 63% of its revenues. Based on our projection of its estimated GMV by country in Southeast Asia, we projected its e-commerce revenue in the region to grow by 43.4% in 2022. Furthermore, as the company expands into LATAM such as Brazil, Mexico, Chile, and Colombia, we believe the region could present it with an e-commerce GMV opportunity of $48 bln or 50% of its GMV by 2025 as it had already secured a lead with over 30% share of active users.","news_type":1},"isVote":1,"tweetType":1,"viewCount":91,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9043811237,"gmtCreate":1655904553329,"gmtModify":1676535728804,"author":{"id":"4097829462255070","authorId":"4097829462255070","name":"ZZA","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097829462255070","authorIdStr":"4097829462255070"},"themes":[],"htmlText":"China&nbsp;EV good buyimg","listText":"China&nbsp;EV good buyimg","text":"China EV good buyimg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043811237","repostId":"1199338318","repostType":4,"repost":{"id":"1199338318","kind":"news","pubTimestamp":1655881422,"share":"https://ttm.financial/m/news/1199338318?lang=&edition=fundamental","pubTime":"2022-06-22 15:03","market":"us","language":"en","title":"5 Best Chinese Stocks: Two Tesla Rivals Near Buy Points","url":"https://stock-news.laohu8.com/highlight/detail?id=1199338318","media":"Investor's Business Daily","summary":"Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to b","content":"<html><head></head><body><p>Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? Among the best are <a href=\"https://laohu8.com/S/JD\">JD.com</a>, <a href=\"https://laohu8.com/S/NTES\">NetEase</a>, <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/XPEV\">Xpeng</a> and <a href=\"https://laohu8.com/S/BYDDF\">BYD Co.</a>.</p><p>China is the world&#39;s most-populous nation and the second-largest economy, with a booming urban middle class and amazing entrepreneurial activity. Dozens of Chinese stocks are often among the top performers at any given time, across an array of sectors.</p><p>China EV sales for <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/XPEV\">Xpeng</a> and <a href=\"https://laohu8.com/S/NIO\">Nio </a> rebounded somewhat in May as restrictions eased slightly, following sharp declines in April. A full recovery may not occur for a few more weeks.</p><p>However, EV giant BYD, benefiting from in-house chips and batteries, reported yet another month of record sales in May.</p><p>Several local governments are providing modest subsidies for EV or hybrid sales, including Shenzhen and Shanghai. The Chinese government will encourage affordable EV and hybrid sales in rural areas.</p><p>Several EV makers, including <a href=\"https://laohu8.com/S/BYDDY\">BYD</a> and Li Auto, plan new model unveilings or deliveries in the new few weeks.</p><h3>Best Chinese Stocks Across Many Industries</h3><p>As the world&#39;s largest internet market, it&#39;s no surprise to see big growth from China stocks focusing on e-commerce, messaging or mobile gaming. Notable Chinese internet stocks include:</p><ul><li><a href=\"https://laohu8.com/S/BABA\">Alibaba </a></li><li><a href=\"https://laohu8.com/S/JD\">JD.com </a></li><li><a href=\"https://laohu8.com/S/PDD\">Pinduoduo </a></li><li><a href=\"https://laohu8.com/S/TCEHY\">Tencent </a></li><li><a href=\"https://laohu8.com/S/VIPS\">Vipshop </a></li><li><a href=\"https://laohu8.com/S/BIDU\">Baidu </a></li><li><a href=\"https://laohu8.com/S/TME\">Tencent Music Entertainment </a></li><li><a href=\"https://laohu8.com/S/NTES\">NetEase </a></li><li><a href=\"https://laohu8.com/S/TCOM\">Trip.com </a></li><li><a href=\"https://laohu8.com/S/DADA\">Dada Nexus </a></li><li><a href=\"https://laohu8.com/S/BILI\">Bilibili </a></li><li><a href=\"https://laohu8.com/S/YY\">Joy </a></li><li><a href=\"https://laohu8.com/S/BEKE\">KE Holdings </a></li></ul><p>In electric vehicles, several Chinese companies are becoming serious rivals to Tesla (TSLA) in the world&#39;s biggest auto market.</p><ul><li><a href=\"https://laohu8.com/S/NIO\">Nio </a></li><li><a href=\"https://laohu8.com/S/XPEV\">Xpeng Motors </a></li><li><a href=\"https://laohu8.com/S/LI\">Li Auto </a></li><li><a href=\"https://laohu8.com/S/BYDDF\">BYD Co. </a></li></ul><p>Several China stocks are in solar power.