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Multibagger Research Series
Introduction (Start Here)
Start here: Your first step
MRS companies summary valuation Google Sheet
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Valuation
Pre-Tax Owner Earnings Yield Compared With 10 Year Treasury Yield
MRS WhatsApp Group Chat Transcript
MRS Whatsapp group chat transcript - Oct 2022 to Dec 2023
MRS Whatsapp group chat transcript - Jan 2024 to July 2024
MRS Whatsapp group chat transcript - August 2024 to December 2024
Meetup - 2021 April - Overview of MRS Companies (As Of April 2021)
Part 1: Introduction (10:32)
Part 2: The MWS conglomerate (5:16)
Part 3: What do we look out for in companies (& cover) (6:25)
Part 4: Overview of the 10 MRS companies (40:53)
Part 5: Ways to best use the MRS research (15:52)
Part 6: Wix overview & valuation [Coverage of Wix has been discontinued] (32:34)
Part 7: Summary & Q&A (35:43)
Meetup - 2021 August - Evolution, Prosus & Earnings updates
Part 1: Introduction & Evolution (59:33)
Part 2: Prosus (54:56)
Part 3: 2021 Q2 company earnings (13:23)
Part 4: Other comments and Q&A (26:44)
Meetup (MRS + IF) - 2021 November - JD Logistics, JD Health, earnings updates & portfolio questions
Part 1: Introduction & overview of JD.com (11:27)
Part 2: JD Logistics (27:11)
Part 3: JD Health (23:18)
Part 4: Company earnings & updates (37:32)
Part 5: Q&A on MRS companies (32:14)
Part 6: Portfolio & general investing questions (48:17)
Meetup - 2022 March - JD.com, Valuation methods, Earnings & general updates, Buyback economics
MRS Meetup - 2022 Mar (155:56)
Part 1: Introduction & valuation summary (4:49)
Part 2: JD.com developments (8:24)
Part 3: Valuing companies with subsidiaries, associates and investments (48:23)
Part 4: Bank OZK - Earnings & valuation updates & buyback economics (8:58)
Part 5: Evolution - General, earnings & valuation updates (8:52)
Part 6: Adyen - Earnings & valuation updates (10:09)
Part 7: Upwork - Earnings & valuation updates [Coverage of Upwork has been discontinued] (5:45)
Part 8: Wix - Earnings updates & valuation comments [Coverage of Wix has been discontinued] (16:24)
Part 9: Other updates - Intuit, Prosus, Pax Global, StoneCo, Meta, etc [Coverage of Intuit & Pax Global has been discontinued] (16:05)
Part 10: Q&A & other comments (27:52)
Meetup - 2022 June - Return on capital, Company updates, Ugly Secrets of 'Good Businesses'
MRS Meetup - 2022 Jun (Full session) (80:44)
Part 1: Introduction, agenda & importance of return on capital (10:24)
Part 2: Portfolio businesses - What we see in them & business performance updates (31:58)
Part 3: Case studies - Ugly secrets (SEA Ltd & Wix) (38:21)
Meetup - 2022 September - Capital allocation & Return on capital, Adobe, Alphabet & Earnings updates
MRS Meetup - 2022 September (Full session) (99:14)
Part 1: Introduction (2:31)
Part 2: Capital allocation & return on capital (46:17)
Part 3: New companies - Adobe & Alphabet (7:35)
Part 4: Company earnings updates (42:47)
Meetup - 2023 February - What Can We Learn From 2022?
MRS Meetup - 2023 February (Full session) (69:53)
Part 1: Introduction (2:46)
Part 2: What Can We Learn From 2022 (33:32)
Part 3: 5 Important Financial Metrics (14:41)
Part 4 : Calculating The Financial Metrics (8:39)
Part 5: MRS Portfolio Performance (10:14)
Meetup - 2023 August - Portfolio Review, Red Flags & Forensic Analysis
Part 1: Introduction (3:20)
Part 2: Portfolio Review (32:38)
Part 3: Red Flags & Forensic Analysis (55:07)
Part 4: Earnings Update (7:46)
Meetup - 2024 Apr - How To Improve Your Investing Strategy?
