Full Truck Alliance (YMM), mcap=$8.9bn, price $8 vs $6

– China’s largest digital freight platform with an 80% market share.
– 1.5m shippers and 3.5m monthly truckers.
– Unjustifiably sold off together with the rest of the Chinese internet names.
– Healthy growth prospects in a huge market.
– $4bn net cash vs $5.5bn mcap.

– Expected to generate $500m net income by 2025.
– At 20x PE results in 50% upside to $10bn mcap.
– Downside is protected by net cash of $3.7/share.

Exp. gain: +50% to $9/share.

Full YMM write-up (free guest account required):

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