As India enters 2026, the shift from informational AI to actionable AI is underway and agentic models will lead the way in many casesBFSI emerged as the biggest beneficiary, with widespread adoption in collections, underwriting, fraud detection, and customer-facing automationAgentic AI moved from experimentation to real impact in 2025, reshaping customer experience, employee productivity, and internal workflows across major industriesLast year, many expected agentic AI to become one of the major forces to r ...

Core Insights - Flipkart has appointed Dan Neary, a former Meta executive, to its board as it prepares for a public listing, indicating a strategic move to enhance leadership and expertise in digital commerce [1][4][3] Company Developments - The company is currently valued at over $35 billion and is in the process of relocating its headquarters to India, which reflects its commitment to strengthening its operational base ahead of the IPO [4] - Flipkart has been enhancing its board by bringing in experienced executives, including Walmart's Dan Bartlett and former SoftBank partner Lydia [4] Financial Performance - Flipkart Internet, the B2C arm of the company, reported an operating revenue of INR 20,493 crore (approximately $2.5 billion) for FY25, marking a 14.4% increase from INR 17,907 crore (approximately $2.2 billion) in FY24 [6] - The net loss for Flipkart decreased by 37% to INR 1,494 crore (approximately $180 million) in FY25, down from INR 2,359 crore (approximately $285 million) in FY24, indicating improved financial health [6] Market Context - The ongoing IPO boom in the Indian tech sector is highlighted by PhonePe, a fintech company spun off from Flipkart, which filed for an IPO with a valuation between $12 billion and $15 billion [6] - Flipkart's competitor, Meesho, is currently seeking a valuation of INR 50,096 crore (approximately $5.6 billion) for its public issue, marking a significant event in the ecommerce landscape [7]

Summary of Key Points from the Conference Call Industry Overview - The China internet sector has shown strong performance in 2025, with a year-to-date return of +36.5%, outperforming Southeast Asia (+18.3%), India (+17.6%), Japan (+16.8%), the US (+16.2%), and Korea (+12.8%) [1][16] - Geopolitical tensions and AI supply-chain issues are expected to keep China's internet companies trading at discounts compared to global peers [1][2] Core Themes and Insights - **AI Competition and Productivity Gains**: The competition among AI players in China is anticipated to intensify in 2026, focusing on AI cloud infrastructure, chatbots, and applications [1][2] - **Monetization Lag**: Monetization of AI technologies is expected to lag behind user traffic growth, particularly when compared to global peers [1][2] - **Top Picks for 1H26**: Recommended stocks include Tencent and Alibaba as core AI plays, Trip.com and NetEase for stable earnings growth, and Century Huatong among A shares [1][2] AI Market Dynamics - **AI Chatbot Penetration**: ChatGPT leads globally with 800 million monthly active users (MAUs), while Bytedance's Dola and Doubao combined rank third with approximately 250 million MAUs [3] - **User Traffic Competition**: Major internet players are competing for user traffic through AI chatbots, which is crucial for future ecosystem monetization [2] Consumer Behavior and Spending - **Leisure and Entertainment Spending**: The adoption of AI tools is expected to enhance consumer productivity, leading to increased spending on leisure and entertainment, particularly in travel and online gaming [4] - **Stable Earnings Growth**: Online travel agencies (OTAs) and gaming companies are projected to benefit from resilient consumer spending [4] Investment Risks - **Geopolitical and Economic Risks**: Risks include geopolitical tensions, AI supply-chain constraints, muted consumer sentiment without stimulus policies, and intensified competition in AI applications [5] - **Profitability Concerns**: The potential for profit lock-in through membership investments and a slowdown in capital returns are highlighted as significant risks [5] Financial Performance Insights - **3Q25 Results**: Among 44 internet companies, 18 reported revenue beats, and 27 reported earnings beats. The guidance for 4Q25 showed mixed results, with some companies exceeding expectations while others fell short [6][10] - **Year-to-Date Share Price Performance**: Alibaba leads with an 86% return, followed by Tencent at 47%. Meituan has underperformed with a -32% return [16][28] Conclusion - The China internet sector is poised for growth driven by AI advancements, but faces challenges from geopolitical risks and competitive pressures. Companies like Tencent and Alibaba are positioned as key players in this evolving landscape, while consumer spending trends indicate resilience in leisure and entertainment sectors.

