YMM.N-Morgan Stanley-China E-CommerceEducationOnline Verticals Where Are We Tr...-106919265

MMarch8,202401:00AMGMTUpdateChinaE-Commerce/Education/OnlineVerticalsMorganStanleyAsiaLimited++8522239-7339AsiaPacific+8523963-2618EddyWang,CFA+8522848-6918WhereAreWeTradingNow#24:JD/YMMResults,Temu,EquityAnalystRecruitment,ParcelEddy.Wang@morganstanley.comJD/YMMreported4Q23resultsthisweek.AsofFeb,Temu'sappKathyZhureached163mnMAUand401mnaccumulateddownloadsglobally.ZhaopinandBossZhipin'sdatashowresilientResearchAssociaterecruitmentdemandpostCNY.Parcelvolume+21%yoyYTD.Kathy.Zhu@morganstanley.comJD4Q23Results:In4Q23,JD'srevenuebeatconsensusby2%andnon-GAAPNPGaryYubeatconsensusby16%.JDannouncedaUS$1.2bncashdividend(24%payoutratio,vs.US$1bnannualcashdividendand24%payoutratioin2022)andanotherUS$3bnEquityAnalystsharebuybackeffectiveuntilMarch2027.For2024,managementremainedGary.Yu@morganstanley.comconfidentJD's1P/3P/totalGMVandJD/JDR'srevenuegrowthwilloutpaceChina'stotalretailsales(6%yoy,perBloombergconsensus).ItaimstoatleastmaintaintheChinaInternetandOtherServicesabsoluteamountofJDROPandseesgroup-levelNPflattishyoyin2024.Itsaiditiscommittedtoitsannualcashdividendprogramandmoreaggressive2024buybacksAsiaPacificIn-Linethanin2023.IndustryViewYMM4Q23Results:In4Q23,FTA'stotalrevenuegrew25%yoy,5%aboveChinaEducationconsensus,drivenbyfulfilledordersup41%yoy.FTA'snon-GAAPNPreachedRmb729mn(15%aboveBloombergconsensus)andimplied...