業種
Internet Platforms
Internet Platforms のすべてのレポート — 全 30 件。
53/100
82Buffett
Tencent Holdings: A 12.8% Re-Rating on an Unconfirmed WeChat Agent, While Q1 Disclosed RMB8.8 Billion of AI Drag
Tencent monetizes Weixin/WeChat, games, advertising, payments and cloud while holding RMB912 billion of disclosed investments before discounts. Q1 2026 domestic games slowed to 6% growth while Marketing Services held 20%, and new AI products cut non-IFRS operating profit by about RMB8.8 billion in the quarter. Rating Hold: at HK$478.80 the shares sit above the HK$451 conservative sum-of-the-parts value, leaving no margin of safety three days before Q2 results.
48/100
Alibaba: March-Quarter Cloud Revenue Rose 38% While Consolidated Adjusted EBITA Fell 84%, Free Cash Flow Turned to a RMB 17.3 Billion Outflow, and USD 122.25 Sits Above Conservative Value
Alibaba is China's broadest merchant and consumer platform, now spending marketplace profits to become a capital-intensive combination of commerce, instant delivery and AI computing. Cloud Intelligence revenue rose 38% in the March 2026 quarter while consolidated adjusted EBITA fell 84% to RMB 5.1 billion and quarterly free cash flow turned to a RMB 17.3 billion outflow, with quick-commerce unit economics and cloud invested capital both undisclosed. Rating Hold: the second engine is real, but at USD 122.25 the price sits above conservative value and the margin of safety is recorded as none.
56/100
84Buffett
Meta Platforms: Revenue Grew 28% While Free Cash Flow Fell to 784 Million Dollars, and 556.71 Dollars Buys the Base Case With No Margin of Safety
Meta Platforms turns global consumer attention into performance advertising across Facebook, Instagram, WhatsApp and Messenger, and that cash funds an AI infrastructure build plus the continuing Reality Labs program; FY2025 revenue was 200.97 billion USD. Second-quarter 2026 revenue grew 28% to 60.80 billion USD on 14% more ad impressions and a 12% higher price per ad, yet capital investment of 31.08 billion USD absorbed 97.5% of operating cash flow and cut free cash flow to 784 million USD, with FY2026 capex guidance of 130 to 145 billion USD. Rating Hold: on estimated normalized owner earnings of 45 to 60 billion USD the shares trade at 24 to 32 times rather than the reported 21 times, so 556.71 USD sits inside the 510 to 690 USD hold zone and 18% above the 470 USD conservative value, leaving no margin of safety.
62/100
44Buffett
Amazon: AWS Demand and AI Commitments Are Real, but 230.86 USD Still Asks Investors to Fund a 200 Billion USD Capex Cycle Without a Margin of Safety
Amazon is a compound platform whose commerce and logistics network feeds a high-margin advertising and subscription layer, while AWS supplies the profit. 2025 revenue reached 716.9 billion USD, yet trailing free cash flow collapsed to 1.2 billion by Q1 2026 as capex climbed toward a projected 200 billion USD for the year, even as AWS reaccelerated to 28% growth. Rating Hold: the AI demand evidence is now partly contracted and real, but at 230.86 USD the stock sits about 28% above the conservative fair value of 180 USD with no margin of safety.
58/100
Wix.com: The Partner Channel Is Where AI Shows Up First, and 58.55 USD Prices a Permanent Erosion the Disclosed Evidence Does Not Yet Support
Wix runs a cloud platform for website creation, commerce and small-business software, monetized through recurring subscriptions plus attached payments and business tools. 2025 revenue reached 1.99 billion USD and Q1 2026 bookings still grew 15%, but non-GAAP operating margin fell to 5% from 21% and the June 8 6-K conceded a sharper-than-expected slowdown in the Partners channel. Rating Cautious Buy: at 58.55 USD the market is pricing a permanent AI-driven erosion that the disclosed evidence does not yet support.
51/100
Meituan: A High-Quality Franchise With Temporarily Broken Earnings
Meituan is China's largest local-services platform, monetizing food delivery, in-store and hotel services, and instant retail, with 2025 revenue of RMB364.9 billion. A subsidy war with Alibaba and JD flipped Core Local Commerce from RMB52.4 billion of 2024 operating profit into a loss and pushed the group to a RMB23.4 billion net loss in 2025, even as platform GTV and transaction volume kept growing. Rating Hold: the franchise stays high-quality and the balance sheet strong, but at HK$68.50 the shares lack a clear margin-of-safety cushion until Core Local Commerce proves post-war profitability can stick.