</p><ul><li><a href=\"https://laohu8.com/S/DQ\">Daqo New Energy </a></li><li><a href=\"https://laohu8.com/S/JKS\">JinkoSolar </a></li></ul><p>For-profit education Chinese stocks are a notable nontech sector.</p><ul><li><a href=\"https://laohu8.com/S/EDU\">New Oriental Education </a></li><li><a href=\"https://laohu8.com/S/TAL\">TAL Education </a></li><li><a href=\"https://laohu8.com/S/YQ\">17 Education &amp; Technology Group </a></li><li><a href=\"https://laohu8.com/S/GOTU\">Gaotu Techedu </a>, formerly known as GSX Techedu.</li></ul><h3>China Stock Investing Via ETFs</h3><p>One way to minimize individual China stock risks is via ETFs. Another advantage of buying ETFs is that a growing number of Chinese companies are listing in Hong Kong or Shanghai, instead of or in addition to the U.S.</p><p>KraneShares CSI China Internet ETF (KWEB) tracks major Chinese internet companies. Many Chinese stock holdings in the KWEB ETF are U.S. listed or traded, such as Alibaba stock, JD.com, Tencent, Pinduoduo and Bilibili, but KWEB also holds companies listed on Chinese markets. Direxion Daily FTSE China Bull (YINN) is a three-times-leveraged ETF of the 50 largest companies listed in Hong Kong, including Alibaba, JD.com and Tencent stock, but its biggest weights are in financials. (The Direxion Daily FTSE China Bear (YANN) is a three-times-leveraged ETF shorting Hong Kong&#39;s biggest companies.)</p><h3>Best China Stocks To Buy: Key Ingredients</h3><p>Look for companies that have new, game-changing products and services. Invest in stocks with recent quarterly and annual earnings growth of at least 25%.</p><p>Start with companies with strong earnings growth, such as Pinduoduo. If they&#39;re not profitable, at least look for rapid revenue growth as with Xpeng. The best China stocks should have strong technicals, including superior price performance over time. But we&#39;ll be highlighting stocks that are near proper buy points from bullish bases or rebounds from key levels.</p><p>Chinese stocks are starting to outperform. BYD is near record highs, Li Auto and NetEase are breaking above key levels while many are rebounding off lows.</p><h3>Best Chinese Stocks To Buy Or Watch</h3><p><img src=\"https://static.tigerbbs.com/5736167b8ef174e15dd909f0bd2a414a\" tg-width=\"724\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/>So let&#39;s analyze these five top China stocks: Li Auto stock, NetEase stock, BYD stock, Xpeng stock and JD.com stock.</p><h3><a href=\"https://laohu8.com/S/LI\">Li Auto</a></h3><p>Li Auto is one of several Chinese electric-vehicle makers that trade in the U.S., competing with each other and <a href=\"https://laohu8.com/S/TSLA\">Tesla </a>.</p><p>On June 1, Li Auto reported it delivered 11,496 Li One SUV hybrids in May, up 176% vs. April and 166% vs. a year earlier. The Li One is actually a hybrid, with a small gasoline engine to extend its range. Li delivered just 4,167 in April, down 62% vs. March&#39;s 11,034 and 25% below a year earlier. Many suppliers were shut down, severely affecting Li&#39;s production.</p><p>The May data suggests Li Auto will easily top its recent Q2 delivery forecast of 21,000-24,000 Li One SUV hybrids.</p><p>Li Auto unveiled a larger, more-advanced L9 hybrid SUV on June 21, with deliveries starting in August. Li Auto recently predicted L9 deliveries would reach 10,000 by September, suggesting a big increase in</p><p>Shares sold off hard in March to their lowest levels since last May. Li stock bounced following Q1 earnings on May 10. Shares reclaimed their 50-day line in late May. LI stock recently gapped above its 200-day line and is at a five-month high.</p><p>Investors could view Li Auto as being in a six-month consolidation with a 37.55 buy point. Ideally, shares would form a long handle first.</p><p>On June 21, following the L9 reveal, Li Auto stock jumped to the buy point, hitting its close since January 2021.</p><p>The automaker has a dual listing on the Hong Kong exchange.</p><p>Li stock has a 94IBD Composite Ratingout of a best-possible 99.</p><p><b>Bottom line:</b> Li Auto stock is not a buy, but it&#39;s close.</p><h3><a href=\"https://laohu8.com/S/NTES\">NetEase</a></h3><p>NetEase reported May 24 that Q1 earnings rose slightly vs. a year earlier, defying views for a decline. Revenue rose 18%. Year over year comparisons are becoming more difficult: Q4 EPS surged 333%, with revenue growth picking up to 27%.