Trump/Xi Meeting Expectations and Q1 Previews: BABA, Tencent, and SE

This report previews Q1 earnings for major Chinese TMT companies including Alibaba, Tencent, and Sea Limited, while analyzing expectations for an upcoming Trump/Xi trade meeting.

Key Takeaways

• 1.Focus is on Q1 earnings for major Chinese ADRs (TCEHY/BABA/SE) with over $1 trillion in market cap reporting this week.
• 2.The Trump/Xi meeting on Thursday is expected to focus narrowly on trade and export controls, with low initial market expectations.
• 3.Cloud growth is a critical metric, with GIR forecasting +40% y/y for BABA Cloud, driven by surging token demand.

Table of Contents

• Key themes to be watching at earnings...
• BABA (Reports 5/14 Pre-Market)
• TCEHY (Reports 5/14 Pre-Market)
• SE (Reports 5/12 Pre-Market)
• Additional Disclaimers
• Notice to Australian Investors
• Notice to Brazilian Investors
• Notice to Investors in Japan
• Notice to New Zealand Investors
• Notice to Swiss Investors
• Notice to Investors in Korea

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