• 1Q26 met expectations, with revenue and PATMI at 20%/5% of FY26e. We expect PATMI to be 2H26 weighted, driven by summer travel demand and operating leverage.
• We expect FY26e revenue to grow 13% YoY to US$13.8bn, supported by events like the 2026 FIFA World Cup in North America and the rollout of initiatives such as Reserve Now, Pay Later, simplified fees, and updated cancellation policies. APAC and Latin America should sustain high-teens growth, but North America remains the key driver (42% of FY25 revenue vs. 19% from APAC and Latin America).
• We downgrade to NEUTRAL from ACCUMULATE, with a lower TP of US$136 (prev. US$138), following recent share price performance and higher operating expenses (+3% from prev. est.) to reflect stronger investment in new growth and Airbnb Services policy initiatives. WACC and terminal growth are maintained at 7% and 3.5%, respectively. Airbnb has durable long-term growth as a light-asset platform with scalable, low-capital growth driven by global travel demand and strong host-guest network effects.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Company Profile Geely is one of the leading enterprises in China's self-brand passenger vehicles manufacturers. The Company's products include six major brands: Geely, Lynk, Zeekr, covering the A0 to C-class passenger vehicles market. Investment Summary 26Q1 Sales Remained Largely Flat, with Premiumisation Strategy Showing Bright Spots In the first quarter of 2026, Geely Auto delivered a cumulative 709.4 thousand vehicles, up 0.8% yoy, setting a new record high for the same period in history and regaining the top position among...
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