MRS Meetup - 2024 April (Full session) (78:54)
Part 1 - Intro & How Best To Improve Investing Success (Commission vs Omission Errors) (28:21)
Part 2 - What's A Good Filter? High Revenue Growth (Tesla), Or High Historical ROCE? (13:46)
Part 3 - Not Overpaying For Uncertain Future (Zoom) (To Reduce Commission Error) (15:49)
Part 4 - Be Lazy & Selective (12:29)
Part 5 - MRS Company Updates (8:15)
Meetup - 2025 Apr - MWS Latest Investment Framework & Company Updates
MRS Meetup - 2025 Apr (Full session) (104:39)
Part 1: MWS Latest Investment Framework (35:28)
Part 2: 6 Different MRS Companies/ Case Studies (35:31)
Part 3: Q&A and discussions (34:30)
[Post-Meetup] Company 2024 Update & Valuation - Alphabet (2:53)
[Post-Meetup] Company 2024 Update & Valuation - Amazon (4:56)
[Post-Meetup] Company 2024 Update & Valuation - Hermes (2:28)
[Post-Meetup] Company 2024 Update & Valuation - Bank OZK (3:11)
[Post-Meetup] Company 2024 Update & Valuation - Adyen (3:18)
[Post-Meetup] Company 2024 Update & Valuation - JD.com (2:51)
[Post-Meetup] Company 2024 Update & Valuation - Apple (2:58)
[Post-Meetup] Company 2024 Update & Valuation - Evolution (3:03)
[Post-Meetup] Company 2024 Update & Valuation - Wise (3:59)
MSCI (Morgan Stanley Capital International) (NYSE: MSCI)
MSCI: Preliminary Research (Sep 2024) (25:55)
MSCI: Part 1: Overview (Feb 2025) (Full video) (44:23)
MSCI: Part 1(i): Overview - Introduction & how MSCI's business has evolved (7:20)
MSCI: Part 1(ii): Overview - Moats & competitive advantages (5:46)
MSCI: Part 1(iii): Overview - Competition & risks (3:37)
MSCI: Part 1(iv): Overview - Pricing model & strong financials (6:24)
MSCI: Part 1(v): Overview - Capital allocation, long term targets/ runway, & management alignment (6:55)
MSCI: Part 1(vi): Overview - Valuation & summary (8:57)
MSCI: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (3:35)
MSCI: Summary research PDF (Feb 2025)
MSCI: Full research PDF (Jan 2025) (With updated valuation section in Feb 2025, for 2024 figures)
IDEXX Laboratories (NASDAQ: IDXX)
IDEXX Laboratories: Preliminary Research (Sep 2024) (21:48)
Ferrari (BIT: RACE)
Ferrari: Preliminary Research (Sep 2024) (26:26)
Narayana Hrudayalaya / Narayana Health (NSE: NH)
Narayana Health: Preliminary Research (Sep 2024) (40:51)
Costco (NASDAQ: COST)
Costco: Preliminary Research (Sep 2024) (20:26)
Hermes (EPA: RMS)
Hermes: Part 1: Overview (Full video) (28:13)
Hermes: Part 1(i): Overview - Introduction (2:35)
Hermes: Part 1(ii): Overview - History of family management & products (& Birkin bag) (2:23)
Hermes: Part 1(iii): Overview - Business model (2:25)
Hermes: Part 1(iv): Overview - Growth strategy & industry tailwind (2:29)
Hermes: Part 1(v): Overview - Financials (3:03)
Hermes: Part 1(vi): Overview - Capital allocation & ROCE (3:30)
Hermes: Part 1(vii): Overview - Moats & family alignment (3:06)
Hermes: Part 1(viii): Overview - Valuation (OE yield) & insider purchase (4:59)
Hermes: Part 1(ix): Overview - Competition (1:07)
Hermes: Part 1(x): Overview - Summary (2:29)
Hermes: 2024 Update & Valuation (As Of Late Mar 2025) (2:28)
Hermes: Summary research PDF (Oct 2023)
