YMM: Better Fulfillment and Utilization Driving Solid 2Q23 Performance; Positive on 2023 Outlook Driven By China’s Stimulus Policies
We are positive on YMM’s 2023 outlook. The long-awaited economic stimulus policies have started to come out since late July 2023. Recently, China’s central government issued a series of intensive economic stimulus programs to boost confidence and restore economic growth. The programs not only include stimulating capital market, housing market, but also consumer and retail, and many more. Among these programs, AI and data economy are at the center. While these programs have not shown meaningful results yet, we believe they are going to gradually take effect along with more programs in 2H2023. We believe YMM is not only going to benefit from the economic recovery, but also from its ongoing improvement in operational efficiency.
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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