47/100
JD.com: A Stronger Retail Core Discounted for the Cost of Transition
JD.com is China's largest self-operated online retailer, built on a supply-chain-first model spanning first-party retail, marketplace services, logistics, health and industrial procurement. Its retail core is strengthening, with JD Retail operating margin up to 5.6% in Q1 2026 and net service revenue growing 20.6% against just 1.0% product growth, yet group profit and cash conversion are obscured by heavy food-delivery and overseas investment, while listed-subsidiary stakes worth about US$17.7 billion anchor a sum-of-the-parts case. Rating Cautious Buy: the market discounts the cost of transition more than it credits a stronger retail core, large buybacks and visible listed stakes.
47/100
Pinterest：潤沢なキャッシュ、ARPUミックスのリスク
Pinterestはビジュアル探索と購買意図のプラットフォームであり、6億3100万人の月間アクティブユーザーをほぼ全面的に広告で収益化し、検索・ソーシャル・コマースの交差点に位置する。強気論は実在するキャッシュ創出力にあり、2025年の売上高は42億2000万ドルで16%増、設備投資はわずか3240万ドルでフリーキャッシュフローは12億5000万ドルに達し、株価はフリーキャッシュフローの約9〜10倍にとどまる。だが収益化は危ういほど集中している。米国・カナダのARPUは7.12ドルであるのに対し、ユーザー成長の大半を担う世界のその他地域はわずか0.20ドルにすぎない。評価ウォッチ：キャッシュ創出力の強化とAI主導の収益化は本物だが、ARPUミックス・第三者パートナー・小売広告サイクルのリスクに対して、株価には依然として明確な安全余裕が欠けている。
44/100
Snap Inc.:修復されたキャッシュフロー、未証明の広告リレーティング
Snap Inc. は、4.83億人のデイリーアクティブユーザーを抱えるカメラ起点の親しい友人向けコミュニケーションネットワーク Snapchat を運営し、その収益は主に広告から得つつ、急成長するサブスクリプション部門 Snapchat+ と、Specs に体現される高コストなコンシューマー向け AR への賭けを併せ持つ。中心的な緊張関係は、2026年Q1の売上高が12%増の約15.3億ドルに達した一方で、中核の広告はわずか3%増の約12.4億ドルにとどまり、その他収益は87%増の約2.85億ドルへ跳ね上がった点にある。しかも北米のデイリーユーザーは9400万人から9200万人へ減少し、創業者は依然として議決権の99%超を握っている。レーティングはウォッチ:キャッシュ転換とサブスクリプションは改善しているが、中核の広告成長は全面的なリレーティングを正当化するにはまだ弱すぎる。
52/100
Reddit ディープダイブ
Reddit は subreddit コミュニティを軸に構築された UGC プラットフォームで、広告を主力としつつ AI 学習データの販売も手がけ、2025年の売上高は22.03億ドル、うち広告が約94%を占める。成長は力強いが、懸念もそれと並走している。2026年Q1の米国 DAUq はわずか7%増にとどまった一方、ログアウトトラフィックは26%増え、Google の AI 要約が検索の流入ファネルを侵食しつつある。株価はすでにピークの270.71ドルから約40%下落し、162.10ドルまで戻している。レーティングはホールド:ストーリーの規模は十分だが単一点リスクが高く、110〜130ドルの理想的な買いゾーンへの押し目を待ちたい。
51/100
32Buffett
Kuaishou Technology: A Deep Dive
Kuaishou is China's second-largest short-video platform, monetizing through advertising, e-commerce, and live streaming, while betting on Kling AI video as a second growth curve. In 2025 adjusted net profit reached 20.65 billion RMB on a P/E of roughly 9.9x, yet Q1 net margin fell from 14.0% to 10.0% even as Kling's single-quarter revenue topped 650 million RMB and grew over 300%. Rating Cautious Buy: the core business is cheaply valued with solid cash flow, and the Kling option is not yet fully priced in.
53/100
Baidu: A Deep Research Study
Baidu is a Chinese internet platform anchored on search-advertising cash flow and pivoting toward AI cloud and Robotaxi. In Q1 2026 AI-related revenue reached 13.6 billion yuan, clearing half of the core business for the first time, with AI cloud infrastructure up 79% year over year, even as online marketing fell 22% and profit conversion remains unproven. Rating Watch: the AI cloud is accelerating, but the advertising decline and unproven profit conversion have yet to deliver an adequate margin of safety.