Hermes: Full research PDF (Oct 2023)
Hermès: Earnings update 2023 H2 - Business As Usual - Strong Growth (20% for EBIT) At High ROCE, & Distributing Out More Dividends (Exceptional Dividend)
Hermès: Earnings update 2024 H1 - Business As Usual - Reinvesting To Grow (7% for EBIT) With Improving ROCE (34%) Due To Return Of Excess Cash
Hermès: Earnings update 2024 - Business As Usual - Grew Well (Revenue +13%, Vs LVMH’s -2%), At High ROCE (~31%), While Returning Some Excess Capital (Via Dividends) & Retaining Some
Amazon (NASDAQ: AMZN)
Amazon: Part 1: Overview (Full video) (42:39)
Amazon: Part 1(i): Overview - Introduction (3:01)
Amazon: Part 1(ii): Overview - Capital allocation & ROC (7:00)
Amazon: Part 1(iii): Overview - 3 dreamy businesses & runway (11:17)
Amazon: Part 1(iv): Overview - Moats & long term growth drivers (6:37)
Amazon: Part 1(v): Overview - Alignment of management & BOD (5:01)
Amazon: Part 1(vi): Overview - Financials (2:31)
Amazon: Part 1(vii): Overview - Valuation, longevity & summary (7:10)
Amazon: 2024 Update & Valuation (As Of Late Mar 2025) (4:56)
Amazon: Summary research PDF (Apr 2023)
Amazon: Full research PDF (Apr 2023)
Amazon: Earnings update 2023 Q2 - Growing Moats/ Advantages For Its 3 Dreamy Businesses, With Recovering Growth & Profitability
Amazon: Earnings update 2023 Q4 - Recovering Growth, With Continued Reinvestments (At High ROC) & No Capital Return
Amazon: Earnings update 2024 Q1 - Business As Usual - Reinvesting Heavily In View Of Massive Opportunities For AWS (Including From Generative AI)
Amazon: Earnings update 2024 Q2 - Business As Usual - Growth At High ROCE (14%), While Continuing To Reinvest Heavily (69% Of OCF)
Amazon: Earnings update 2024 Q3 - Business As Usual - Growth With Improving ROCE (14%), While Reinvesting More Heavily (~86% Of OCF)
Amazon: Earnings update 2024 Q4 - Growing Well (Revenue +11%) With Improving ROCE (16%), While Reinvesting Heavily (~75% Of OCF) With No Capital Return, With CEO Optimistic Of AWS Business (As Inference Cost Comes Down)
HDFC Bank (NYSE: HDB; NSE: HDFCBANK)
HDFC Bank: Part 1: Overview (Full video) (34:39)
HDFC Bank: Part 1(i): Overview - Introduction & founding (3:43)
HDFC Bank: Part 1(ii): Overview - India tailwind & market share/ leadership (1:55)
HDFC Bank: Part 1(iii): Overview - Strong performance as a bank (5:09)
HDFC Bank: Part 1(iv): Overview - Moats & competitive advantages (5:35)
HDFC Bank: Part 1(v): Overview - Capital allocation & financials (2:33)
HDFC Bank: Part 1(vi): Overview - Industry tailwind & runway (1:55)
HDFC Bank: Part 1(vii): Overview - Valuation, FX risks & investor return (5:05)
HDFC Bank: Part 1(viii): Overview - Benefits & valuation impact from merger with HDFC Ltd (8:43)
HDFC Bank: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (6:11)
HDFC Bank: Summary research PDF (Dec 2022)
HDFC Bank: Full research PDF (Dec 2022)
HDFC Bank: Earnings update FY2023 (& FY2024 Q1) - Growing Well, Merger With HDFC Ltd Completed, But Increasing Attrition Rate
HDFC Bank: Earnings update FY2024 Q2 - Executing Well Post-Merger (With HDFC Limited)
