T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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Tian Hou
- Tian Hou
Tian Hou
- Tian Hou
Tian Hou
- Tian Hou
BEKE: Positive On BEKE’s 2024 Outlook and 2Q24 Performance As China’s ...
We are positive on BEKE’s 2024 outlook supported by the stimulating policies at both State and local levels. The overall housing sector has begun to stabilize. We are also positive about the company’s 2Q24 performance as our data indicates that China's housing market has shown signs of modest recovery, primarily driven by the secondary market. While secondary home sales have increased since early 2024, new home sales have declined at a slower pace. Once the prices stabilize, we are expecting mor...
Tian Hou
- Tian Hou
BABA: Positive Outlook Due To BABA’s Strategic Changes; Positive FY1Q2...
We maintain a positive outlook on BABA's prospects as its domestic e-commerce division is undergoing strategic transformations. We anticipate these changes will significantly boost revenue growth in the near term. Notably, Alibaba is eliminating annual merchant fees starting in September 2024, shifting to a 0.6% commission on gross merchandise value (GMV).
Tian Hou
- Tian Hou
PDD: Temu Growth Driving Better 2Q24E Despite Being Impacted By Duty F...
We are positive about PDD’s performance in 2Q24 driven by Temu’s high growth. TEMU’s contribution continues to be significant, as it not only contributes to topline growth but also to the margins. We estimate TEMU’s GMV to grow 10.7% Q/Q in 2Q24, vs. 18.5% Q/Q in 1Q24 due to the tighter clearance control from the US Customs and Border Protection. As a result of the tighter control, more than 10 customs clearance companies were shut down due to their China business, which impacted the speed of TE...
Tian Hou
- Tian Hou
Tian Hou
- Tian Hou
Tian Hou
- Tian Hou
BEKE: Positive On BEKE’s 2024 Outlook and 2Q24 Performance As China’s ...
We are positive on BEKE’s 2024 outlook supported by the stimulating policies at both State and local levels. The overall housing sector has begun to stabilize. We are also positive about the company’s 2Q24 performance as our data indicates that China's housing market has shown signs of modest recovery, primarily driven by the secondary market. While secondary home sales have increased since early 2024, new home sales have declined at a slower pace. Once the prices stabilize, we are expecting mor...
Tian Hou
- Tian Hou
BABA: Positive Outlook Due To BABA’s Strategic Changes; Positive FY1Q2...
We maintain a positive outlook on BABA's prospects as its domestic e-commerce division is undergoing strategic transformations. We anticipate these changes will significantly boost revenue growth in the near term. Notably, Alibaba is eliminating annual merchant fees starting in September 2024, shifting to a 0.6% commission on gross merchandise value (GMV).
Tian Hou
- Tian Hou
PDD: Temu Growth Driving Better 2Q24E Despite Being Impacted By Duty F...
We are positive about PDD’s performance in 2Q24 driven by Temu’s high growth. TEMU’s contribution continues to be significant, as it not only contributes to topline growth but also to the margins. We estimate TEMU’s GMV to grow 10.7% Q/Q in 2Q24, vs. 18.5% Q/Q in 1Q24 due to the tighter clearance control from the US Customs and Border Protection. As a result of the tighter control, more than 10 customs clearance companies were shut down due to their China business, which impacted the speed of TE...