46/100
Coupang (CPNG.US) Zen Horizon Research Report
Coupang is South Korea's largest e-commerce platform, built around its Rocket Delivery first-party logistics moat, with more than 14 million Rocket WOW paid members. The core thesis is that Product Commerce remains a strong cash-generating base, while Eats, Play, fintech, Farfetch, and Taiwan expansion add optionality but also investment drag after a major customer data incident. Research rating Watch: a durable logistics compounder, but the 34 million-customer data incident, Q1 2026 operating loss, margin deleveraging, and Naver/Temu competition leave earnings visibility too low for a buy rating.
55/100
34Buffett
Sea Limited（SE.US）Zen Horizonレポート
Sea Limitedはシンガポールに本社を置きNYSEに上場する東南アジア最大のインターネットプラットフォームで、Shopee（Eコマース）、Monee（デジタル金融）、Garena（ゲーム、Free Fire）の三エンジンを並走させている。FY2025は売上高229億米ドル（+36%）、GAAP純利益16億米ドル（+260%）と初めて本格的な規模での黒字化を達成し、Shopeeは東南アジアGMVの約53%を握って全6市場で首位、Moneeの貸付残高は1年で71%増の99億米ドルに達した。2026年Q1の売上高は+47%へさらに加速したものの、GAAP EPS 0.67は市場予想を下回り、株価は52週高値199から約84へ半減した。レーティングはウォッチ——ファンダメンタルズが強く妥当に評価されたコンパウンダーであり、上値余地はQ2/Q3で利益の質の持続を確認できるかにかかっている。
49/100
44Buffett
PDD Holdings Deep-Dive Research Report
PDD is a cash-rich, asset-light platform company whose domestic business is easier to underwrite than Temu. The core debate is whether Temu's profit, fulfillment, and compliance costs can become verifiable enough to support a higher multiple. Research rating Watch: strong cash flow, but insufficient visibility on Temu and a limited margin of safety for new capital.
46/100
47Buffett
Expedia Group Deep Value Investment Analysis
Expedia is the world's second-largest OTA platform, centered on lodging distribution with fast-growing B2B. Its valuation is below Booking and Airbnb, but its moat is weaker and real owner earnings are lower than headline FCF. Rating Watch: a reasonable fair buy range is $140 to $160, leaving the current price without enough margin of safety.
56/100
82Buffett
テンセント・ホールディングス：詳細リサーチ
WeChatエコシステムとゲームのキャッシュフローは極めて堅固で、AIは広告効率を押し上げ始めており、現在のバリュエーションはそれをまだ十分に織り込んでいない。妥当な買いレンジは380から430香港ドル。最大の逆方向リスクは、広告とクラウドの収益化が遅れる一方でAI capexが増えること。評価は慎重な買い：成熟したキャッシュカウがAIとWeChatエコシステムを通じて二度目のバリュエーション再評価を目指す銘柄であり、プレミアムではなく保守的に価格付けされている。
47/100
66Buffett
VeriSign From a Long-Term Owner's Perspective
VeriSign is a high-quality internet infrastructure franchise built around .com and .net registry economics. Its moat is strong and its cash flow is exceptional, but the current valuation already prices in much of that certainty. Research rating Watch: a durable compounder, yet the ideal buy zone is $180 to $220 rather than the current price.
42/100
56Buffett
eBay as a Long-Term Business Asset: A Value Analysis
A mature marketplace with 2025 net revenue of $11.1 billion and double-digit GMV and revenue growth in Q1 2026. A good company, but at $115 the stock sits at the upper edge of the optimistic range; the ideal buy zone is $50-65. Rating: Watch.
50/100
33Buffett
Uber Technologies Deep Value Research
Uber is a global multi-sided platform with 202 million MAPCs and 13.567 billion trips, 2025 revenue of $52.017 billion, adjusted EBITDA of $8.73 billion, and an asset-light model that is now releasing real free cash flow. The core thesis is that Uber has become a better business, but a 6.2% FCF yield versus a 4.57% 10-year U.S. Treasury yield leaves limited risk compensation amid regulatory, AV, and M&A uncertainty. Report rating Watch: a high-quality platform that is better kept on a priority watchlist until the fair buy range of $50 to $60 offers a thicker margin of safety.