HDFC Bank: Earnings update FY2024 Q3 - Business As Usual (With Slower Deposits Growth)
HDFC Bank: Earnings update FY2025 Q2 - Undergoing Short-Term Transition (& ROC Pressure) Post-Merger To Bring Down C/D Ratio For Long Term Sustainable Growth
HDFC Bank: Earnings update FY2025 Q3 - ROC Continued To Decline (Due To Conscious Slower Growth For Advances Vs Deposits, & Cost Of Funds Not Coming Down Yet), Amidst Transition Measures Post-Merger & Tough Economic Environment
Apple Inc (NASDAQ: AAPL)
Apple: Full Research PDF (October 2022)
Apple: 2024 Update & Valuation (As Of Late Mar 2025) (2:58)
Apple: Earnings update FY2023 Q1
Apple: Earnings update FY2023 Q2 - Revenue Slowdown, But Growing Installed Base (Including In Emerging Markets) & Services Penetration, While Remaining Active In Buybacks
Apple: Earnings update FY2023 Q3 - Slight Decline In Revenue, But Actually A Stronger Business (With Growing Installed Base/ Ecosystem & Services Revenues)
Alphabet Inc (NASDAQ: GOOGL)
Alphabet: Full Research PDF (August 2022)
Alphabet: 2024 Update & Valuation (As Of Late Mar 2025) (2:53)
Alphabet - Owner earnings (OE) yield valuation (February 2023)
Alphabet: Earnings update 2022 Q4
Alphabet - Earnings update 2023 Q1 - Slow Advertising Growth, Cloud Turning Profitable, & Innovating On Integrating Large Language Model Into Search
Alphabet: Earnings update 2023 Q2 - Recovering Growth, With Improving Cloud Profitability & Continuing Buybacks At Cheap Prices
Alphabet: Earnings update 2023 Q3 - Business As Usual
Alphabet: Earnings update 2023 Q4 - Earnings Disaster?
Alphabet: Earnings update 2024 Q1 - Business As Usual - Good Growth At High ROCE (~30%), & Reinvesting More Heavily On Capex (42% Of OCF)
Alphabet: Earnings update 2024 Q2 - Business As Usual - Good Growth At High ROCE (~30%) & Reinvesting More Heavily (49% Of OCF), Rather Over-investing Than Under-investing
Alphabet: Earnings update 2024 Q3 - Business As Usual - Good Growth With AI Investments Bearing Fruits, With Improving ROCE (~31%) & Expanding Search Queries & Cloud Business, While New CFO Focuses On Best Use Of Capital
Alphabet: Earnings update 2024 Q4 - Growing Well, With Improving ROCE (>37%) Amidst Continued Heavy Investments In AI & Cloud, While Continuing To Return Excess Capital Via Buybacks (3.0% Of Total Shares)
Adobe Inc (NASDAQ: ADBE)
Adobe: Full Research PDF (July 2022)
Adobe: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (4:39)
Adobe: Financials Excel (As of Sep 2023)
Adobe: Earnings update FY2022 Q3
Adobe: Earnings update FY2022
Adobe: Earning update FY2023 Q1 Earnings - Strength From Multi-Solutions Holistic Offerings, With Figma & Generative AI Offering Long Term Growth Opportunities
Adobe: Earnings update FY2023 Q2 - Generative AI Developments With Good Long Term Prospects
Adobe: Earnings update FY2023 Q3 - Business As Usual
Adobe: Earnings update FY2024 Q2 - Business As Usual - Good Growth At High ROCE, With Continuing Share Repurchase
Adobe: Earnings update FY2024 Q3 - Business As Usual - Good Growth At High ROCE (35%), With Continuing Share Repurchase (1%)
