As the worst of the COVID-19 outbreak looks to have passed in China, 58.com (WUBA) appears to be on track to re-emerge as a secular growth story. Assuming the core business (excluding new initiatives) regains a normalized mid-teens growth and executes on its margin expansion plans, 58.com's share price looks to be a bargain at the current lows. Looking beyond the 1Q20 guide, I think 2H20 could mark a rebound, with a mid-teens top-line growth and a mid-20% non-GAAP operating margin on the cards. Furthermore, WUBA's support for merchants during the outbreak should