{"id":91853,"date":"2024-08-24T01:52:42","date_gmt":"2024-08-24T05:52:42","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=91853"},"modified":"2024-08-24T01:52:45","modified_gmt":"2024-08-24T05:52:45","slug":"didi-global-stock-slower-growth-but-more-profitable-otcmktsdidiy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=91853","title":{"rendered":"DiDi Global Stock: Slower Growth But More Profitable (OTCMKTS:DIDIY)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<\/p>\n<p>DiDi Global (OTCPK:DIDIY) announced its Q2 2024 results on August 21<sup>st<\/sup>. The results are mostly positive with some short-term headwinds on the volume side. DiDi achieved consecutive quarters of positive<span class=\"paywall-full-content invisible\"> profitability with both transactions and GTV reaching record high. On the other hand, the growth rate of domestic transaction volume has slowed down sequentially from Q1 of 2024. Overall, I think DiDi\u2019s turnaround is still progressing well as evidenced by the continuing improvement of profitability and operational efficiency. While the stock has recovered a little from the sell-off caused by<\/span> fears over Baidu\u2019s robotaxi <span class=\"paywall-full-content invisible\">progress, it is still trading well below my fair value estimate. Therefore, I am maintaining my long-term \u201cbuy\u201d rating for DIDIY.<\/span><\/p>\n<h2 class=\"paywall-full-content invisible\"><strong>Q2 earnings results highlights<\/strong><\/h2>\n<p class=\"paywall-full-content invisible\">According to DiDi\u2019s Q2 results earnings release, highlights of the quarter includes:<\/p>\n<blockquote class=\"paywall-full-content invisible\">\n<ul>\n<li>Core Platform<span class=\"paywall-full-content no-summary-bullets invisible\"> Transactions increased 17.4% year-over-year.<\/span> <\/li>\n<li class=\"paywall-full-content no-summary-bullets invisible\">Gross Transaction Value (\u201cGTV\u201d) increased 14.7% year-over-year.<\/li>\n<li class=\"paywall-full-content no-summary-bullets invisible\">Platform Sales increased 22.4% year-over-year.<\/li>\n<li class=\"paywall-full-content no-summary-bullets invisible\">Adjusted EBITA for Q2 2024 was a gain of RMB1.3 billion, compared to a loss of 0.1 billion in Q2 of 2023.<\/li>\n<\/ul>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">DiDi\u2019s Q2 results are in-line with my expectations. The growth rate for both transaction volumes and transaction value have come down sequentially from Q1 of 2024. As a recap, in Q1 of 2024, <em>&#8220;DiDi\u2019s Core Platform Transactions grew 30.3%, and Core Platform Gross Transaction Value grew 26.9%&#8221;<\/em>. However, DiDi was able to grow platform sales at a much faster pace than both transaction volume and value, indicating DiDi\u2019s improved pricing power in the domestic market. DiDi\u2019s profitability improvement was also impressive, especially with the China Mobility segment.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Segment results<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Total platform sales from the China Mobility segment for Q2 grew 22.2% year-over-year. However, the GTV growth rate was much lower at only 8.7% year-over-year. Average daily transactions volume was a record high of 33 million, which is a slight increase of 32.5 million in Q1 of 2024. The faster revenue growth compared to volume growth indicates that DiDi paid less earnings and incentives to drivers. The Adjusted EBITA of the China Mobility segment was <em>&#8220;a gain of RMB2.4 billion&#8221;<\/em>, which increased 64.6% from Q2 of 2023.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Total platform sales from the International segment for Q2 increased grew 23.7% year-over-year. GTV from the International segment grew 39.3%. Contrast to the domestic segment, the revenue growth for the international segment was slower than GTV growth, indicating DiDi ramped up driver incentives in the international market. The Adjusted EBITA loss of the International segment unexpectedly widened to RMB 0.53 billion from a loss of RMB 0.24 billion in Q2 of 2023. DiDi explained in the earnings release that the increase of loss was <em>\u201cprimarily attributable to relatively lower marketing expenses and incentives for the second quarter of 2023.\u201d <\/em><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The Adjusted EBITA loss for the Other Initiatives segment was RMB 0.56 billion for Q2 of 2024, which narrowed from a loss of RMB 1.2 billion in Q2 of 2023. DiDi explained that the decrease in loss was <em>\u201cprimarily attributable to the decrease of investments for the smart auto business as the sale of certain smart auto business to XPeng was completed during the fourth quarter of 2023.\u201d<\/em><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I think for DiDi\u2019s investors, the most important metrics to monitor are domestic transaction volumes, domestic profitability trend, and international transaction volumes. During Q2, DiDi\u2019s profitability trend for the China Mobility segment continued to move in the right direction as adjusted EBITA margin (calculated as adjusted EBITA\/GTV) reached 3.2%, compared to 3.0% in Q1 of 2024 and 2.1% in Q2 of 2023. Furthermore, DiDi\u2019s international volume maintained very strong growth momentum. However, the growth rate of domestic transaction volume has come down significantly. DiDi did not explain the factors behind the slowdown. My assumption is that it was caused by China\u2019s macroeconomic challenges and abnormal weather during the quarter.