Adobe: Earnings update FY2024 - Business As Usual - Good Growth (EBIT +16%) At High ROCE (37%), While Improving & Integrating Its AI Solutions Across Segments, With Continuing Share Repurchase (~3.8%)
Adobe: Earnings update FY2025 Q1 - Growing Well (EBIT +13%), With Improving ROCE (39%), While It Increasingly Integrate Its Creative & Marketing Solutions As Its Unique Strength, & Started To Monetise Its Firefly AI Offerings More
Shopify Inc (NYSE/ TSX: SHOP)
Shopify: Part 1: Overview (Full video) (32:34)
Shopify: Part 1(i): Overview - Introduction & industry tailwind (4:28)
Shopify: Part 1(ii): Overview - Business offerings & pricing (3:27)
Shopify: Part 1(iii): Overview - Competitive landscape (1:52)
Shopify: Part 1(iv): Overview - Moats & pricing power (5:44)
Shopify: Part 1(v): Overview - Revenue streams & financials (3:26)
Shopify: Part 1(vi): Overview - Growth drivers & initiatives (1:58)
Shopify: Part 1(vii): Overview - The not-so-good things (6:32)
Shopify: Part 1(viii): Overview - Valuation & conclusion (5:03)
Shopify: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (3:41)
Shopify: Summary research PDF (May 2022)
Shopify: Full research PDF (May 2022)
Shopify: Financials Excel (as of May 2022)
Shopify: Short Term Industry Headwinds Put It Into Losses, With Much Uncertainties For Its Large Investments [2022 Q2]
Shopify: Earnings update 2022 Q3
Shopify: Earnings update 2022 Q4
Shopify: Earnings update 2023 Q1 - Selling Logistics Business (But Competition With Amazon Buy-With-Prime Remains) & Reducing Workforce To Improve Efficiency
Shopify: Earnings update 2023 Q2 - Improving Growth (But Supported By Price Increase); Continue To Monitor (Including On Deal With Amazon Buy-With-Prime) Amidst Rich Valuation
Shopify: Earnings update 2023 Q3 - Earlier Major Potential Risk With Amazon’s Buy With Prime Had Subsided; Improving Profitability; But ROCE & Capital Allocation Are Still Uncertain
Shopify: Earnings update 2023 Q4 - Good Progress Operationally, With Recovering GMV & Revenue Growth, But Profitability, FCF Margin & ROCE Still Low
Shopify: Earnings update 2024 Q4 - Growing Well (Revenue +26%), With Profitability & ROCE (14%) Improving To Healthy Levels, But Only A Short One-Year Record So Far, With No Capital Return, & Current Low OE Yield (<1%)
iFAST Corporation Ltd (SGX: AIY)
iFAST Research Preview (5:09)
iFAST: Full Research PDF (April 2022)
Update on iFAST's Malaysia Digital Bank Licence Application
Ask-Me-Anything (AMA) Session with iFAST Management (63:52)
iFAST: Earnings update 2022 Q2
iFAST: Earnings update 2022 Q3
iFAST: Earnings update 2022 Q4
iFAST: Earnings update 2023 Q1 - Core Business Saw Slow But Still Positive Net Inflow, While HK e-Pension & Global Bank Business Going On Track
iFAST: Earnings update 2023 Q2 - Recovering AUA & Customer Accounts, With Significant Improved Profitability from 2023 H2 Onwards (With HK e-Pension Business Contributing)
iFAST: Earnings update 2023 Q3 - Core Business Recovering, With Hong Kong ePension Executing Well & UK Bank Showing Encouraging Results
iFAST: Earnings update 2023 Q4 - Net Profit Jumped 340% In 2023 - Was It Good Results? Or Expected? But Still Low ROC?
