BABA will report FY3Q19 results on January 30th before the markets open with a 7:30am EST conference call. We are positive on BABA into its FY3Q19 performance. Based on our data and model, we believe BABA’s FY3Q19E revenue is likely to be higher than the consensus expectation at RMB119,409M (43.8% Y/Y growth) as well as our model at RMB119,191M. ……

We are positive on PDD into 4Q18. The company is still in its high growth period. Based on our data and model, and assuming total rate is 2.84% (including 2.50% from ad and 0.34% from commission), 4Q18E revenue is likely to be better than consensus at RMB 5,015M (325% Y/Y growth). The take rate is a sensitive variable; our take rate assumption at 2.84% is similar with last quarter, which we believe is not aggressive as 3Q18 take rate was conservative based on the company’s guidance.……

JD will report 3Q18 results on November 19th before the markets open with a 7am EST conference call. We are positive on JD’s topline growth in 3Q18 and we also expect its margin to be lower than previously expected as the company continues to invest in new business initiatives. As for 4Q18 guidance, we believe it is highly likely to be in line with consensus at RMB 136.0B with no upside surprises. ……

NTES will report 3Q18 results on November 14th after the markets close followed by an 8pm EST conference call. Based on our proprietary data and calculations, NTES’s 3Q18 revenue is likely to be slightly above our model and largely inline with or slightly above consensus expectation at RMB16,812.1M. There are several issues in 3Q18 that may impact different lines of NTES’ business. ……

BABA will report FY2Q19 results on November 2nd before the markets open with a 7:30am EST conference call. We expect BABA to report FY2Q19 revenue slightly below consensus at RMB 86,666M. At present, there is a slowdown in China’s economy, including consumer areas, which was caused mainly by the government’s deleveraging initiatives across all areas: individuals, corporations, local governments as well as central government.……

China’s economy showed slower pace of growth, particularly in the consumer area, which triggered the central government to release a policy that aims to promote internal consumption. On the one hand, BZUN continues to gain new brand partners, and on the other hand, we believe it is starting to feel such slower pace. ……

BILI will report 2Q18 results on August 27th after the markets close followed by a 9pm EST conference call. Based on our proprietary data and model, we believe the company’s 2Q18 revenue is likely to be in line with consensus at RMB1,021.6M, and tops the high end of its guidance range of RMB970M – RMB1,000M. ……

BABA will report FY1Q19 results on August 23rd before the markets open with a 7:30am EST conference call. BABA in the past years has given birth to Taobao, Tmall, Ant Finance, and now it is building up Cloud, Cainiao, Youku, ele.me and Hema. BABA is building long lasting assets one on top of another and all of them are centered on commerce and resolve issues in the value chain of commerce. We do believe BABA is likely to be bigger and stronger in the long run. ……

WUBA will report 2Q18 results on August 16th before the markets open with an 8am EST conference call. We are cautious on WUBA’s 2H 2018 as it is more a macro play. On the macro front, the deleveraging movement is impacting housing and job areas. On housing front, the government has clearly indicated its policy, which is controlling price and transaction volume. On the job front, as major shareholders for many enterprises are facing pressure to repay debts, this puts them in contraction mode inst……

While major ecommerce vendors such as BABA (BABA, $177.19, Buy) and JD (JD, $36.02, Buy) are, one way or another, under pressure from Pinduoduo (PDD, $20.00, Not Rated), BZUN is still taking advantage of Tmall’s past expansion into top international brands. As one of the top tier ecommerce operators on Tmall’s platform, BZUN continues to add new brands, new products as well as services to its clients. ……

NTES will report 2Q18 results on August 8th after the markets close followed by a 9pm EST conference call. Based on our proprietary data and calculations, NTES’s 2Q18 revenue is likely to be better than consensus expectation at RMB16,479M. During 2Q18, NTES released 7 new games and participated in the “6.18” sales promotions.……

In the traditional ecommerce world, JD is facing a couple of issues: 1) China ecommerce is reaching its maturity as new user growth has slowed down and heading towards flattish growth on a year to year basis. The newly merged vendor, Pinduoduo, has attracted non-traditional ecommerce users (Figure 1).……

CMCM will report 1Q18 results on May 21st before the markets open with an 8am EST conference call. Based on our proprietary data and calculations, we believe CMCM is likely to deliver 1Q18 top line at around RMB1,139M, lower than consensus at RMB1,142.87M and toward the lower end of its guidance range of RMB1,100M – RMB1,140M, as the main revenue contributor Utility products continued its declining trend and Live.me was also experiencing some stagnation. ……

NTES will report 1Q18 results on May 16th after the markets close followed by a 9pm EST conference call. Based on our proprietary data and calculations, NTES’s 1Q18 revenue is likely to be in line with consensus expectation at RMB13,839M.……

JD will report 1Q18 results on May 8th before the markets open with a 7:30am EST conference call. For 1Q18, based on our proprietary data, we believe JD’s topline growth at about 31% Y/Y is likely to be in line with consensus expectation as well as our estimates. ……

BABA will report F4Q18 results on Friday, May 4th before the markets open with a 7:30am EST conference call. BABA’s revenue continues to experience high growth driven by Tmall and advertising from Taobao along with other offline developments. Hema (BABA’s offline store) is expanding rapidly. ……

JD will report 4Q17 results on Friday, March 2nd before the market opens with a 7:30am EST conference call. Based on our proprietary data and calculations, we believe JD’s net revenue is likely to grow 39.8% Y/Y to reach RMB 111.1B in 4Q17, higher than consensus topline at RMB 108.5B (35.3% Y/Y growth) and tops its top-line guidance of RMB 107B - 110B or 35% - 39% Y/Y growth.……

NTES will report 4Q17 results on Wednesday, February 7th after the close of the market followed by an 8pm EST conference call. We are cautious ahead of earnings, as the slowdown in game revenue is likely to be negative to the company’s topline growth. Based on our data and assumptions, the company’s revenue in 4Q17 is likely to be RMB13,560M, below consensus at RMB13,788M. ……