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. ……

BABA will report FY3Q18 results on Thursday, February 1st before the markets open with a 7:30am EST conference call. As the leading vendor in new retail, BABA is at the forefront in the migration of online to offline. The company’s aggressive development in offline retail is positive for the long run in terms of reaching more customers; increasing shopping frequency and adopting new categories.……

While VIPS’s 4Q17 performance may be inline, we believe its 2018 can enjoy faster growth due to the traffic help from JD (JD, $46.40, Buy) and Tencent (700.HK, HK$444.20, Not Rated). Based on our data, we believe VIPS’ revenue in 4Q17 is likely to be around RMB23,484.3M (23.7% Y/Y growth), slightly better than consensus at RMB23,311.0M (22.8% Y/Y growth) driven by higher price of SKUs sold. ……

Offline presence or new retail is the trend for China e-commerce vendors, and JD along with BABA is in the leading positions. JD has several ongoing initiatives, which include supply chain and logistic services, experience stores, unmanned convenience stores, and pharmaceutical and fresh food stores. ……

BABA is the leading vendor in new retail and is leading the integration of online and offline. The company’s new retail development – acquiring/investing in leading offline chain department and grocery stores – is more advanced than all of its peers in China, and coverage already includes major metropolitan areas in China. ……

NTES will report 3Q17 results on Wednesday, November 15th after the close of the market followed by an 8pm EST conference call. Based on our data for 3Q17, we believe NTES’s 3Q revenue is likely to be better than consensus at $1,890.6M (RMB12,550M) driven by better ecommerce while the game business was a bit soft. ……

WUBA will report 3Q17 results on Monday, November 13, 2017 before the market opens with an 8am ET conference call. Based on our data and calculations, we believe WUBA’s 3Q17 revenue is likely to outperform consensus at $387.7M (RMB2,569.6M) and our model at $394.2M driven by the growth in total paying merchants. In China’s housing market, the data showed some slowdown in transactions, which we believe can be a negative growth factor for the company’s housing business. However, as WUBA is innovat……

JD will report 3Q17 results on Monday, November 13th before the market opens with a 7:30am EST conference call. Based on our data, JD’s 3Q net revenue is likely to be in line with consensus at RMB83.6B and higher than the mid-point of 3Q17 topline guidance of RMB81.8B – RMB84.2B (36% - 40% Y/Y growth). ……

BABA will report FY2Q18 results on Thursday, November 2nd before the markets open with a 7:30am EST conference call. Based on our data, we believe BABA is likely to report FY2Q18 revenue at least in line, with a high chance of the topline slightly better than consensus at RMB52,182.3M (52.2% Y/Y growth). ……

BIDU is at a turning point in its business. The company has established its new strategy – all in AI, which we believe has played into BIDU’s strength. BIDU now has all it needs to become a leader in AI applications in China. For its upcoming 3Q17 earnings report on Thursday (October 26th after the market closes followed by an 8pm EST conference call), based on our data and calculations, we believe BIDU is likely to deliver 3Q17 top line at RMB23.683B, at least in line with or slightly higher th……

VIPS will report 2Q16 results on Monday, August 15 after the market close with a conference call the next day at 8am EST. Based on our data, VIPS is likely to report its revenue better than consensus expectations, but margin may not improve as there are more promotions. However, 3Q16 guidance may be in-line with the Street as our data show that the sold-out SKU days and sold-out rates in July did not outperform compared with 2Q16.……

BABA will report F1Q17 results on Thursday, August 11 before the markets open with a conference call at 7:30am EST. We believe the company is likely to report F1Q results better than the Street consensus based on accelerating Tmall GMV growth, the consolidation of Youku’s advertising revenue and ad revenues from inventories on the Taobao and Tmall platforms. We maintain our Buy rating and raise our price target to $97.00.……

JD will report 2Q16 results on Wednesday, August 10th before the market open with a 7:30am EST conference call. We are expecting both 2Q16 revenue and 3Q16 top line guidance to be slightly below consensus expectation. In addition, we believe the company’s margin may be under pressure from the newly acquired Yihaodian, an online company in China formerly owned by Walmart. Both growth and margin issues may last for a while. As such, we downgrade the stock from BUY to HOLD and wait for signs of imp……

Apple’s F3Q16 may be weaker – While Apple’s online sales in China are stillgrowing, our proprietary data suggest that its total Greater China sales is likely tobe weaker than consensus expectation in FY3Q16. We use two sets of data tomake our projections of Apple’s Greater China sales:……

VIPS is going to report its 1Q16 results on Tuesday, May 17, 2016 after market close and will hold a conference call on Wednesday, May 18, 2016 at 8:00 am. Based on our proprietarydata and calculations, we believe VIPS is likely to report 1Q16 revenue resultat about 44% - 48% Y/Y better than consensus expectation at 43% Y/Y growth.……

NTES will report 1Q16 results on Wednesday, May11th after the close of themarket followed by an 9pm EST conference call. NTES is highlylikely to deliver 1Q16 results better thanconsensus expectation ofnet revenue at $1,225.98M (117.1%Y/Y growth) drivenmainly by ecommerce while game and advertising are growing nicely. We believethat NTES can continue its strong growth in mobile games due to its strongcontent development capability. Wemaintain our Buy rating and raise our price target at $168.00.·……

T. H. Data Flash – Alibaba Group – FY4Q16Tmall Drove GMV Growth in FY4Q16; Mobile App Downloads Remain RobustTmall drove GMV growth in FY4Q16 – According to our proprietary data, total GMV for BABA in FY4Q16 is likely to grow 23%Y/Y to reach RMB736B, of which, the GMV for Tmall is likely to grow 31% Y/Y (decline of 28% Q/Q) to RMB287B in F4Q16, while the GMV of Taobao is likely to grow 18% Y/Y (decline of 20% Q/Q) to reach RMB449B in F4Q16 (Figure 1). Commission revenue is likely to be at RMB5.6……

January 1 – February 29, 2016 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology. Please contact us for detailed information.•Direct sales GMV increased Y/Y in 1Q16 – For 1Q16, total GMV reached RMB143.0B, an increase of 62.9% Y/Y and down 0.1% Q/Q (Figure 1). Based on our proprietary data, net revenue is likely to grow 51.5% Y/Y (1.7% Q/Q) to reach RMB55.5B in 1Q16 (Figure 1).……