Published Date: October 1, 2024
Author: HANetf
The leading positive contributors to performance for the EMQQ Index in August were Latam’s Mercadolibre and Nubank, posting gains of 23.5% and 23.4%, respectively. Mercadolibre rose on a strong set of results, and its quarterly profits more than doubled, driven by strong execution in both its e-commerce and fintech units. Meanwhile Nubank surged after a solid quarterly report, in which revenues rose 65% and net income also more than doubled. The company finished the quarter with roughly 105 million customers across Latin America.
The two largest detractors for the month were Pinduoduo and Netease, falling -25.4% and -12.5% respectively. Pinduoduo pulled back despite reporting another impressive quarterly print, in which revenues rose 85% and net profits jumped 125% to $4.7 billion. Netease declined after a relatively weaker quarter that missed analysts’ expectations
Source of all performance data: HANetf / Bloomberg. Data as of 31.08.2024. Please note that all performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
India’s economy is on track to potentially reach $55 trillion by 2047 if it achieves an average real growth rate of 8%, a target deemed ambitious yet achievable by IMF executive director Krishnamurthy V Subramanian. Speaking at a media event, he cited India’s favorable demographics and government policies that have spurred growth over the past decade, such as the development of public digital infrastructure, innovation, and entrepreneurship. Subramanian highlighted India’s position as the world’s third-largest entrepreneurial ecosystem, driven by a surge in new firm creation since 2014, which boosts productivity in the formal sector. He emphasized that formalizing the economy is key to enhancing productivity, given that a large portion remains informal. The IMF recently raised India’s GDP growth forecast for 2024-25 to 7%, citing stronger private consumption, particularly in rural areas, signaling positive economic momentum and prospects for continued robust growth.
Nubank Profit and Customer Count Surges
Nubank, the leading fintech company in Latin America, posted a net income of $487 million for Q2, more than double the previous year’s profit, exceeding analysts’ forecasts of $418 million. Revenue hit a record $2.8 billion, growing 65% year-over-year on an FX-neutral basis. The customer base expanded to 104.5 million, including 95.5 million in Brazil (56% of the adult population), 7.8 million in Mexico, and 1.3 million in Colombia. Monthly Average Revenue per Active Customer rose 30% YoY to $11.2, while the return on equity reached 28%, highlighting strong profitability. The total credit portfolio ended the quarter at $18.9 billion, with lending up 92% and credit cards up 39% from the prior year. Nubank continues to grow in Mexico and Colombia, with $3.3 billion and $220 million in deposits, respectively, and is poised to secure a banking license in Mexico soon.
Sea Limited Growth Regains Momentum
Sea Limited, the leading internet company in Southeast Asia, surpassed Q2 revenue estimates and raised its forecast for its e-commerce platform Shopee, boosting demand optimism for online shopping in Southeast Asia. Shopee’s gross merchandise value (GMV) is now expected to grow in the mid-20% range this year, up from an earlier high-teens forecast. E-commerce revenue, which forms about two-thirds of Sea’s total, surged 34% to $2.8 billion, exceeding expectations.
Sea’s revenue grew 23% to $3.81 billion, beating the $3.7 billion forecast. CEO Forrest Li projected Shopee will achieve adjusted core operating profit in Q3. Despite recent challenges and a global slowdown, Sea has streamlined its business, exited markets, and raised fees to achieve profitability. Its digital entertainment unit, Garena, saw bookings rise 21%, while SeaMoney’s financial services grew 21%.
Tencent’s Earnings Re-accelerate
Tencent, China largest internet company, exceeded second-quarter expectations with an 8% year-on-year revenue increase and an impressive 82% profit rise, driven by strong growth in its core gaming and online advertising divisions. The company’s shares have surged this year, fueled by excitement around its new game, Dungeon & Fighter Mobile (DnF Mobile), which is topping China’s gaming charts. Tencent’s China games revenue grew by 9% to 34.6 billion yuan, with DnF Mobile’s launch attracting millions of fans. International gaming revenue also rose 9% to 13.9 billion yuan. Meanwhile, Tencent’s online advertising revenue increased 19% to 29.9 billion yuan, thanks to WeChat’s video ads. The fintech and business services segment, including WeChat Pay and cloud computing, saw a 4% rise to 50.4 billion yuan, highlighting Tencent’s diversified growth potential.
EMQQ (Fund)EMQQIET* (Index)1M-0.88%-0.78%3M5.96%6.38%6M-4.67%-4.17%YTD-14.50%-14.07%12M-17.93%-17.28%3Y14.39%18.64%Since Inception (02/10/2018)14.08%24.94%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/08/2024
Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. Please remember that when you invest in ETFs and ETCs your capital is at risk.
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