iFAST: Earnings update 2024 Q1 - Executing Well On All Businesses (HK E-Pension, Core Platform, & Global Bank), With ROCE Improving To 14% (& ROE To 22%)
iFAST: Earnings update 2024 Q2 - Executing Well On All Businesses (HK E-Pension, Core Platform, & Global Bank With Reduced Losses), With ROCE Improving To 15% (& ROE To 17%)
iFAST: Update On Sakura Research Short Reports (Oct 2024)
iFAST: Earnings update 2024 Q3 - Executing Well On All Businesses (HK E-Pension & Core Platform, With Reduced Losses For Global Bank & China), With ROCE Improving To A Healthy 17%
iFAST: Earnings update 2024 - Progressed Well On All Businesses (HK E-Pension Exceeding PBT Target, Core Platform Ex-HK Revenue +17%, UK Bank Turned Profitable In Q4, & Reduced Losses For China), With ROCE Improving To A Healthy 18%
Wise Plc (LON: WISE)
Wise Part 1: Overview (Full video) (21:43)
Wise Part 1(i): Overview - Introduction of business (5:37)
Wise Part 1(ii): Overview - Value propositions, pricing & growth model (2:17)
Wise Part 1(iii): Overview - Scale economics shared & other moats (2:40)
Wise Part 1(iv): Overview - Market size, growth & competition (2:20)
Wise Part 1(v): Overview - Revenue model & financials (3:12)
Wise Part 1(vi): Overview - Valuation & summary (5:35)
Wise: 2024 Update & Valuation (As Of Late Mar 2025) (3:59)
Wise: Full research PDF (March 2022)
Wise: Earnings update FY2022
Wise: Earnings update FY2023 H1
Wise: Trading update FY2023 Q3
Wise: Earnings update FY2023 - Executing Well After 2 Years Of Listing, With Uncertainties On Capital Allocation & CFO Succession
Wise: Earnings update FY2024 H1 - Improving Value Propositions Led To Strong Growth In Customers, Revenues & Profits; But Low Earnings Yield & Still Unclear Capital Allocation
Wise: Earnings update FY2024 - Growing Very Well, With “Underlying” ROCE Improving To 21%, & Lowering Costs To Improve Scaled Economies Shared Moat
Wise: Earnings update FY2025 H1 - Growing Well (+57% Y/Y For Underlying PBT) At High ROCE (~22% Underlying), While Continuing To Lower Fees To Improve Scale Economies Shared Moat, & Growing Its Platform Partners
Meta Platforms Inc (NASDAQ: FB)
Meta: Full Research PDF (March 2022)
Meta: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (4:40)
Meta: Earnings update 2022 Q1
Meta: Earnings update 2022 Q2
Meta: Earnings update 2022 Q3
Meta: Earnings update 2022 Q4
Meta: Earnings update 2023 Q1 - Efficiency Initiatives Showing Some Results, With Improving Reels Monetisation & Click-To-Message, But ROI On AI & Metaverse Investments Remained Unclear
Meta: Earnings update 2023 Q2 - How To Evaluate Meta From An Investment Perspective, Despite The Various Business Uncertainties
Meta: Earnings update 2023 Q4 - Is Dividend Good For Shareholders?
