While its core Korean e-commerce business continues to grow, its new offerings could drive the stock in 2026.For investors looking for exposure to e-commerce outside the U.S., there have been few options more exciting than Coupang (CPNG +0.35%). This online retailer has dominated the South Korean market and is rapidly growing in Taiwan. While shares are up 24% year to date, there's plenty of reason to believe that trend can continue. Here's what to keep an eye on as we head into 2026.Following a familiar pl ...

Core Thesis - Grab Holdings Limited is positioned as a leading super-app in Southeast Asia, focusing on ride-hailing, food delivery, and financial services, with a strong user base and network effects [2][3][4] Financial Performance - As of December 3rd, Grab's share price was $5.26, with trailing and forward P/E ratios of 263.50 and 58.82 respectively [1] - The company achieved positive group adjusted EBITDA in 2023, two quarters ahead of schedule, through cost control and operational efficiency [2][3] Growth Segments - Grab's mobility and delivery segments are experiencing steady growth, with improved take rates and rising contribution margins [3] - The fintech segment is expanding through digital banking and payments, benefiting from increasing financial inclusion in the region [3] Strategic Positioning - Management is committed to margin improvement and free cash flow generation, positioning Grab for long-term resilience despite macro challenges [3][4] - Grab's scale, ecosystem integration, and regional presence provide defensibility against competition and leverage to digital adoption trends [3] Valuation and Investment Case - Valuation remains attractive due to improving fundamentals and potential re-rating as profitability strengthens [4] - The investment case is supported by a solid balance sheet, growing transaction volume, and strong customer engagement, indicating significant upside potential [4] Historical Performance - The stock has appreciated approximately 10.97% since a previous bullish thesis in January 2025, reflecting improving fundamentals [5]

China Internet Meituan Rating Market-Perform Price Target 3690.HK 85.00 HKD (95.00 OLD) 29 November 2025 Price Target Change robin.zhu@bernsteinsg.com Charles Gou Moats are supposed to help the incumbent. The fact Meituan saw a near-RMB30bn drop in Core Local Commerce profits (versus Alibaba spending RMB36bn this quarter) - and still lost 15-20% points of GMV share - feels like an illustration of the speed at which Meituan's on-demand delivery edge has been eroded. Meituan still claims 70% share in orders o ...

BREAKING: Trillion-Dollar Club Now Boasts 11 StocksCoupang stock fell sharply Monday after the operator of South Korea's top e-commerce site acknowledged a major data breach. The fall adds to a recent slide that has taken a bite out of a strong year-t0-date rally for Coupang (CPNG).The data breach exposed names, phone numbers, email and shipping addresses, and order information for 33.7 million customer accounts, according to Coupang's website. The data does not include login credentials or credit card numb ...

Core Insights - Uber Technologies, Inc. is forming a strategic partnership with Starship Technologies to launch autonomous robot deliveries in the UK by December 2025, with plans to expand to other European markets in 2026 and the US by 2027 [1] - Wall Street analysts remain optimistic about Uber's stock, with recent Buy ratings and price targets set at $119 by Bank of America and $108 by D.A. Davidson [2] - Despite exceeding revenue and EPS estimates in Q3 2025, Uber's stock has declined over 11% due to lower profit guidance for Q4 [3] Financial Performance - Uber's revenue grew by 20.37% year-over-year to $13.47 billion, surpassing estimates by $205.51 million, while EPS of $3.11 exceeded estimates by $2.42 [3] - Management anticipates a 17% to 21% increase in gross bookings for Q4, projecting a range of $52.25 billion to $53.75 billion [4] - Adjusted EBITDA is expected to grow by 31% to 36%, with a projected range of $2.41 billion to $2.51 billion, although the midpoint is below Wall Street's expectation of $2.49 billion [4] Company Overview - Uber Technologies Inc. operates a technology platform for ride-hailing, food delivery, and freight transport through its mobile app, connecting customers with drivers or couriers [5]