</p><p>NetEase stock hit a record high at 134.33 in February 2021 but tumbled to 77.79 last August. Shares rallied to 118.19 on Nov. 22, right as the Nasdaq peaked, then dropped back below its 50-day and 200-day lines.</p><p>Shares hit a 22-month low on March 14, but since then have rebounded.</p><p>NetEase stock is back above its 50-day line and even the 200-day line, a key resistance level for the past several months. Shares recently hit their best levels since early February.</p><p>NTES stock is in a deep consolidation going back to late November, or as part of a massive double-bottom base from February 2021.</p><p>NTES stock recently tried to clear key resistance levels at 108. NetEase tried to break out on June 10, but pulled back. Shares have since tumbled back below their 200-day and 50-day lines.</p><p>The RS line for NTES stock has backed off after recently hitting a 52-week high.</p><p><b>Bottom line:</b> NTES stock is not a buy.</p><h3><a href=\"https://laohu8.com/S/BYDDY\">BYD</a></h3><p>BYD is the biggest pure-play Chinese EV maker. It makes electric cars and buses and many hybrids. It&#39;s also a major EV battery maker. Warren Buffett&#39;s <b>Berkshire Hathaway</b>(BRKB) is a longtime investor.</p><p>Notably, BYD is profitable, though it was subdued in 2021 as capital spending surged to power the company&#39;s ongoing expansion. BYD reported first-quarter net income jumped 241% in local currency terms vs. a year earlier. That was in line with a recent forecast for 174%-300% growth. Revenue rose 63%.</p><p>On June 2, China EV and battery giant <b>BYD</b>(BYDDF) reported May sales of 114,943 EVs and plug-in hybrids. Sales surged 250% vs. a year earlier and rose 8% vs. April&#39;s 106,042.</p><p>BYD sold 114,183 passenger new energy vehicles in May.That includes 53,349 EVs, a slight decline vs. April, and 60,834 PHEVs.</p><p>Hybrid sales have surged thanks to a new, fuel-efficient DM-i system that provides substantial battery range. As of the end of March, BYD ended production of its traditional gas-powered cars.</p><p>BYD largely avoided April production hiccups amid China&#39;s Covid lockdowns, helped by its in-house battery and chip operations.</p><p>The automaker is conservatively targeting 1.5 million in unit sales, or up to 2 million if supply constraints ease.</p><p>BYD is beginning mass production of its Seal sedan this month, suggesting deliveries will start in the next month. The Seal is a Model 3 rival, with similar range but $10,000 cheaper. Unlike many Tesla rivals, when BYD launches a new model, it quickly produces in volume.</p><p>Like Nio and Xpeng, BYD began selling EVs in Norway in late 2021, starting with the Tang SUV.</p><p>The China EV giant does plan to move upscale significantly. It will unveil a high-end brand in the third quarter and roll out its first model in the fourth quarter, a BYD executive said on May 22. Prior reports suggest it could be called Xingji, which means &#34;star.&#34; The brand will target the luxury market for 800,000 ($119,520) to 1.5 million yuan vehicles, the exec said, who added that the first model will be an off-road SUV.</p><p>BYD&#39;s 90%-owned Danza unit has just launched a minivan in the affordable luxury space. A Danza SUV will be unveiled soon. Mercedes-Benz owns 10% of Danza.</p><p>On June 8, a BYD executive said the company will supply batteries to Tesla, after months of speculation.</p><p>Toyota reportedly will make a small EV car for the China market in late 2022, using BYD Blade batteries. It&#39;s possible that BYD will play a big role in Toyota&#39;s new, sweeping EV push in the coming years.</p><p>Stocks plunged to a multimonth low on March 14 but have rebounded powerfully. Shares jumped on April 4 back above the 50-day. The EV and battery giant has generally held the 50-day line since then, trading relatively tightly over the past several weeks, before a bullish upside reversal in the week ended May 13.</p><p>On May 17, BYD jumped above a mini-consolidation within a 48%-deepcup baseand then moved above the 200-day line. BYD stock blew past an early entry in late May and has continued to move toward record highs.</p><p>On a weekly chart, BYD stock now has a handle with a 39.81 buy point. Ideally, the handle would build out over a few weeks or longer. Shares are well extended from the 200-day and 50-day line.