Meta: Earnings update 2024 Q1 - Business As Usual - Growing Well, & Reinvesting Heavily While Returning Some Capital
Meta: Earnings update 2024 Q2 - Business As Usual - Growing Well With Improving ROCE (33%), & Reinvesting Heavily While Returning Excess Capital
Meta: Earnings update 2024 Q3 - Business As Usual - Growing Well At High ROCE (~31%) & Continued Reinvesting Heavily (In AI & Reality Labs) (37%+ Of OCF), While Returning Excess Capital (41% Of OCF)
Meta: Earnings update 2024 Q4 - Growing Well At High & Growing ROCE (~31%), While Reinvesting Heavily (In Core Ad Business, AI & Reality Labs) (43% Of OCF), & Returning Excess Capital (39% Of OCF)
JD.Com Inc (NASDAQ: JD)
JD: Main analysis (Full video) (96:32)
JD Part 1: Starting remarks (Full video) (0:57)
JD Part 2: Introduction (Full video) (30:53)
JD Part 2(i): Introduction - Overview of business (6:27)
JD Part 2(ii): Introduction - JD Retail (4:28)
JD Part 2(iii): Introduction - JD Logistics (3:49)
JD Part 2(iv): Introduction - JD Property (2:37)
JD Part 2(v): Introduction - JD Worldwide (1:08)
JD Part 2(vi): Introduction - Jingxi Business & Dada Group (3:00)
JD Part 2(vii): Introduction - JD Technology, JD MRO, JD Plus & C2M (3:22)
JD Part 2(viii): Introduction - Business model & user economics (2:36)
JD Part 2(ix): Introduction - Growth drivers (2:23)
JD Part 2(x): Introduction - Share ownership & partnerships (0:59)
JD Part 3: Moats & competitive advantages (Full video) (13:07)
JD Part 3(i): Moats - Overview & network effect (2:01)
JD Part 3(ii): Moats - Cost advantage (5:46)
JD Part 3(iii): Moats - Intangibles (Branding, technology & knowhow) (2:43)
JD Part 3(iv): Moats - Intangibles (Culture) & switching costs (2:35)
JD Part 4: Industry & competition (Full video) (6:46)
JD Part 4(i): Industry - Market size & growth (1:29)
JD Part 4(ii): Industry - Overall competition (1:49)
JD Part 4(iii): Industry - Comparison of 3 largest Chinese players (3:26)
JD Part 5: Risks (Full video) (2:50)
JD Part 6: Management (Full video) (7:47)
JD Part 6(i): Management - BOD & management (4:38)
JD Part 6(ii): Management - Insider ownership, compensation & equity awards (2:13)
JD Part 6(iii): Management - Capital allocation & balanced management (0:55)
JD Part 7: Financials (Full video) (20:03)
JD Part 7(i): Financials - Revenue, GMV & users (2:07)
JD Part 7(ii): Financials - Revenue breakdown & growth by type and segment (2:31)
JD Part 7(iii): Financials - Gross & fulfilled gross profit margin (4:12)
JD Part 7(iv): Financials - Operating profit, expenses & leverage (1:39)
JD Part 7(v): Financials - Net profit (1:13)
JD Part 7(vi): Financials - Profitability by segment (1:26)
JD Part 7(vii): Financials - Balance sheet & net cash (1:03)
JD Part 7(viii): Financials - Negative net working capital (1:35)
JD Part 7(ix): Financials - Return on capital (0:57)
JD Part 7(x): Financials - Operating & free cash flows (1:39)
JD Part 7(xi): Financials - Use of operating cash flows (1:35)
JD Part 8: Valuation (Full video) (14:06)
JD Part 8(i): Valuation - Valuation overview & approach (3:17)
JD Part 8(ii): Valuation - Value of JD Retail (excluding JD Health) (3:08)
JD Part 8(iii): Valuation - Value of JD Health to JD (1:20)
JD Part 8(iv): Valuation - Value of JD Logistics & new businesses to JD (0:48)
JD Part 8(v): Valuation - Non operating assets (net cash & investments) (1:54)
JD Part 8(vi): Valuation - Overall value of JD.com & stress test - 20211220 (1:26)
JD Part 8(vii): Valuation - Summary of positives and negatives of JD.com (2:10)
JD Part 9: Capital allocation (11:24)
JD: 2024 Update & Valuation (As Of Late Mar 2025) (2:51)
JD: Full research PDF (December 2021)
JD: Financials Excel (December 2021)
JD: Capital allocation PDF (July 2022)