JD.com Inc. (JD) Conference Call Summary Company Overview - **Company**: JD.com Inc. (JD) - **Market Cap**: $45.9 billion - **Enterprise Value**: $25.4 billion - **Current Price**: $28.93 - **12-Month Price Target**: $43.00 (Upside: 48.6%) [7][30] Key Industry Insights 1. Electronics & Appliances Revenue Outlook - The company anticipates challenges in 4Q due to a high base effect from December 2024, where the industry growth rate for appliances was 39% year-over-year [1] - Government subsidies have been temporarily suspended, leading JD and brands to subsidize appliance prices to remain competitive [1] - Top-line pressure is expected to decrease marginally in 1Q with a more normalized base and potential resumption of national subsidies next year [1] 2. Food Delivery and Retail Integration - There is a healthy cross-sell from food delivery users to JD Retail, with 50% of food delivery users also purchasing B2C products [2] - User engagement has grown significantly, with quarterly active users and shopping frequency increasing by 40% year-over-year in 3Q [2] 3. Food Delivery Operational Strategy - The company expects food delivery losses to narrow sequentially in 4Q, focusing on improving unit economics and sustaining order volume [3] - Unit economics improvement relies on optimizing subsidy efficiency, with advertising systems showing progressive improvement [3] - The unit fulfillment cost is competitive when excluding social insurance for full-time riders [3] 4. Jingxi Business Investment - Incremental investment in the Jingxi business is expected to increase losses in 4Q due to marketing and fulfillment expenses [20] - Jingxi is a key driver for new user acquisition, particularly in lower-tier cities, with a healthy user retention rate [20] 5. Singles' Day Performance - Singles' Day now contributes a smaller share of 4Q GMV as the platform shifts towards daily price competitiveness and sustained year-round value [22] Financial Performance and Projections Revenue and Growth Estimates - **Total Revenue**: - 2024: Rmb 1,158,819 million - 2025E: Rmb 1,309,375 million - 2026E: Rmb 1,393,511 million - 2027E: Rmb 1,472,738 million [18] - **EBITDA**: - 2024: Rmb 51,473 million - 2025E: Rmb 14,929 million - 2026E: Rmb 31,883 million - 2027E: Rmb 57,187 million [18] - **EPS**: - 2024: Rmb 31.69 - 2025E: Rmb 17.67 - 2026E: Rmb 18.53 - 2027E: Rmb 32.38 [18] Margins and Returns - **Gross Margin**: Expected to stabilize around 16% in the coming years [29] - **Free Cash Flow Yield**: - 2024: 13.3% - 2025E: 14.2% - 2026E: 7.0% - 2027E: 10.1% [13] Risks and Challenges - Increased competition in China's eCommerce and food delivery markets could impact growth [31] - Potential slowdown in online GMV and tougher comparisons for electronics and appliances starting September 2025 [31] - Execution risks in general merchandise and JD supermarket operations [31] Conclusion - JD.com is positioned for growth with a focus on improving user experience and operational efficiency, particularly in food delivery and Jingxi business. The company aims to sustain its competitive edge through strategic investments and enhanced user engagement, despite facing challenges from market competition and economic conditions [21][31]

JD.com, Inc. Financial and Operational Highlights Nov 2025 This document does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge tha ...

Core Viewpoint - Uber Technologies has seen a 20% increase in stock value over the past year, despite concerns regarding competition from autonomous ride-hailing services like Waymo and Tesla's Robotaxi [1][2]. Group 1: Market Position - Uber holds an estimated 75% market share in the U.S. ride-hailing sector and approximately 25% globally, making it a dominant player in the industry [3]. - The brand name "Uber" has become synonymous with ride-hailing, similar to how "Kleenex" is associated with facial tissue, providing a significant competitive advantage [4]. Group 2: Network Effects - Uber's large user base creates a strong network effect, where more users attract more drivers, leading to shorter wait times and better market coverage [5]. - The company has expanded its services beyond ride-hailing to include food delivery, advertising, grocery delivery, parcel courier services, rental cars, and a subscription program, enhancing its revenue streams [6][13]. Group 3: Financial Performance - Uber is transitioning from a cash-burning phase to becoming a cash cow, with management converting over $0.17 of each revenue dollar into free cash flow [7][9]. - The company has begun share repurchases, which can drive per-share profits higher as the share count decreases [9]. Group 4: Autonomous Driving Strategy - Uber is actively pursuing opportunities in autonomous driving, having partnered with Nvidia to develop level-4 autonomous vehicle technology, aiming to build a fleet of 100,000 vehicles by 2027 [10][11]. - While competitors like Waymo and Tesla have established autonomous technology, Uber's existing user network and data from billions of trips provide a significant advantage in scaling its autonomous capabilities [12][14]. Group 5: Valuation - Despite recent stock gains, Uber is trading at a free cash flow yield of about 4.4%, the highest since going public, making it an attractive investment compared to other tech stocks [16][17].

