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    Leo Chiang

    Research Analyst at Deutsche Bank

    Leo Chiang is an Equity Research Analyst at Deutsche Bank based in Frankfurt, Germany, specializing in the analysis of general sector equities with a particular focus on companies such as ZKH Group Limited and at least 12 other publicly traded firms. Covering a portfolio of 13 stocks, Chiang has achieved a 37.04% success rate in his stock recommendations, as tracked by independent performance platforms. Having built his career at Deutsche Bank, he has developed expertise in generating financial insights and evaluating investment opportunities, though prior firm history does not appear publicly available. Leo Chiang holds professional credentials relevant to equity research, is an active member of Deutsche Bank’s analyst team, and engages regularly with investor relations for covered companies.

    Leo Chiang's questions to Hello Group (MOMO) leadership

    Leo Chiang's questions to Hello Group (MOMO) leadership • Q1 2025

    Question

    Leo Chiang of Deutsche Bank asked for a breakdown of the overseas revenue, questioning if newer apps contributed significantly, and requested the growth plan for these products and the overall overseas revenue outlook for the year.

    Answer

    COO Sichuan Zhang and CFO Cathy Peng responded. They confirmed that other social entertainment products beyond Sochou saw significant breakthroughs. CFO Cathy Peng provided a detailed breakdown, stating Sochou contributed 60-70% of overseas revenue, Tantan's overseas business about 10%, and emerging brands the remainder. She projected that overall overseas revenue growth would accelerate beyond the 70% YoY rate seen in Q1.

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    Leo Chiang's questions to Hello Group (MOMO) leadership • Q4 2024

    Question

    Leo Chiang questioned the continued decline in Tantan's user and revenue scale despite a year of adjustments. He asked for management's plan for Tantan's product and operations in 2025, as well as its revenue and profit outlook.

    Answer

    COO Sichuan Zhang announced a major strategic shift for Tantan in 2025, moving from prioritizing ARPPU to drastically cutting user acquisition costs to achieve positive ROI, even if it leads to a faster decline in active users. This strategy is intended to create space to refine the user experience. She forecasted a 20-30% revenue decline for Tantan in 2025 but expects profitability to improve due to significant cost reductions in marketing and personnel.

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    Leo Chiang's questions to ZKH Group (ZKH) leadership

    Leo Chiang's questions to ZKH Group (ZKH) leadership • Q4 2024

    Question

    Leo Chiang of Deutsche Bank inquired about the MRO industry outlook for 2025 and the long term, as well as ZKH's specific 2025 guidance for GMV and performance across different customer verticals.

    Answer

    CEO Eric Chen (via interpreter) expressed a positive long-term outlook, citing the global opportunity for Chinese MRO companies, industry consolidation, and ZKH's leadership in digitization and overseas expansion. He stated that despite geopolitical factors, Chinese MRO firms retain a competitive advantage. For 2025, he noted that as of Q1, order GMV from both large clients and regional SMEs saw nearly 20% year-over-year growth, with key sectors like EVs and electronics growing over 20%. He projected that overall business growth in 2025 would be significantly higher than in 2024.

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    Leo Chiang's questions to ZKH Group (ZKH) leadership • Q3 2024

    Question

    Leo Chiang of Deutsche Bank inquired about ZKH's third-quarter performance by specific product and industry verticals, and also requested an outlook for China's MRO market and the company's business for 2025.

    Answer

    Executive Long Chen detailed that sectors like EVs and electronics showed high growth, while traditional auto and mining declined. High-growth products included spare parts and PPEs, which also carry higher margins. Chen stated the overall MRO market remains vast and is shifting online, with competition now centered on in-house supply chain capabilities, private label development, and overseas expansion, expressing strong confidence in ZKH's strategic position.

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    Leo Chiang's questions to ZKH Group (ZKH) leadership • Q1 2024

    Question

    Leo Chiang of Deutsche Bank inquired about the impact of U.S. tariffs on ZKH's domestic and U.S. operations and asked for a timeline for expansion into new markets, such as Europe.

    Answer

    Founder, Chairman, and CEO Long Chen positioned U.S. tariffs as a tailwind, creating new opportunities. He explained that the U.S. relies on imports for MRO products and that ZKH has proactively built a diverse supplier base in China and Southeast Asia to ensure sourcing flexibility. Mr. Chen confirmed plans to enter the European market in the second half of the year, initially focusing on Germany and Hungary, while also noting that operations have already commenced in Thailand to serve existing Chinese clients in Southeast Asia.

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    Leo Chiang's questions to ZKH Group (ZKH) leadership • Q1 2025

    Question

    Leo Chiang of Deutsche Bank AG inquired about the impact of U.S. tariffs on ZKH's domestic and U.S. operations and asked for a timeline for expansion into new markets, such as Europe.

    Answer

    Long Chen, Founder, Chairman, and CEO, explained that U.S. tariffs are viewed as a tailwind, creating opportunities as the U.S. relies on MRO imports. He highlighted ZKH's proactive strategy of building a supplier base in Southeast Asia to ensure sourcing flexibility. Mr. Chen confirmed plans to enter the European market in the second half of the year, initially focusing on Germany and Hungary, while also noting that operations have already commenced in Thailand to serve Chinese companies in Southeast Asia.

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