Core Insights - Just Eat Takeaway is cutting approximately 450 jobs as part of its integration of automation and artificial intelligence into operations [1][3] - The job reductions will impact various countries and functions, particularly in customer service and sales administration [1][2] Company Operations - The company operates in 17 countries and employs tens of thousands of part-time couriers [2] - Revenue is primarily generated from commissions charged to restaurant partners based on order values made through its platform [2] Strategic Initiatives - In August, Just Eat Takeaway announced a partnership with Swiss robotics company RIVR to pilot autonomous robot deliveries [3] - The company has faced challenges due to increased competition and rising living costs in key markets following a surge in demand during the COVID pandemic [3] Investment Activity - In February, Dutch investment group Prosus announced plans to acquire Just Eat Takeaway for €4.1 million (approximately $4.8 million) to create a "European technology champion" [4]

Ariel Investments, an investment management company, released its “Ariel Global Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The second quarter marked a period of extremes. The stocks fell after the “Liberation Day” tariff announcement in early April and rebounded following the pause in tariff implementation. Enthusiasm for artificial intelligence (AI) themed stocks and robust corporate earnings results lifted global and U.S. indices to new highs. Against this back ...

Group 1: Palantir Technologies - Palantir Technologies specializes in artificial intelligence (AI) software and has shown remarkable performance, with an average annual gain of 165% over the past three years and a 385% increase over the past year [3][4] - Despite its impressive returns, the company's valuation is considered high, making it a risky buy at the moment, although existing shareholders may consider holding or partially selling to lock in gains [4] - The company has significant ties to the U.S. military and has been favored by the Trump administration, which may influence its business operations [5] Group 2: DoorDash - DoorDash has averaged annual gains of 56% over the past three years and operates in approximately 30 countries [6][7] - The company reported a 20% year-over-year increase in total orders, reaching 761 million, and a 25% rise in revenue in its second-quarter earnings report [7] - Management highlighted improvements in consumer experience and delivery times, contributing to accelerated growth in monthly active users [7] Group 3: Nvidia - Nvidia has averaged annual gains of 71% over the past five years and 77% over the past decade, with a forward-looking price-to-earnings (P/E) ratio of 39, which aligns with its five-year average [8][9] - The company has expanded its focus beyond gaming chips to include AI and data center chips, capitalizing on the growing demand for AI technologies [9] Group 4: Altria Group - Altria has increased by approximately 37% over the past year and offers a dividend yield of 6.1%, with total annual payouts rising from $2.17 in 2015 to $4.08 recently [10][11] - The company is investing in smokeless products to offset declining smoking rates in the U.S., while successfully raising prices for its offerings [11] Group 5: Taiwan Semiconductor Manufacturing - Taiwan Semiconductor Manufacturing is the largest chip maker globally, holding a market share of 67.6%, and is unique for manufacturing chips rather than just designing them [11][12] - The company anticipates its AI accelerator revenue to double within the year, reflecting significant growth potential in the semiconductor industry [12]

Group 1 - DoorDash, Inc. shows a noticeable improvement in earnings outlook, making it an attractive investment option [1] - Analysts are raising earnings estimates for DoorDash, indicating growing optimism about the company's earnings prospects [2][3] - The Zacks Rank system, which rates stocks from 1 (Strong Buy) to 5 (Strong Sell), has a strong track record, with 1 ranked stocks averaging a +25% annual return since 2008 [3] Group 2 - For the current quarter, DoorDash is expected to earn $0.67 per share, reflecting a +76.3% change from the previous year [6] - Over the past 30 days, eight estimates for DoorDash have increased, leading to a 6.15% rise in the Zacks Consensus Estimate [6] - For the full year, DoorDash's expected earnings are $2.38 per share, representing a significant year-over-year increase of +720.7% [7] Group 3 - DoorDash currently holds a Zacks Rank 1 (Strong Buy) due to favorable estimate revisions, which can help investors make informed decisions [8] - Stocks with Zacks Rank 1 and 2 tend to significantly outperform the S&P 500 [8] Group 4 - DoorDash's stock has increased by 7.8% over the past four weeks due to strong estimate revisions, suggesting potential for further upside [9]

Core Insights - DoorDash reported second-quarter earnings of 65 cents per share, surpassing the analyst consensus estimate of 43 cents, with quarterly revenue of $3.28 billion, exceeding the Street estimate of $3.16 billion and up from $2.63 billion in the same period last year [1] Group 1 - The analyst from Wedbush reiterated a Neutral rating on DoorDash, raising the price forecast from $190 to $200, noting that the second-quarter adjusted EBITDA guidance of $600 million to $650 million aligns with consensus and exceeds the prior forecast of $541 million [2] - Despite ongoing U.S. macro uncertainty, the strong second-quarter Gross Order Value (GOV) outlook indicates a healthy growth trajectory for the full year, leading to a 4% increase in the 2025 GOV estimate and an 11% increase in adjusted EBITDA estimates [3] Group 2 - DoorDash announced agreements to acquire Deliveroo and SevenRooms, which are expected to expand its addressable market and enhance global product offerings, although the benefits from these acquisitions are not expected to materialize for several quarters, with transactions anticipated to close in the fourth quarter of 2025 [4] - The second-quarter GOV is forecasted at $23.6 billion, reflecting a 19.6% year-over-year gain compared to the prior estimate of $22.6 billion, which was a 14.3% year-over-year increase, while the revenue projection has been raised to $3.1 billion, up 18.7% year-over-year from the previous forecast of $3.0 billion [5]