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Summary of Douyin Ecommerce Expert Call Industry Overview - **Industry**: Ecommerce in China, specifically focusing on Douyin (unlisted) and its performance during the Double 11 shopping festival Key Points 1. **Growth Performance**: Douyin's gross merchandise value (GMV) during the Double 11 period grew by 25% year-on-year, which is noted as the fastest growth in the industry, although it has slowed from over 30% growth in the previous three quarters [2][3] 2. **Year-End Expectations**: Douyin is expected to conclude the year with a GMV of CNY4.4 trillion, representing a 29% year-on-year increase, surpassing the initial target of CNY4.2 trillion set for 2025 [2] 3. **Factors Contributing to Growth**: The expert attributed Douyin's growth to: - A less tough base effect compared to competitors JD and Alibaba - Increased subsidies - Strong momentum in its marketplace ecommerce [3] 4. **Subsidy Program Expansion**: Douyin's trade-in subsidy program (TSP) expanded from 8 provinces last year to approximately 22 provinces this year, contributing to its growth despite starting slower than JD and Alibaba [4] 5. **Subsidy Spending**: Douyin spent CNY5 billion in subsidies during this year's Double 11, which is a 27% increase year-on-year [5] 6. **Marketplace Model Success**: Douyin's marketplace model saw GMV growth of approximately 50% year-on-year, accounting for 45% of total GMV from January to October, while live-streaming ecommerce GMV grew by 14-18% year-on-year [6] 7. **Challenges in Marketplace**: Despite strong growth, Douyin faces challenges with lower shopper mind share compared to established competitors like Alibaba, JD, and Pinduoduo, with nearly half of its marketplace GMV relying on user traffic from live-streaming ecommerce [6] 8. **Grocery Category Performance**: The grocery category performed well, benefiting from the shift of consumption from offline to online channels, driven by competition in quick commerce between Alibaba and Meituan [7] Additional Insights - **Competitive Landscape**: There was a notable competition between Douyin and Alibaba towards the end of the Double 11 period, as both platforms sought to capture growth in a sluggish consumer market [5] - **Market Dynamics**: The overall ecommerce industry is experiencing a significant migration of grocery shopping from offline to online, influenced by competitive pressures [7]

Summary of PDD Holdings (PDD) 3Q25 Conference Call Company Overview - **Company**: PDD Holdings (PDD) - **Market Cap**: $192.8 billion - **Industry**: China Ecommerce & Logistics Key Points Financial Performance - **3Q25 Results**: Mixed results with a 1% year-over-year increase in quarterly operating profit, marking the first profit growth this year after declines of -21% and -36% in 2Q and 1Q25 respectively [1][20] - **Online Marketing Revenue**: Experienced a significant miss, growing only 8% year-over-year, the first instance of single-digit growth, which was below expectations of low-teens growth [1][20] - **Interest/Investment Income**: Increased, indicating improving unit economics for Temu [1] - **Income Taxes**: Slight decline of 5%, suggesting better domestic profit performance [1] Market Outlook - **Domestic GMV Profitability**: Improved to approximately 2.2%, aided by reduced impact from the trade-in program affecting smaller merchants [2] - **Revised Profit Margins**: Adjusted domestic GMV profit margin estimates to 2.0% for FY26E and 2.1% for FY27E [2] - **Target Price**: Revised 12-month sum-of-the-parts (SOTP) target price to $147 from $157, reflecting anticipated reinvestments [2] Competitive Landscape - **Ecommerce Competition**: PDD's GMV growth moderated to 9%, outperforming the industry by only 1 percentage point, attributed to intensified competition from Douyin and strategic investments by Alibaba and JD [20] - **Online Marketing Growth**: Expected to slow further, with estimates of 7% and 8% growth for 4Q25 and FY26E respectively [20] Investment Strategy - **Reinvestment Plans**: Management indicated a commitment to reinvestments in the platform ecosystem, which may lead to fluctuations in quarterly profits [1][20] - **Temu Investment**: Anticipated increase in investments into Temu, with transaction commission revenue expected to grow by 19% and 23% year-over-year for 4Q25 and FY26E respectively [21] Risks - **Downside Risks**: Include lower-than-expected online marketing revenues, geopolitical headwinds, increased competition, and potential impacts of reinvestments on core profit margins [22] Valuation - **Valuation Metrics**: Current P/E ratio at 11X for 2026E, compared to a median of 17X for China Internet coverage, indicating favorable risk-reward dynamics [2] - **Earnings Growth**: Expected profit growth of 30% for FY27E, with significant room for valuation re-rating as profit comparisons ease over 2026-27E [21] Additional Insights - **Cash Flow**: Strong net cash generated from operating activities of Rmb46 billion, reflecting improved net income and working capital changes [21] - **Management Commentary**: Remained conservative, emphasizing the need for ongoing investments to sustain growth amidst competitive pressures [1][20] This summary encapsulates the critical insights from the PDD Holdings 3Q25 conference call, highlighting financial performance, market outlook, competitive landscape, investment strategy, risks, and valuation metrics.

