Week in Review
- Asian equities were mixed this week as US debt ceiling woes weighed on risk assets globally.
- Taiwan was a strong outperformer in the region on Nvidia earnings and tit-for-tat restrictions on Micron’s chips in China, which also benefitted Korean chipmakers.
- Internet earnings season continued this week with strong Q1 results from Pinduoduo, Kuaishou, Full Truck Alliance, NetEase, Weibo, and Meituan.
- Officials from China arrived in Washington, DC to meet with their US counterparts, in a significant step towards improving relations.
Pinduoduo Earnings Overview
This morning, E-Commerce company Pinduoduo beat analyst estimates on its Q1 financial results.
- Revenue +58% to RMB 37.64B ($5.48B) from RMB 23.793B versus analyst expectations of RMB 32.32
- Adjusted Net Income +141% to RMB 10.126B ($1.474B) versus analyst expectations of RMB 5.999B.
- Adjusted EPS was RMB 6.92 ($1.01) from RMB2.95 versus analyst expectations of RMB 4.36.
Key News
Asian equities were mixed overnight except for Taiwan and India. Hong Kong was closed for Buddha’s birthday, a Buddhist festival celebrating the birth of the Prince Siddhartha Gautama, the founder of Buddhism.
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