JD: Hidden value uncovered in JD.com when the stock got crushed (17:27)
JD Logistics (HKG: 2618) Part 1: Overview (Full video) (35:56)
JD Logistics Part 1(i): Overview - History, business overview & revenue model (4:34)
JD Logistics Part 1(ii): Overview - Market size, growth & competition (4:00)
JD Logistics Part 1(iii): Overview - Revenue & value propositions (3:11)
JD Logistics Part 1(iv): Overview - Competitive advantages (9:52)
JD Logistics Part 1(v): Overview - Profitability & FCF conversion (4:33)
JD Logistics Part 1(vi): Overview - Management (2:49)
JD Logistics Part 1(vii): Overview - Risks (1:58)
JD Logistics Part 1: Overview research PDF (August 2021)
JD Logistics Part 1(viii): Overview - Valuation (4:51)
JD Health (HKG: 6618) Part 1: Overview (Full video) (46:05)
JD Health Part 1(i): Overview - Introduction to JD Health & medical care in China (5:09)
JD Health Part 1(ii): Overview - JD Health's offerings & closed-loop ecosystem (5:43)
JD Health Part 1(iii): Overview - Market size & growth (2:56)
JD Health Part 1(iv): Overview - Competitive dynamics (4:32)
JD Health Part 1(v): Overview - Competitive advantages (3:18)
JD Health Part 1(vi): Overview - Revenue model (3:08)
JD Health Part 1(vii): Overview - Financials (6:34)
JD Health Part 1(viii): Overview - Comparison with competitors (2:13)
JD Health Part 1(ix): Overview - Valuation (3:14)
JD Health Part 1(x): Overview - BOD & management (3:54)
JD Health Part 1(xi): Overview - Risks, regulatory support & concluding remarks (5:20)
JD Health Part 1: Overview research PDF (September 2021)
JD: Earnings update 2019
JD: Earnings update 2020
JD: Earnings update 2021 Q2
JD: Earnings update 2021 Q3
JD.com Share Price Has Crashed 60% - Good Opportunity?
JD: Earnings update 2022 Q1
JD - Revenue Slowdown, But Still Faster Than Competitors & Maintaining Profitability [2022 Q2]
JD: Earnings update 2022 Q3
JD: Earnings update 2022 Q4
JD: Earnings update 2023 Q1 - Maintaining Market Share Amidst Market Slowdown, With Improving Profitability, New CEO (Sandy) & Slightly More Buybacks
JD: Earnings update 2023 Q2 - Recovering Growth & Improved Profitability, But Capital Allocation Remained Not Good
JD: Earnings update 2023 Q3 - Business as usual; Improving Low-Cost Competitive Advantage With More (/ Lower Threshold) Free Shipping; No Buybacks As Usual
JD: Earnings update 2023 Q4 - High Cash Amount Making Up 75% Of Market Cap? And Improved Capital Allocation With Increased Dividends & $3B Buyback Program?
JD: Earnings update 2024 Q1 - Business As Usual For Operating Business, But Improving Capital Allocation (Repurchasing 3.1% Of Total Shares YTD)
JD: Earnings update 2024 Q3 - Business As Usual - Decent Growth, With Some Buybacks (~1%), & Taobao/Tmall Merchants Starting To Use JD Logistics As Logistics Provider
JD.com: Earnings update 2024 Q4 - Recovering Growth (Revenue +7%), With Improving Profitability & ROCE (14%), & Finally Doing More Buybacks (8% Of Shares)
Prosus (AMS: PRX) / Naspers / Tencent
Prosus Part 1: Summary overview (Full video) (67:35)
Prosus Part 1(i): Summary overview - Introduction of Naspers & Prosus (6:17)
Prosus Part 1(ii): Summary overview - Naspers-Prosus relationship & NAV (4:36)
Prosus Part 1(iii): Summary overview - Prosus valuation introduction & Tencent business (4:46)
Prosus Part 1(iv): Summary overview - Tencent enterprise value (9:28)
Prosus Part 1(v): Summary overview - Tencent investments values (9:49)
Prosus Part 1(vi): Summary overview - Tencent equity value (1:59)
Prosus Part 1(vii): Summary overview - Prosus listed investments & net cash (5:06)
Prosus Part 1(viii): Summary overview - Prosus equity value (5:35)
Prosus Part 1(ix): Summary overview - Tencent China risk (2:33)