</p><p>The relative strength line has been hitting record highs.</p><p>BYD is listed in Hong Kong and trades over the counter in the U.S. The BYDDF stock chart is prone to lots of little gaps up and down.</p><p>Warren Buffett&#39;s Berkshire Hathaway is a longtime investor in BYD. Cathie Wood&#39;s Ark Invest has a small stake in BYD.</p><p><b>Bottom line:</b> BYD stock is not a buy, but it&#39;s closing in on a breakout.</p><h3><a href=\"https://laohu8.com/S/EPEV\">Xpeng </a></h3><p>Xpeng makes the G3 small SUV, the P7 sedan and the smaller P5 sedan. On Nov. 12, Xpeng unveiled the G9 SUV, saying it&#39;s targeted for international markets. The fast-charging SUV is due to launch in Q3 2022.</p><p>The EV maker has now opened P5 reservations in Norway, Denmark, Sweden and the Netherlands. It already sells some G3 SUVs and P7 sedans in Norway.</p><p>Xpeng reported an in-line first-quarter loss, with revenue up 153%.</p><p>Xpeng said June 21 that it had delivered a cumulative 200,000 EVs. That means that it&#39;s delivered at least 8,359 vehicles in June so far.</p><p>Xpeng delivered 10,125 vehicles in May, the automaker announced on June 1. That was up 12.5% vs. April and 78% vs. May 2021. The EV maker delivered 9,002 vehicles in April, down 42% vs. March.</p><p>Xpeng had previously forecast it would deliver 31,000-34,000 EVs in the second quarter. That would be below the34,561 EVs that China&#39;s Xpeng deliveredin Q1, up 159% vs. a year earlier.</p><p>Xpeng reportedly is undergoing an executive shakeup that signals a reined-in approach to European expansion, amid lackluster sales and overall limited production. The automaker also appears to be shifting toward higher-end EVs vs. mass-market vehicles.</p><p><b>Bottom line:</b> Xpeng stock is not a buy.</p><h3><a href=\"https://laohu8.com/S/ID\">JD.com</a></h3><p>JD.com is a Chinese e-commerce giant.</p><p>The online retailer reported better-than-expected first-quarter earnings on May 17, with revenue up 18%. Results largely came before the massive Shanghai Covid lockdowns.</p><p>JD.com stock peaked at 108.29 in February 2021, and bottomed at a two-year low of 46.83 in May 2022.</p><p>Shares rebounded back above its 50-day line but have stalled after nearing the 200-day line.</p><p>Even with the lockdowns over, consumer spending could take months to recover, CEO Xin Lijun told Bloomberg on June 17. JD.com is exploring an expansion into food delivery, he said.</p><p>But JD.com shares jumped on June 17, along with many other Chinese stocks, but fell modestly on June 21.</p><p>JD.com founder Richard Liu recently stepped down as CEO. He remains chairman.</p><p><b>Bottom line:</b> JD.com is not a buy.</p></body></html>","source":"lsy1610612141385","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Best Chinese Stocks: Two Tesla Rivals Near Buy Points</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Best Chinese Stocks: Two Tesla Rivals Near Buy Points\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-22 15:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/news/best-chinese-stocks-to-buy/><strong>Investor's Business Daily</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? Among the best are JD.com, NetEase, Li Auto, Xpeng and BYD Co..China is the ...</p>\n\n<a href=\"https://www.investors.com/news/best-chinese-stocks-to-buy/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","JD":"京东","BYDDF":"BYD Co., Ltd.","LI":"理想汽车","NTES":"网易","TSLA":"特斯拉"},"source_url":"https://www.investors.com/news/best-chinese-stocks-to-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199338318","content_text":"Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? Among the best are JD.com, NetEase, Li Auto, Xpeng and BYD Co..China is the world's most-populous nation and the second-largest economy, with a booming urban middle class and amazing entrepreneurial activity. Dozens of Chinese stocks are often among the top performers at any given time, across an array of sectors.China EV sales for Li Auto, Xpeng and Nio  rebounded somewhat in May as restrictions eased slightly, following sharp declines in April. A full recovery may not occur for a few more weeks.However, EV giant BYD, benefiting from in-house chips and batteries, reported yet another month of record sales in May.Several local governments are providing modest