DiDi Global: Waiting For International Segment To Show Earnings Growth (Rating Downgrade)

DiDi Global Inc. is downgraded to hold due to increased international losses despite strong revenue and transaction growth. China remains the core growth engine, delivering record transactions and sustained double-digit growth with improved monetization and segment profit. The International segment shows robust top-line growth, but widening EBITA losses from reinvestment obscure the timeline for earnings acceleration.