Core Insights - Uber Technologies Inc. reported strong third-quarter results, with earnings per share of $1.20, significantly exceeding analyst expectations of $0.69 [1] - Revenue increased by 19% to $13.47 billion, while gross bookings rose by 21% to $49.7 billion compared to the previous year [2] - Adjusted EBITDA saw a 33% increase, totaling $2.3 billion, and trip volume surged to 3.5 billion, driven by growth in active users and rider engagement [2] Financial Performance - The company’s revenue for Q3 was $13.47 billion, reflecting a 19% year-over-year growth [2] - Gross bookings reached $49.7 billion, marking a 21% increase from the previous year [2] - Adjusted EBITDA increased by 33% to $2.3 billion [2] Future Outlook - For Q4, Uber's guidance is conservative, expecting gross bookings between $52.25 billion and $53.75 billion, and adjusted EBITDA ranging from $2.41 billion to $2.51 billion, slightly below market expectations [3] - CEO Dara Khosrowshahi highlighted the importance of continued investment in customer relationships and AI-driven innovation for future growth [3]

JD Logistics, Inc. 3Q25 Preview Summary Company Overview - **Company**: JD Logistics, Inc. (2618.HK) - **Industry**: Transportation & Infrastructure - **Market Cap**: HK$83,181 million - **Stock Rating**: Equal-weight - **Price Target**: HK$13.00 - **Current Price (as of Oct 13, 2025)**: HK$12.52 Key Takeaways Revenue Growth - **Top-line growth** is expected to accelerate to **21% YoY** in 3Q25, primarily driven by the **food-delivery business**, contributing **8 percentage points** to growth [2][8] - Excluding food delivery, revenue from JD Group is estimated to grow at approximately **20% YoY**, consistent with 1H25 but softer compared to 2Q25 [2] - **External ISC** revenue growth remains robust, with double-digit growth in customer numbers and year-over-year improvement in **Average Revenue Per Customer (ARPC)** [2] Profitability Concerns - **Non-IFRS net profit** is projected to decline by **20% YoY** in 3Q25, contrasting with a **5% growth** in 2Q25 [3][8] - **Net margin** is expected to narrow to **3.8%** in 3Q25, down from **5.0%** in 2Q25 and **5.8%** in 3Q24, primarily due to front-loaded investments in labor, vehicles, and outsourced resources, along with poor performance from **Deppon** [3][8] Subsidiary Performance - **Deppon** is anticipated to face revenue and profit pressures in 3Q25 due to low seasonality, competition, and adjustments in product mix [4] - **Kuayue** is expected to maintain relatively stable revenue and profit growth [4] Investment Outlook - Despite the anticipated profit decline, the company expects mid single-digit profit growth for the full year, attributed to improved efficiency during peak season [8] - There are currently no plans for financing or shareholder returns [8] Risks and Considerations - **Upside Risks**: Better-than-expected revenue growth from JD's optimization efforts, strong external demand, and improved cost controls [15] - **Downside Risks**: Slower revenue growth due to soft demand, limited synergies with Deppon or JD.com, and potential overruns in front-loaded investments [15] Financial Metrics (Estimates) - **Revenue (Rmb million)**: - 2025e: 214,360 - 2026e: 237,402 - 2027e: 256,954 - **Net Income (Rmb million)**: - 2025e: 7,881 - 2026e: 8,964 - 2027e: 9,740 - **P/E Ratios**: - 2025e: 9.7 - 2026e: 8.5 - 2027e: 7.8 - **Free Cash Flow Yield Ratio (%)**: - 2025e: 18.7 - 2026e: 19.3 - 2027e: 20.8 [6][8] This summary encapsulates the key insights from the JD Logistics, Inc. 3Q25 preview, highlighting the company's revenue growth, profitability challenges, subsidiary performance, and investment outlook.