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endpoint: analytics
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status: done
latency_ms: 169167
conversation_id: e584937a-605f-4a88-b98f-c68044e3a2f2
citations: 0
created: 2026-05-31 15:53:19Z
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# what is elinor recommending

**Elinor Leung (CLSA China Internet analyst) — Current Recommendations**

Elinor Leung is CLSA's lead China Internet analyst (elinor.leung@clsa.com, +852 2600 8632). Based on the latest CLSA notes in the archive, her current coverage and ratings are concentrated in China internet and tech platforms. The most recent comprehensive view is from her 9 April 2025 China Internet tour note, which reiterates a three-name High Conviction Outperform list and four additional "likes":

**Top Picks — High Conviction Outperform (HC O-PF):**

| Stock | Ticker | Rating | Target Price | Upside |
|---|---|---|---|---|
| **Tencent** | 700 HK | HC O-PF | HK$645 | +46.2% [1] |
| **Alibaba** | BABA US | HC O-PF | US$165 | +57.5% [2][4] |
| **Xiaomi** | 1810 HK | HC O-PF | HK$56.50 (raised from HK$40) | ~+25% [5] |

**Also Recommended (Outperform):**

| Stock | Ticker | Rating | Target Price |
|---|---|---|---|
| **Trip.com** | TCOM US | O-PF | US$71.50 [3][7] |
| **NetEase** | NTES US | O-PF | US$120 [8] |
| **DiDi** | DIDIY US | O-PF | (raised attention on robotaxi/L4) [9] |
| **Kanzhun (BOSS Zhipin)** | BZ US | O-PF | US$20.50 (raised from US$17.50) [11] |

**Key Thesis Points:**

- **Tencent (HC O-PF, TP HK$645/HK$500 earlier):** Elinor expects solid 4Q24 results with total revenue/adj. Ebit up 8.3%/21.7% YoY, driven by games (DnF Mobile, Delta Force, Path to Exile 2) and ads. She views the China Military Company (CMC) list inclusion as having limited business impact and notes Tencent has doubled daily share repurchases [6].

- **Alibaba (Upgraded to HC O-PF, TP US$125 → US$165):** Taobao-Tmall CMR accelerated to 9% YoY growth (trade-in policy + take-rate). Cloud regrew at double digits with higher margin. Capex jump to be offset by strong AI demand. Raised FY25/26/27CL adj. NP by 3%/8%/9% [4].

- **Xiaomi (Upgraded to HC O-PF, TP HK$56.50):** Expects strong 4Q24 across all segments — top-line +44% to Rmb105.5bn and adj. NP +34% YoY to Rmb6.6bn. EV deliveries 135k SU7 in 2024 with upcoming YU7 SUV in Jun/Jul 2025; long-term target of 1m EV sales by 2028. Raised adj. NP by 10%/15% for 25/26CL [5].

- **AI Theme — Prefers Alibaba and Tencent over Baidu:** Post-DeepSeek, Elinor argues cloud service providers are the best AI plays in China. Alibaba is China's largest public cloud provider and leader in open-source models; Tencent's businesses benefit most from Gen-AI. Baidu kept at O-PF (TP US$120) but de-prioritized [10].

- **Trip.com (O-PF, TP US$77 → US$71.50):** Solid 4Q24 with global revenue +70% YoY reaching 14% of group. Cut 25CL adj. NP by 8% due to overseas S&M drag; capital return to double to US$600m in 2025 [7].

- **NetEase (O-PF, TP HK$120):** Games revenue rebound on Marvel Rival, Where Winds Meet, Once Human, and return of Blizzard games. 2025 pipeline strengthened in open-world RPG, shooting, and ACG [8].

- **DiDi (O-PF):** Domestic competitive landscape no longer a concern; focus on volume growth and robotaxi/L4 expansion after the Two Sessions [9].

- **Kanzhun/BOSS Zhipin (O-PF, TP US$17.50 → US$20.50):** Pro-cyclical beneficiary; AI trends boosting new job postings in internet/AI sectors; AI-enabled hiring is ARPU accretive [11].

**Other names in Elinor's coverage** (per the January 2025 China Internet outlook): JD and Meituan also feature as 2025 top picks alongside Tencent, Xiaomi, Trip.com, NetEase and DiDi, with 2025 themes around AI applications, trade-in policy benefits for e-commerce, and revived HK IPOs.

---

**Sources**
[1] All Things China — Tour note — CLSA (9 Apr 2025) — 607955430LinqAlpha.PDF
[2] All Things China — Tour note — CLSA (9 Apr 2025) — 607955430LinqAlpha.PDF
[3] All Things China — Tour note — CLSA (9 Apr 2025) — 607955430LinqAlpha.PDF
[4] Alibaba Upgrade — CLSA (20 Feb 2025) — 607951236LinqAlpha.PDF
[5] Xiaomi 4Q24 Preview — CLSA (18 Feb 2025) — 607950928LinqAlpha.PDF
[6] Tencent 4Q24 Preview — CLSA (21 Jan 2025) — 607948663LinqAlpha.PDF
[7] Trip.com 4Q24 Results — CLSA (25 Feb 2025) — 607951523LinqAlpha.PDF
[8] NetEase 4Q24 Preview — CLSA (21 Jan 2025) — 607948642LinqAlpha.PDF
[9] DiDi Mobility Quarterly — CLSA (27 Feb 2025) — 607951776LinqAlpha.PDF
[10] DeepSeek Implications — CLSA (11 Feb 2025) — 607950341LinqAlpha.PDF
[11] Kanzhun 4Q24 Results — CLSA (11 Mar 2025) — 607952848LinqAlpha.PDF