44Buffett
PDD Holdings In-Depth Research Report
A highly efficient global value e-commerce platform: a 2025 operating margin of 21.6% and roughly 9.6x PE are not expensive. But Temu has lost its small-parcel policy windfall, while domestic price wars and instant retail squeeze the profit center; with a fair buy range of $70–82 and insufficient margin of safety, Rating Watch: high cash flow and low valuation coexist, but Temu's policy regime and profit center await repricing.
45/100
Akamai: Edge Infrastructure and Security Platform Research
Akamai runs 4,300+ edge PoPs as a three-line composite (Delivery cash cow + Security high-growth + Cloud Infrastructure high-capex option), with 2025 revenue of $4.208 billion; at the current $147.23, its 3.2% FCF yield sits below Treasuries, so no margin of safety exists. Rating: Watch.
51/100
74Buffett
Netflix: A Long-Term Business Owner's Perspective
Netflix has shifted from burning cash to generating it reliably, with 2025 revenue of $45.18 billion and Owner Earnings of roughly $9.3-9.5 billion. But at $89.30 the stock trades at about 35-40x conservative Owner Earnings, leaving little margin of safety; the ideal buy zone sits at $50-65. Rating Watch: a high-quality platform that is fully priced today and rewards patience over purchase at the current level.
56/100
47Buffett
MercadoLibre：長期的な事業オーナーの視点による投資分析
ラテンアメリカのコマース・決済・物流・広告・信用のフライホイールの上に築かれた高品質な複利型プラットフォームだが、約1677ドルの株価はすでに楽観シナリオを織り込んでおり、オーナー利益の58倍超と、不十分な安全域を示唆している。妥当価値は750～1000ドル、より魅力的な買いのレンジは600～800ドル。レーティングはウォッチ：優れた事業だが、優れた参入点ではない。
50/100
46Buffett
Airbnb Value Investment Deep-Dive
Airbnb is a high-quality, cash-generative, asset-light platform business. At roughly $135.84, however, the stock lacks a sufficient margin of safety, with fair intrinsic value estimated at $135 to $165 and an ideal buy range of $95 to $115. Rating Watch: a durable platform worth following closely, but current pricing leaves limited downside protection for conservative value investors.
44/100
70Buffett
Booking Holdings: A Deep Value Investing Analysis
The global leader in accommodation OTA, asset-light with high cash flow and free cash flow that has long exceeded net profit; at about $157 the price offers almost no discount to conservative intrinsic value but a discount to fair value, so Cautious Buy, with an ideal buy range of $130-150.
44Buffett
PDD Holdings: A Deep Dive on Long-Term Value
A high-quality, asset-light platform with strong cash generation, but single-segment reporting leaves Temu's economics opaque, while the VIE structure and cross-border regulation layer on discounts. At a conservative 10x Owner Earnings the valuation looks reasonable rather than cheap, with no clear margin of safety; fair range is $95-125 and the current $94.97 sits near the lower bound. Rating Watch: a strong cash machine whose structural complexity and price still argue for watching rather than committing heavily.
58/100
84Buffett
Meta Platforms：ディープバリュー投資の研究
アテンションの分配・成果報酬型広告・ソーシャルグラフを束ねる世界最強の複合プラットフォームであり、2025年の売上高は2010億ドル、営業キャッシュフローは1158億ドル、FCFは436億ドルに達する。だが2026年の設備投資ガイダンスは1250億〜1450億ドルにのぼる。本日の611.21ドルでは株価はオーナー利益のおよそ35倍で取引されており、明確な安全余裕は存在しない。レーティングはウォッチ：卓越した事業ではあるが、現在の株価は10年分の質の高い成長を割安に買うのではなく前払いしている。妥当な買い値は330〜450ドル。
46/100
Alibaba Group Long-Term Value Investment Deep Dive
Alibaba is a high-quality portfolio of core assets, anchored by Taobao and Tmall plus Alibaba Cloud. FY2026 marks a heavy reinvestment phase in cloud and instant retail, with free cash flow turning negative while VIE and China-U.S. regulatory discounts continue to cap valuation. Report rating Watch: at around US$133, the stock sits near the upper half of fair value, with an insufficient margin of safety.
82Buffett
Tencent Holdings: A Long-Term Owner's Investment Analysis
A high-quality platform business spanning the WeChat ecosystem, gaming, fintech, cloud, and an investment portfolio, with real cash flow, a robust balance sheet, and a deep moat; but the business is not simple, and at the current price the margin of safety is not obvious. Research rating Hold: a top-tier compounder trading from fair to slightly attractive, not a clearly undervalued bargain.