gmhfund

gmhfund

This point , we rebalance Chinese Tech out and replace with strong & solid growth like SE ! which is dropped over -66% from ATH and we have never disappointed in operation result of SEA Limited. No doubt to switch from China Tech Side (which is not drop much from our entry) into US Tech in this level. Valuation Gap is very close. Some may be cheaper (e.g....

gmhfund

After I've considered risks below , I accept to buy at current valuation. - Revenue is non-recurring. ( transaction based ) - Concentration Risk on customer side : Cross River Bank - Concentration Risk on supplier side : Credit Karma - Competition Still competition with other Giant Tech whose consumer data flow via their platform. They can train own AI with data...

gmhfund

Although Ant is god father of FINTECH in the earth but the one who come close to Ant the most is Square ! After acquiring AfterPay now Square are more powerful on ecosystem of both side (merchant and consumer) A lot of playbook to develop from here such as AI lending/Credit tech , as they control consumer&merchant data whose spending via CashApp & Square...

gmhfund

SE is expanding their margin recently on e-commerce platform. We see advertising revenue is a key to gain strong margin. Also SG&A in South East Asia is now decreasing as stickiness exists among merchants & buyer. No need to spend lots of marketing in e-commerce like early stage. But I guess they are expanding to FinTech and Food Delivery. That's why they loose...

gmhfund

Though there is no TikTok stock to buy. But we have this company as representative of Short Video Social Network. Spending time per day for this category is most engaging / addictive. How knows that GMV on Kuaishou Platform is 3-4 times larger than Shopee. With Valuation around 50-60B range, comparing to MAU around 1B. Such a bargain at this point if...

gmhfund

Though there is no TikTok stock to buy. But we have this company as representative of Short Video Social Network. Spending time per day for this category is most engaging / addictive. How knows that GMV on Kuaishou Platform is 3-4 times larger than Shopee. With Valuation around 50-60B range, comparing to MAU around 1B. Such a bargain at this point if company...

gmhfund

Meituan has been our 2nd largest position since 2020. Once we cashed out this stock out during late 2020 at 280~290HKD and then jump into US tech stock 100% at the end of 2020. We had an opportunity to buy this company again at lower price on Tech Crackdown & Common Prosperity policy. At first effect from bad news , stock fell sharply from 300HKD -> 190HKD...

gmhfund

Personally, I am a fan of Alibaba stock. (I'd rather bet on Tencent's side) But here is very very super cheap with legit & strong fundamental. Despite , Alibaba has loosing market share in competition with Tencent & Bytedance. Still there is room for growth in China outlook prospect. And Alibaba will be in a part of that. I bet on delisted news was the bottom...

gmhfund

Here is one thing to confirm that Nov~Dec 2021 Mr.Market doesn't like Tech Stock and tries to compress multiple back to where it was before Covid Pandemic. In some cases, Company's Revenue scale grew up more than double during 2020~2021 but the price was pulled back to early 2020. It means multiple was dramatically compressed recently. This stock stay in the...

gmhfund Updated 

I think this drop will be temporary as mr.market reaction against strong & legit earning report on 4NOV I don't believe YoY growth +193% on Revenue mean nothings. Despite organic growth +57% , it's still impressive. Next move LSPD is going to gain margin from LightSpeed Payment (in-house solution) , also debut of Lightspeed Capital will do the same pattern of...

gmhfund

I see reaction of many stocks in Q3 ER were weird. Pull back is the gift for shopper. This Black Friday , You can buy high growth stock like China e-commerce => Pinduoduo The fastest growing player who steal market share of JD and Alibaba for couple years. This quarter is guaranteed that the company turn to profitable for 2 consecutive quarters. With less...

gmhfund

One year ago I saw this company was trading at premium multiple due excellent revenue growth and it has been profitable since it is still small market cap. today , crisis in Brazil send this stock back to where it was 1 year ago. I think the problem is short term and able to solve. Soon investors are going to forget what happened in the past. Long here at market...