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    John Choi

    Senior Analyst at Daiwa Capital Markets

    John Choi is a Senior Analyst at Daiwa Capital Markets, specializing in equity research across the Asian internet, e-commerce, and technology sectors. He has covered leading companies such as MercadoLibre, Alibaba Group, Baidu, and Vipshop, publishing actionable research notes and issuing buy and outperform recommendations with notable coverage on MercadoLibre and major Chinese tech platforms. Choi's analyst performance is tracked by platforms like MarketBeat, highlighting a history of well-timed stock ratings, though specific average ROI and rankings are subscription-restricted. With more than a decade of sell-side experience, he has developed recognized sector expertise, though details on prior firms and FINRA registration are not publicly available.

    John Choi's questions to Trip.com Group (TCOM) leadership

    John Choi's questions to Trip.com Group (TCOM) leadership • Q2 2025

    Question

    John Choi of Daiwa Capital Markets asked how aggressive marketing by global competitors in certain markets would impact Trip.com's business and its marketing spending plans.

    Answer

    CEO Jane Sun acknowledged that the APAC market's vast potential attracts many players but emphasized that its large size allows multiple companies to grow. She stated that Trip.com leverages its one-stop offerings, competitive pricing, mobile-first strategy, and excellent customer service to maintain strong growth. The company will continue with targeted, localized marketing to expand its presence.

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    John Choi's questions to Trip.com Group (TCOM) leadership • Q1 2025

    Question

    John Choi of Daiwa noted that sales and marketing expenses were lower than expected and asked for the full-year outlook on this line item.

    Answer

    CEO Jane Sun explained the sequential decrease was due to seasonal shifts in China. She reiterated that marketing investments are ROI-focused and adjusted in real-time. While short-term fluctuations can occur due to market mix, the long-term goal is to improve efficiency through increased direct mobile traffic, enhanced cross-selling, and stronger customer loyalty.

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    John Choi's questions to Sea (SE) leadership

    John Choi's questions to Sea (SE) leadership • Q1 2025

    Question

    John Choi asked about the investment requirements for driving off-Shopee growth in the Money segment and the potential impact on EBITDA margins. He also inquired about the company's AI investments, how AI is being deployed, and its current and future impact on business efficiency.

    Answer

    Executive Hou Tianyu explained that off-Shopee growth, such as cash loans, is highly profitable and does not require significant upfront investment that would negatively impact margins. The strategy relies on cross-selling to the existing user base, which minimizes marketing costs and risk. Regarding AI, he detailed its deployment in enhancing search, recommendations, and ad efficiency, as well as enabling sellers to generate content. He emphasized that all AI investments are measured for clear ROI and have yielded positive returns, with further applications being explored prudently.

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    John Choi's questions to Sea (SE) leadership • Q3 2024

    Question

    John Choi asked for the percentage of orders handled by SPX Express in Asia and Brazil, the drivers for logistics cost reduction, and details on live streaming unit economics and merchant feedback on take rate increases.

    Answer

    Forrest Li, Chairman and CEO, reported that SPX handles over 50% of orders in Asia and over 70% in Brazil. He detailed that cost reductions stem from end-to-end efficiencies, including sorting automation and last-mile innovations. Regarding live streaming, he noted that unit economics have improved meaningfully and that take rate adjustments are balanced with delivering value to sellers.

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