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">On a corporate level, R&amp;D expense decreased year-over-year, and cost of revenue <em>\u201cremained flat year-over-year.\u201d <\/em>And both sales and marketing expenses and general and administrative expenses increased at a slower rate than the growth rate of platform revenue. It\u2019s clear that management\u2019s efforts in improving operational efficiency is making good progress.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Balance sheet and share repurchases<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">DiDi\u2019s balance sheet remained very healthy. At the end of Q2, DiDi has &#8220;<em>RMB 53.7 billion of cash and cash equivalents, restricted cash and treasury investments&#8221;<\/em>, compared to RMB 53.8 billion at the end of Q1 of 2024. DiDi\u2019s cash flow is very strong as <em>\u201cnet cash provided by operating activities was RMB 3.4 billion for Q2 of 2024\u201d<\/em>.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The strong operating cash flow enabled DiDi to keep repurchasing shares. DiDi disclosed in the earnings press release that the company <em>\u201crepurchased a total of approximately 53.1 million ADSs for approximately US$221.6 million between May 28, 2024 and July 31, 2024\u201d. <\/em>DiDi can still repurchase roughly $636 million of shares under the current share repurchase authorization.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Financial projections and valuation<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I have updated my financial projections and valuation work for DiDi to account for the Q2 2024 actual results. The most important change was the downward adjustment of growth rate for the China Mobility segment.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2024\/08\/6011681-17244198264787674.png\" alt=\"model\" width=\"640\" height=\"309\" contenteditable=\"false\" data-width=\"640\" data-height=\"309\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>author&#8217;s estimate<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In terms of valuation, I\u2019ve applied a TTM EV\/Sales multiple of 0.73 times, which is still a 50% discount to the sector median of 1.46 times. This discount reflects the China risk and pink-sheet risk.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2024\/08\/6011681-17244198456677454.png\" alt=\"valuation\" width=\"640\" height=\"232\" contenteditable=\"false\" data-width=\"640\" data-height=\"232\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>author&#8217;s estimate<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">At today&#8217;s price, DIDIY is still undervalued as the stock has more than 55% upside from my 2025 fair value estimate.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Risk discussion<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As I have mentioned in my previous articles, the biggest risks for DiDi are regulatory risk and ADR risk, which I will not repeat here. Recently there were some concerns over the potential adverse impact of robotaxi on DiDi\u2019s business. I\u2019ve addressed this risk in my previous article. There\u2019s also a report which says <em>\u201cthe Commerce Department is expected to propose a rule barring Chinese software in vehicles with Level 3 automation and above in the U.S. and effectively ban testing of Chinese-made self-driving vehicles on U.S. roads.\u201d<\/em> As DiDi has very limited operation in the U.S and its autonomous driving operation is almost entirely based in China, this potential ban in U.S has no impact on DiDi\u2019s business whatsoever.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Conclusion<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">DiDi reported very satisfactory Q2 FY2024 results, which confirmed my investment thesis for DIDIY. I think DiDi is on track to achieve healthy growth and continue to improve profitability for the rest of 2024. Meanwhile, the stock is still trading at a large discount to fair value estimate. Therefore, I am maintaining my \u201cbuy\u201d rating for DiDi.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Editor&#8217;s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4716846-didi-global-slower-growth-but-more-profitable?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DiDi Global (OTCPK:DIDIY) announced its Q2 2024 results on August 21st. The results are mostly positive with some short-term headwinds on the volume side. DiDi achieved consecutive quarters of positive profitability with both transactions and GTV reaching record high. On the other hand, the growth rate of domestic transaction volume has slowed down sequentially from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":91854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-91853","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DiDi Global Stock: Slower Growth But More Profitable (OTCMKTS:DIDIY) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"DiDi Global (OTCPK:DIDIY) announced its Q2 2024 results on August 21st. 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