July 10, 2025 05:33 PM GMT Meituan | Asia Pacific M Idea 2Q25 preview: lower long-term margins with near-term earnings pressure | What's Changed | | | | --- | --- | --- | | Meituan (3690.HK) | From | To | | Price Target | HK$160.00 | HK$150.00 | We estimate 2Q CLC OP at Rmb8bn, -48% YoY, with food delivery + Instashopping OP to decline Rmb8bn. We expect 3Q to mark the most intense competition, driving full-year CLC OP down to Rmb30bn. Stay OW; we prefer BABA > Meituan > JD. 2Q25: We estimate CLC revenue at ...

June 18, 2025 05:12 AM GMT Kuaishou Technology | Asia Pacific AI Video Generation Competition Increases with a Strong Debut of Seedance 1.0 Pro We see a change in the competition of AI video generation with the release of two new models recently. What is new: On 11 June, ByteDance released its AI video generation model Seedance 1.0 pro in its Volcano Engine Force Conference. Seedance 1.0 now ranks No.1 on the Artificial Analysis Leaderboard for both text-to-video and image-to-video, surpassing Google's Veo ...

May 21, 2025 05:00 AM GMT Vipshop Holdings Ltd: More patience needed for revenue growth to return to positive territory Although Vipshop has witnessed improving consumption demand in April and May vs. 1Q25, it is still too early to expect its revenue growth to return to positive territory in 2Q25. However, VIPS' high shareholder return (12% yield) and low valuation (6.6x 2025e P/E) limit downside, in our view. Play Audio Read more: Vipshop Holdings Ltd: More patience needed for revenue growth to return to p ...

May 15, 2025 10:40 AM GMT Alibaba Group Holding | Asia Pacific BABA 4QF25 CMR beat, but Cloud in line Reaction to earnings Strengthens our thesis In-line Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Key Takeaways Exhibit 1: 4QFY25 results review | Alibaba Group | Mar-24 | Dec-24 | Mar-25 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | YE Mar | 4Q24 | 3Q25 | 4Q25e | 4Q25 | ...

May 14, 2025 09:24 AM GMT Tencent Holdings Ltd. | Asia Pacific 1Q25: All round beat Reaction to earnings Exhibit 1: 1Q results review | (Rmb mn) | | | Actual | 1Q25 | | | | --- | --- | --- | --- | --- | --- | --- | | Income Statement | 1Q24 | 4Q24 | 1Q25 | YoY | Consensus | vs. Cons (%) | | VAS | 78,629 | 79,022 | 92,133 | 17.2% | 87,441 | 5.4% | | - Online games | 48,100 | 49,200 | 59,500 | 23.7% | 55,315 | 7.6% | | Domestic games | 34,500 | 33,200 | 42,900 | 24.3% | 39,804 | 7.8% | | International games | ...