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    Nelson Cheung

    Research Analyst at Citi

    Nelson Cheung is Vice President and Equity Research Analyst at Citi in Hong Kong, specializing in coverage of consumer internet and technology companies. He has provided actionable investment calls on firms such as So-Young International Inc., most recently upgrading the stock to Buy with a revised price target of $5.50, reflecting his deep sector expertise and insight into market trends. Cheung began his career in equity research and has demonstrated success through notable stock recommendations that align with growth in user engagement and revenue metrics for the companies he covers. He holds recognized industry credentials and brings a proven track record in delivering research that informs investment strategies.

    Nelson Cheung's questions to So-Young International (SY) leadership

    Nelson Cheung's questions to So-Young International (SY) leadership • Q2 2025

    Question

    Nelson Cheung from Citi inquired about So-Young's aesthetic center expansion plans for 2025 and 2026, and the current strategy regarding its franchise model.

    Answer

    Mona Qiao, Investor Relations, detailed the plan to grow to 50 centers by the end of 2025, with 2026 expansion expected to match or exceed this pace. Qiao clarified that franchising is a long-term strategy, not an immediate focus, but the company will pilot two to three franchise centers in Q4 2025 to evaluate the model's performance before wider implementation.

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    Nelson Cheung's questions to So-Young International (SY) leadership • Q3 2024

    Question

    Nelson Cheung from Citibank questioned the company's considerations for implementing a franchise model in parallel with the expansion of its self-operated national clinic network.

    Answer

    CEO Xing Jin, via an interpreter, stated that the franchise model is intended to accelerate expansion, enhance brand influence, and control costs more effectively. After validating the business model with their initial self-operated clinics, franchising offers an asset-light approach to capture market opportunities faster. He emphasized it is a 'fully managed' model, where So-Young retains control over key personnel like supervisors and doctors, as well as information systems, to ensure standardized service quality across all locations.

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    Nelson Cheung's questions to HUYA (HUYA) leadership

    Nelson Cheung's questions to HUYA (HUYA) leadership • Q2 2025

    Question

    Nelson Cheung from Citi inquired about HUYA's future plans for AI development, including its application in live streaming, esports, and specific products like Hu Xiaoai and the Huya I Superbot.

    Answer

    Margaret Shi, Head of Capital Markets, detailed how AI is being embedded across operations using proprietary gaming datasets. She highlighted the AI agent 'Hu Xiaoai' for real-time commentary and the 'Huya I Superbot,' developed with esports team IG, which offers virtual sparring and emotional companionship by leveraging visual recognition and mood analysis to create a personalized coaching experience.

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    Nelson Cheung's questions to PGRU leadership

    Nelson Cheung's questions to PGRU leadership • Q1 2024

    Question

    Asked about the drivers behind the strong ARPA growth in Singapore and its expected trend for 2024, whether the positive listing trend in Vietnam continued into Q2, and the reasons for the sequential increase in corporate costs and its future trajectory.

    Answer

    Singapore's ARPA growth is driven by price revisions, increased adoption of depth products, and dynamic pricing; fundamentals support similar future growth. The company is confident about Vietnam due to government stimulus, low interest rates, and strong consumer demand, supported by internal restructuring. Corporate costs are under control and expected to decrease as a percentage of revenue over time, demonstrating operating leverage.

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    Nelson Cheung's questions to PGRU leadership • Q2 2023

    Question

    Inquired about recent residential demand in Singapore, the recovery timeline for the Vietnam market, and the company's top investment priorities and M&A strategy following the exit from Indonesia and FastKey.

    Answer

    In Singapore, while transaction volumes have dipped due to cooling measures, the market remains healthy with strong new supply and agent growth. The recovery in Vietnam is still anticipated for late 2023 at the earliest, with no signs of acceleration despite positive government actions. Post-restructuring, investment priorities are generative AI/ML, FinTech, and DataSense, along with newer markets like Thailand. For M&A, the focus is on data, FinTech, developer OS, and home services, though finding targets with sufficient scale is a challenge.

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