JD.com, Inc. | Asia Pacific 2Q25 Preview - Most Affected by the Food Delivery War | What's Changed | | | | --- | --- | --- | | JD.com, Inc. (JD.O) | From | To | | Price Target | US$39.00 | US$28.00 | We expect JD to have invested over Rmb10bn in food delivery in 2Q25, leading to a 63% YoY decline in non-GAAP NP. However, we see no signs of cross-selling or other synergies from such an investment to the core EC business, given no meaningful JDR revenue growth acceleration QoQ or margin improvement. 2Q25 prev ...

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price in investment decisions [1] - The portfolio has evolved over time, transitioning through various industries including telecom, banking, technology, and emerging markets, with a current emphasis on high-quality businesses [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the value of learning from successful figures in the industry [1] Investment Strategy - The approach prioritizes companies with large user bases and extensive content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is conducted at the EBIT plus R&D level, reflecting a belief in the significance of certain R&D investments [1] - The investment performance from February 2019 to October 2024 shows an annual return of 11.4% CAGR, which is below the market's 15.18% CAGR, indicating a need for improved future performance [1] Portfolio Management - The strategy aims to minimize portfolio turnover, with a focus on holding existing investments rather than frequent buying and selling [1] - The philosophy rejects traditional "Buy" and "Sell" recommendations, advocating for a "Strong Buy" threshold for exceptional businesses and categorizing others as "Strong Sell" to free up capital for new opportunities [1] - A "Hold" position may be initiated for high-quality businesses if their pricing is not favorable, indicating a flexible approach to investment management [1]

I only buy strong businesses. I only buy them when they're cheap. Backgrounds in economics, philosophy, government, data. I started my investing journey with a fairly concentrated portfolio of Canadian dividend payers in the telecom, pipeline and banking industries. I have moved forward through different industries including payments, US regional banking, Chinese and Brazilian equities, REITs, technology companies and a few other emerging market opportunities, as well as microcap through to megacap range. I ...

I only buy strong businesses. I only buy them when they're cheap. Backgrounds in economics, philosophy, government, data. I started my investing journey with a fairly concentrated portfolio of Canadian dividend payers in the telecom, pipeline and banking industries. I have moved forward through different industries including payments, US regional banking, Chinese and Brazilian equities, REITs, technology companies and a few other emerging market opportunities, as well as microcap through to megacap range. I ...

I only buy strong businesses. I only buy them when they're cheap. Backgrounds in economics, philosophy, government, data. I started my investing journey with a fairly concentrated portfolio of Canadian dividend payers in the telecom, pipeline and banking industries. I have moved forward through different industries including payments, US regional banking, Chinese and Brazilian equities, REITs, technology companies and a few other emerging market opportunities, as well as microcap through to megacap range. I ...

Tyler Technologies (TYL) 2025 Conference June 04, 2025 10:15 AM ET Speaker0 Morning, everybody. Thanks for joining for day two of Baird's global consumer technology and services conference. I'm Rob Oliver. I follow the SaaS and software sector here at Baird, and it's a pleasure to have have Brian Miller, CFO of Tyler. Brian, good to see you. Thanks. Great to be here. Thanks. Hala Elserbini from Investor Relations for Tyler's also in the room. If you're not familiar with the Tyler story, I hope you you leave ...

ReposiTrak (TRAK) Q3 2025 Earnings Call May 15, 2025 04:15 PM ET Company Participants Jeff Stanlis - Vice PresidentJohn Merrill - CFORandy Fields - CEO and ChairmanGuy Riegel - Managing Director Conference Call Participants Tom Forte - Managing Director & Senior Consumer Internet Analyst Operator Greetings, and welcome to the ReposiTrak Fiscal Third Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal present ...

Highlights Uber’s overall consumer base expanded 14% year over year to 170 million monthly active consumers. Uber’s membership program, Uber One, has reached 30 million subscribers and is highlighted as a significant driver of cross-selling and bookings, especially in the Delivery segment. Despite solid growth figures, shares initially declined due to the market interpreting forward-looking guidance as implying some deceleration in bookings growth. Uber’s membership program continues to drive cr ...

Highlights FIS’ first-quarter earnings showed that strong demand continues for core banking solutions, underpinning recurring revenue growth and pipeline momentum. The pending acquisition of Global Payments’ issuing business (TSYS) is a pivotal strategic move, enhancing FIS’ capabilities by adding credit solutions at scale. With the integration of the issuing unit, FIS anticipates being uniquely positioned in the market by combining its existing offerings to boost its cross-selling opportunities. ...

Lemonade (LMND) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Company Participants None - ExecutiveDaniel Schreiber - CEO and Co-FounderMichal Langer - Chief Product OfficerTim Bixby - CFOJack Matten - Vice President Equity ResearchJason Helfstein - MD & Head - InternetAndrew Kligerman - Managing DirectorKatie Sakys - US P&C Insurance, Senior AssociateTommy McJoynt-Griffith - Director Conference Call Participants Jian Huang - AnalystZachary Gunn - Covering Analyst Operator Hello, and welcome everyone to th ...