We're maintaining our $103 per share fair value estimate.
We expect e-commerce, online entertainment, education, and business services to see faster adoption rates in the long term.
To gauge the effect of the quickly spreading coronavirus on the companies we cover, we look back at SARS.
Our thesis of significant profit improvement is playing out.
We're more optimistic on its margin expansion potential.
In the long term, we think the narrow moat firm's margin expansion story remains.
We see a good opportunity to invest in this wide-moat Internet giant.
We expect to see increasing revenue growth in the rest of the year as comparisons become easier.
The narrow-moat firm's network effect with 392 million users will continue to drive sales growth and help protect against increasing competition.
The no-moat firm is on track to achieve profitability this year.