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
TCOM: TCOM’s Potential Better 4Q2024 Performance and Better Long-Term ...
Based on our data, TCOM is set to deliver strong 4Q2024 results, exceeding market expectations, with Accommodation and Transportation Revenue growth serving as the primary drivers of its performance. Coupled with additional contributing factors, the company’s solid trajectory underscores its ability to capitalize on the recovery in the global travel industry. While the short-term drivers are promising, the long-term outlook is equally compelling. As younger travelers fuel demand across high-grow...
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
TCOM: TCOM’s Potential Better 4Q2024 Performance and Better Long-Term ...
Based on our data, TCOM is set to deliver strong 4Q2024 results, exceeding market expectations, with Accommodation and Transportation Revenue growth serving as the primary drivers of its performance. Coupled with additional contributing factors, the company’s solid trajectory underscores its ability to capitalize on the recovery in the global travel industry. While the short-term drivers are promising, the long-term outlook is equally compelling. As younger travelers fuel demand across high-grow...
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).