$JD announced they repurchased usd1.2bn of shares 1Q24, which everyone is taking at face value without deducting the shares issued for employee comp ($BABA provides the net number which is more helpful).

FY2023 and 22 JD share comp was usd700-1bn, say usd200-250m per Q.

So 3 buckets of China valuations remain:

Low growth 5% low PE 10x: $BABA $JD $BIDU $QFIN

Mid growth +20% mid PE 20x: Meituan $PDD Kuaishou Moutai $TME Kingsoft

Low growth 5% mid PE 20x: Tencent, Xiaomi, $YUMC Anta

Easier to choose now than at 30x PE. Place your bets.

Claude Opus is so much better than GPT4, and yet we dont see Dario pontificating on media 24/7 like Sam does.

5 questions to GPT4 about Base Rates and I gave up. Claude opus on question 2 goes straight to michael mauboussin and gives me the answer and rationale I am after. Smart

Does anyone know how Miniso $MNSO franchisees are doing?

1Q24 Chow Tai Fook: what is the hot product this season?
(Actually not sure how much of the gold growth is price vs volume, and what does that mean for profit, but very clearly gem sets not in fashion)

HK drama continues. Sasa 1Q24:

Sales impacted by HK residents “tripping north”. During LNY the number of residents visiting Mainland was 1.2m twice the number of Mainland visiting HK.

'Depressed equity and real estate markets dampened the purchasing intent of local consumers.'

Ignoring Jamie Dimon geopolitics rant, a good bit in his letter was how he assesses companies:

1-understand competitors: their distribution, economics, innovations, and what will they look like tomorrow

2-understand customers: their changing preferences, your cost to serve them

Good buy-the-dip action after shi#ty US cpi and shi#tier China cpi. Except for you $BIDU.

Frankly I have no idea of macro nor technicals, but i just opened to check price expecting to see the usual China stonks -3%.

The day is not over yet (for me yes, time for some tennis bye)

Maybe CPI in China includes stock prices 😂

twitter.com/Sino_Market/st…

Many regretted not buying $PDD April 2023 at 20x PE LTM. By the end of the year the price more than doubled usd65 to usd145.

We are back to 20x PE, as a result of earnings up 90% and price down 20%.
FCF yield 4%.

Is the market giving you a second chance or is this a trap? 🤷🏻

This gold fever is starting to get serious.
hongkongfp.com/2024/04/09/hon…

So Lining has higher brand equity than Anta, but driven primarily by 35 and above cohorts.

On purchase intentions they are almost equal at 30-32%.