Core Insights - Deliveroo reported a net loss of £19.2 million ($26 million) in the first half of 2025, a significant decline from a net profit of £1.3 million in the same period the previous year [2][3] - The loss is primarily attributed to costs associated with the acquisition by DoorDash, which is expected to be finalized in the final quarter of 2025 [2][3] - Despite the loss, Deliveroo's revenue grew by 8% to £1 billion, with orders also increasing by 8% [4] Company Performance - The company experienced its first annual profit in March 2025 after previous substantial losses due to high investment costs since its founding in 2013 [3][5] - The advisory and legal fees related to the DoorDash acquisition were significant contributors to the recent loss, and without these costs, Deliveroo anticipated a net profit [3] Acquisition Impact - The £2.9 billion takeover by DoorDash, agreed upon in May 2025, is set to enhance Deliveroo's market presence, operating in multiple countries including the UK, Belgium, France, and the UAE [2][5] - The combined entity will serve approximately 50 million monthly active users across more than 40 countries, expanding DoorDash's reach significantly [4]

Funding & Expansion - Calo 完成 39 million 美元 B 轮融资扩展 [1] - 公司着眼于英国市场 [1]

Uber appealed to the supreme court, which on Tuesday unanimously dismissed the US company's case. In a separate case, the Estonian ride-hailing and food delivery startup Bolt this year defeated an appeal by the UK tax authority HMRC about on what it has to pay VAT on at 20%. HMRC has since been granted permission to challenge the ruling that Bolt is only liable for VAT on its margin, rather than the full cost of the trip, at the court of appeal. Uber's rival taxi operators will not have to pay 20% VAT on th ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Internet and Other Services, specifically focusing on the food delivery sector - **Key Players**: Meituan, Alibaba (BABA), JD.com (JD) Core Insights and Arguments 1. **Government Regulation**: Shanghai market regulators have engaged with food delivery platforms to address ultra-low-price promotions and improve price governance, indicating potential government intervention in the competitive landscape [1][2] 2. **Competition Dynamics**: The heightened competition in the food delivery market is drawing increased government scrutiny, suggesting that price competition may peak in Q3 2025, with subsidies likely to decrease thereafter [2][3] 3. **Investment Projections**: Expected food delivery investments for Q2 2025 are approximately RMB 10 billion across three major players, with projections for Q3 2025 being RMB 12 billion for Meituan, RMB 20 billion for Alibaba, and RMB 15 billion for JD [3] 4. **Profitability Forecasts**: Anticipated year-over-year declines in operating profit margins for Meituan, Alibaba, and JD are projected at -48%, -20%, and -63% for Q2 2025, and -77%, -44%, and -73% for Q3 2025, respectively [3] 5. **Market Preferences**: The preference ranking among e-commerce players is BABA > Meituan > JD, with expectations for Alicloud's growth to drive share price increases [4] Additional Important Information 1. **Competitive Timeline**: A detailed timeline of competitive actions among food delivery services highlights significant events, such as JD's subsidy program and Meituan's aggressive promotions, which have escalated competition [4] 2. **Regulatory Concerns**: The People's Daily has criticized the sustainability of the ongoing price war, emphasizing the need for rational competition among major players [4] 3. **Long-term Margin Estimates**: Long-term gross transaction value (GTV) margin estimates for Meituan and Instashopping have been revised down to below 3% and 2%, respectively, reflecting the impact of competitive pressures [2] Conclusion The food delivery sector in China is experiencing intense competition, prompting regulatory attention and leading to significant investment and profitability challenges for major players. The evolving landscape suggests a potential shift in competitive strategies as companies adapt to regulatory pressures and market dynamics.

Investment Rating - The report maintains an Equal-weight rating for JD.com, Inc. with a price target cut from US$39.00 to US$28.00, reflecting a significant downward adjustment in earnings estimates due to food delivery investments [5][7][14]. Core Insights - JD.com is expected to invest over Rmb10 billion in food delivery during 2Q25, leading to a projected 63% year-over-year decline in non-GAAP net profit to Rmb5.3 billion, resulting in a non-GAAP net profit margin of 1.58% compared to 4.96% in 2Q24 [2][5]. - The report indicates no signs of cross-selling or synergies from the food delivery investments, with JDR revenue growth expected to be minimal [3][5]. - For 2025, total revenue is projected to grow by 12% year-over-year, but non-GAAP net profit is expected to decline by 43% to Rmb27.5 billion, indicating a non-GAAP net profit margin of 2.11% [5][12]. Summary by Sections 2Q25 Preview - JD.com is projected to experience a 63% year-over-year decline in non-GAAP net profit due to substantial investments in food delivery [2][5]. - The expected non-GAAP net profit margin for 2Q25 is 1.58%, a significant drop from the previous year [2]. 3Q25 Outlook - The report forecasts a 10% year-over-year increase in total revenue for 3Q25, but a 73% decline in non-GAAP net profit to Rmb3.6 billion, resulting in a non-GAAP net profit margin of 1.25% [4][5]. 2025 Financial Outlook - Total revenue is expected to reach Rmb1,298.39 billion in 2025, with a non-GAAP net profit of Rmb27.5 billion, reflecting a 43% year-over-year decline [5][12]. - The report highlights a significant reduction in earnings estimates for 2025, 2026, and 2027, with cuts of 39%, 32%, and 30% respectively [12][14]. Valuation - The price target of US$28 implies an 11x non-GAAP P/E for 2025, which is considered justified compared to Alibaba's e-commerce business [5][14]. - The report utilizes a DCF valuation methodology with a 13% WACC and a 3% terminal growth rate assumption [14].