Core Insights - Naspers Limited and Prosus N.V. are anticipating substantial increases in key earnings metrics for the six-month period ended 30 September 2025, with a strong focus on profitability and operational performance [1][2][12] Financial Performance - The trading statements indicate a powerful financial performance, with earnings per share (EPS) expected to rise between 30.2% and 37.2%, core headline earnings per share (CHEPS) projected to increase between 20.8% and 27.8%, and headline earnings per share (HEPS) expected to grow between 5.6% and 12.6% [5][7] - For Naspers, EPS is expected to increase between 33.3% and 40.5%, CHEPS between 21.5% and 28.5%, and HEPS between 6.5% and 13.5% [5][7] Strategic Growth - The companies attribute their strong growth to revenue and profitability from consolidated Ecommerce businesses and equity-accounted investments, particularly Tencent [3][4] - The adoption of "The Prosus Way" culture emphasizes discipline and innovation, contributing to long-term growth and a combined ecosystem serving approximately 2 billion consumers [4] Adjusted Metrics and Non-Operational Gains - The significant increase in EPS is influenced by a one-off event related to the sale of Tencent shares, which is excluded from the lower headline and core headline earnings figures [8][12] - A distinction exists between HEPS and CHEPS due to currency fluctuations, with CHEPS showing higher growth as it excludes foreign currency translation losses [9][10] Complexity of Earnings Definitions - Core Headline Earnings (CHEPS) is a non-IFRS performance measure that involves numerous adjustments to headline earnings, excluding specific non-operating items [10][12] - The adjustments include excluding fair-value adjustments, one-off gains and losses, and amortization of intangible assets [13]

Core Insights - Rokt has appointed David Obstler, CFO of Datadog, to its board of directors and Matt Briers, former CFO of Wise, as a board advisor and observer, as the company prepares for a potential IPO [1][2][3] Group 1: Executive Appointments - David Obstler will chair the audit committee and has extensive experience in operational finance, particularly in technology companies [3][4] - Matt Briers brings experience from his tenure at Wise, where he oversaw significant global expansion and a successful direct listing [4] Group 2: Company Growth and Financial Performance - Rokt's revenue grew by over 40% year-over-year in 2024, reaching $600 million [5] - The company is projected to power more than 7.5 billion transactions in 2025 across various leading ecommerce businesses [5] Group 3: Strategic Partnerships and Acquisitions - Recent partnerships include collaborations with Ulta Beauty, Albertsons, and Macy's, alongside acquisitions of Canal, mParticle, and Aftersell [6][7]

November 10, 2025 02:38 AM GMT Recent correction should be viewed as healthy: Most stocks have eased off highs post earnings, with the sharpest near-term corrections in key large caps like, MMYT and Eternal. Although some stocks which saw positive consensus earnings changes post results have rallied in the past month, including Cartrade/TBO Tek (both not covered by MS). The internet index rallied sharply between mid-March and Sep 2025, +38% (vs. NIFTY +14%) and hence we see the recent correction as healthy. ...

AUSTIN, Texas, Oct. 27, 2025 (GLOBE NEWSWIRE) -- Commerce (Nasdaq: CMRC), an open, intelligent ecosystem of technology solutions and the parent company of leading ecommerce platform BigCommerce, today announced five of its BigCommerce B2B Edition customers have been shortlisted as finalists for the 2025 B2B Ecommerce Industry Awards - Americas Edition. Movora, a global leader in veterinary medical technology and orthopedic solutions, and Sellars, a manufacturer of absorbent materials, are finalists for Mid- ...