subsidies for EV or hybrid sales, including Shenzhen and Shanghai. The Chinese government will encourage affordable EV and hybrid sales in rural areas.Several EV makers, including BYD and Li Auto, plan new model unveilings or deliveries in the new few weeks.Best Chinese Stocks Across Many IndustriesAs the world's largest internet market, it's no surprise to see big growth from China stocks focusing on e-commerce, messaging or mobile gaming. Notable Chinese internet stocks include:Alibaba JD.com Pinduoduo Tencent Vipshop Baidu Tencent Music Entertainment NetEase Trip.com Dada Nexus Bilibili Joy KE Holdings In electric vehicles, several Chinese companies are becoming serious rivals to Tesla (TSLA) in the world's biggest auto market.Nio Xpeng Motors Li Auto BYD Co. Several China stocks are in solar power.Daqo New Energy JinkoSolar For-profit education Chinese stocks are a notable nontech sector.New Oriental Education TAL Education 17 Education & Technology Group Gaotu Techedu , formerly known as GSX Techedu.China Stock Investing Via ETFsOne way to minimize individual China stock risks is via ETFs. Another advantage of buying ETFs is that a growing number of Chinese companies are listing in Hong Kong or Shanghai, instead of or in addition to the U.S.KraneShares CSI China Internet ETF (KWEB) tracks major Chinese internet companies. Many Chinese stock holdings in the KWEB ETF are U.S. listed or traded, such as Alibaba stock, JD.com, Tencent, Pinduoduo and Bilibili, but KWEB also holds companies listed on Chinese markets. Direxion Daily FTSE China Bull (YINN) is a three-times-leveraged ETF of the 50 largest companies listed in Hong Kong, including Alibaba, JD.com and Tencent stock, but its biggest weights are in financials. (The Direxion Daily FTSE China Bear (YANN) is a three-times-leveraged ETF shorting Hong Kong's biggest companies.)Best China Stocks To Buy: Key IngredientsLook for companies that have new, game-changing products and services. Invest in stocks with recent quarterly and annual earnings growth of at least 25%.Start with companies with strong earnings growth, such as Pinduoduo. If they're not profitable, at least look for rapid revenue growth as with Xpeng. The best China stocks should have strong technicals, including superior price performance over time. But we'll be highlighting stocks that are near proper buy points from bullish bases or rebounds from key levels.Chinese stocks are starting to outperform. BYD is near record highs, Li Auto and NetEase are breaking above key levels while many are rebounding off lows.Best Chinese Stocks To Buy Or WatchSo let's analyze these five top China stocks: Li Auto stock, NetEase stock, BYD stock, Xpeng stock and JD.com stock.Li AutoLi Auto is one of several Chinese electric-vehicle makers that trade in the U.S., competing with each other and Tesla .On June 1, Li Auto reported it delivered 11,496 Li One SUV hybrids in May, up 176% vs. April and 166% vs. a year earlier. The Li One is actually a hybrid, with a small gasoline engine to extend its range. Li delivered just 4,167 in April, down 62% vs. March's 11,034 and 25% below a year earlier. Many suppliers were shut down, severely affecting Li's production.The May data suggests Li Auto will easily top its recent Q2 delivery forecast of 21,000-24,000 Li One SUV hybrids.Li Auto unveiled a larger, more-advanced L9 hybrid SUV on June 21, with deliveries starting in August. Li Auto recently predicted L9 deliveries would reach 10,000 by September, suggesting a big increase inShares sold off hard in March to their lowest levels since last May. Li stock bounced following Q1 earnings on May 10. Shares reclaimed their 50-day line in late May. LI stock recently gapped above its 200-day line and is at a five-month high.Investors could view Li Auto as being in a six-month consolidation with a 37.55 buy point. Ideally, shares would form a long handle first.On June 21, following the L9 reveal, Li Auto stock jumped to the buy point, hitting its close since January 2021.The automaker has a dual listing on the Hong Kong exchange.Li stock has a 94IBD Composite Ratingout of a best-possible 99.Bottom line: Li Auto stock is not a buy, but it's close.NetEaseNetEase reported May 24 that Q1 earnings rose slightly vs. a year earlier, defying views for a decline. Revenue rose 18%. Year over year comparisons are becoming more difficult: Q4 EPS surged 333%, with revenue growth picking up to 27%.NetEase stock hit a record high at 134.33 in February 2021 but tumbled to 77.79 last August. Shares rallied to 118.19 on Nov. 22, right as the Nasdaq peaked, then dropped back below its 50-day and 200-day lines.Shares hit a 22-month low on March 14, but since then have rebounded.NetEase stock is back above its 50-day line and even the 200-day line, a key resistance level for the past several months. Shares recently hit their best levels since early February.NTES stock is in a deep consolidation going back to late November, or as part of a massive double-bottom base from February 2021.NTES stock recently tried to clear key resistance levels at 108. NetEase tried to break out on June 10, but pulled back. Shares have since tumbled back below their 200-day and 50-day lines.The RS line for NTES stock has backed off after recently hitting a 52-week high.Bottom line: NTES stock is not a buy.BYDBYD is the biggest pure-play Chinese EV maker. It makes electric cars and buses and many hybrids. It's also a major EV battery maker. Warren Buffett's Berkshire Hathaway(BRKB) is a longtime investor.Notably, BYD is profitable, though it was subdued in 2021 as capital spending surged to power the company's ongoing expansion. BYD reported first-quarter net income jumped 241% in local currency terms vs. a year earlier. That was in line with a recent forecast for 174%-300% growth. Revenue rose 63%.On June 2, China EV and battery giant BYD(BYDDF) reported May sales of 114,943 EVs and plug-in hybrids. Sales surged 250% vs. a year earlier and rose 8% vs. April's 106,042.BYD sold 114,183 passenger new energy vehicles in May.That includes 53,349 EVs, a slight decline vs. April, and 60,834 PHEVs.Hybrid sales have surged thanks to a new, fuel-efficient DM-i system that provides substantial battery range. As of the end of March, BYD ended production of its traditional gas-powered cars.BYD largely avoided April production hiccups amid China's Covid lockdowns, helped by its in-house battery and chip operations.The automaker is conservatively targeting 1.5 million in unit sales, or up to 2 million if supply constraints ease.BYD is beginning mass production of its Seal sedan this month, suggesting deliveries will start in the next month. The Seal is a Model 3 rival, with similar range but $10,000 cheaper. Unlike many Tesla rivals, when BYD launches a new model, it quickly produces in volume.Like Nio and Xpeng, BYD began selling EVs in Norway in late 2021, starting with the Tang SUV.The China EV giant does plan to move upscale significantly. It will unveil a high-end brand in the third quarter and roll out its first model in the fourth quarter, a BYD executive said on May 22. Prior reports suggest it could be called Xingji, which means \"star.\" The brand will target the luxury market for 800,000 ($119,520) to 1.5 million yuan vehicles, the exec said, who added that the first model will be an off-road SUV.BYD's 90%-owned Danza unit has just launched a minivan in the affordable luxury space. A Danza SUV will be unveiled soon. Mercedes-Benz owns 10% of Danza.On June 8, a BYD executive said the company will supply batteries to Tesla, after months of speculation.Toyota reportedly will make a small EV car for the China market in late 2022, using BYD Blade batteries. It's possible that BYD will play a big role in Toyota's new, sweeping EV push in the coming years.Stocks plunged to a multimonth low on March 14 but have rebounded powerfully. Shares jumped on April 4 back above the 50-day. The EV and battery giant has generally held the 50-day line since then, trading relatively tightly over the past several weeks, before a bullish upside reversal in the week ended May 13.On May 17, BYD jumped above a mini-consolidation within a 48%-deepcup baseand then moved above the 200-day line. BYD stock blew past an early entry in late May and has continued to move toward record highs.On a weekly chart, BYD stock now has a handle with a 39.81 buy point. Ideally, the handle would build out over a few weeks or longer. Shares are well extended from the 200-day and 50-day line.The relative strength line has been hitting record highs.BYD is listed in Hong Kong and trades over the counter in the U.S. The BYDDF stock chart is prone to lots of little gaps up and down.Warren Buffett's Berkshire Hathaway is a longtime investor in BYD. Cathie Wood's Ark Invest has a small stake in BYD.Bottom line: BYD stock is not a buy, but it's closing in on a breakout.Xpeng Xpeng makes the G3 small SUV, the P7 sedan and the smaller P5 sedan. On Nov. 12, Xpeng unveiled the G9 SUV, saying it's targeted for international markets. The fast-charging SUV is due to launch in Q3 2022.The EV maker has now opened P5 reservations in Norway, Denmark, Sweden and the Netherlands. It already sells some G3 SUVs and P7 sedans in Norway.Xpeng reported an in-line first-quarter loss, with revenue up 153%.Xpeng said June 21 that it had delivered a cumulative 200,000 EVs. That means that it's delivered at least 8,359 vehicles in June so far.Xpeng delivered 10,125 vehicles in May, the automaker announced on June 1. That was up 12.5% vs. April and 78% vs. May 2021. The EV maker delivered 9,002 vehicles in April, down 42% vs. March.Xpeng had previously forecast it would deliver 31,000-34,000 EVs in the second quarter. That would be below the34,561 EVs that China's Xpeng deliveredin Q1, up 159% vs. a year earlier.Xpeng reportedly is undergoing an executive shakeup that signals a reined-in approach to European expansion, amid lackluster sales and overall limited production. The automaker also appears to be shifting toward higher-end EVs vs. mass-market vehicles.Bottom line: Xpeng stock is not a buy.JD.comJD.com is a Chinese e-commerce giant.The online retailer reported better-than-expected first-quarter earnings on May 17, with revenue up 18%. Results largely came before the massive Shanghai Covid lockdowns.JD.com stock peaked at 108.29 in February 2021, and bottomed at a two-year low of 46.83 in May 2022.Shares rebounded back above its 50-day line but have stalled after nearing the 200-day line.Even with the lockdowns over, consumer spending could take months to recover, CEO Xin Lijun told Bloomberg on June 17. JD.com is exploring an expansion into food delivery, he said.But JD.com shares jumped on June 17, along with many other Chinese stocks, but fell modestly on June 21.JD.com founder Richard Liu recently stepped down as CEO. He remains chairman.Bottom line: JD.com is not a buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":65,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9043812186,"gmtCreate":1655904763645,"gmtModify":1676535728867,"author":{"id":"4097829462255070","authorId":"4097829462255070","name":"ZZA","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097829462255070","authorIdStr":"4097829462255070"},"themes":[],"htmlText":"Roller coaster stocks","listText":"Roller coaster stocks","text":"Roller coaster stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043812186","repostId":"1199413266","repostType":4,"repost":{"id":"1199413266","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1655819245,"share":"https://ttm.financial/m/news/1199413266?lang=&edition=fundamental","pubTime":"2022-06-21 21:47","market":"us","language":"en","title":"Big Tech Stocks Jumped in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1199413266","media":"Tiger Newspress","summary":"Big tech stocks jumped in morning trading. Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Tesla","content":"<html><head></head><body><p>Big tech stocks jumped in morning trading. Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Tesla and Nvidia climbed between 1% and 7%.</p><p><img src=\"https://static.tigerbbs.com/c99e0a49964d6c12bc4377b4ef6207ba\" tg-width=\"381\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Tech Stocks Jumped in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-06-21 21:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Big tech stocks jumped in morning trading. Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Tesla and Nvidia climbed between 1% and 7%.</p><p><img src=\"https://static.tigerbbs.com/c99e0a49964d6c12bc4377b4ef6207ba\" tg-width=\"381\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","GOOG":"谷歌","AAPL":"苹果","META":"Meta Platforms, Inc.","MSFT":"微软","GOOGL":"谷歌A","AMZN":"亚马逊","TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199413266","content_text":"Big tech stocks jumped in morning trading. Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Tesla and Nvidia climbed between 1% and 7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}