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).……

JD will report 4Q15 results on Tuesday, March 1st before the market open with a 7:30am EST conference call. We are expecting 4Q revenue results to be better than consensus driven by strong growth in mobile phones, household appliances and digital. For 1Q16, we believe consensus expectation for JD’s revenue seems high. However, we do believe the company is steadily executing its strategy toward high growth and profitability. We maintain our Buy rating and PT of $39.00.……

VIPS will report 4Q15 results on Wednesday, February 25th before the markets open with an 8am EST conference call. We are expecting VIPS to report 4Q15 revenue better than consensus due to the growth in its SKU-days and better sold-out rate. However, for 1Q16, we don’t expect the company to provide guidance higher than current consensus at 43% Y/Y revenue growth as the company is getting mature. ……

BIDU will report 4Q15 results on Thursday, February 25 after the close of the market followed by an 8pm EST conference call. We do not have anything special to say about BIDU’s 4Q15, and we are expecting 4Q15 results to be at least in line but highly likely to be better than consensus expectation. However, we do believe the current consensus for 2016 revenue growth at 24.5% Y/Y is too low as BIDU’s subsidiaries including Nuomi and food delivery are likely to drive higher growth. This high growth……

NTES will report 4Q15 results on Wednesday, February 24th after the close of the market followed by an 8pm EST conference call. NTES is highly likely to deliver 4Q15 results better than consensus expectation of net revenue at $1,152.9M (107% Y/Y growth) driven by robust mobile games growth as well as mobile advertising growth. We believe that NTES can continue its strong growth momentum in mobile games because of its strong content development capability, which has an advantage over any distribu……

BABA will report FY3Q16 results on Thursday, January 28th before the markets open with a conference call at 7:30am EST. The company has been working on its new strategy to improve the quality and GMV of its Tmall platform, clean up Taobao while increasing its monetization. We believe the strategy can show good results in this quarter. Based on our proprietary data, we believe that BABA is likely to report FY3Q16 results better than consensus expectation at 27% Y/Y growth driven by better monetiz……

October 1 – December 31, 2015 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.•The engagement level for hot weibos and organized events was weaker in 4Q15 -  In December 2015, average comments, re-tweets and likes per hot weibo increased 8.6%, 3.9% and 18.4% M/M, respectively, however for 4Q15, they declined 21.8%, 21.4% and 30.3% Q/Q, respectively (Figure 1). Since the activities and engagement level ……

JD will report 3Q15 results on Monday, November 16th before the market open with a 7:30am EST conference call. We are expecting in line 3Q revenue results, but the bottom line is likely to be better than consensus due to lower marketing activities. For 4Q, our analysis and data suggest that JD is highly likely to guide revenue above consensus expectation due to strong GMV growth in Nov. due to its 11 days of promotions for “11.11 Singles Day”. As such, we maintain our Buy rating and PT of $39.00……

NTES will report 3Q15 results on Wed., November 11 after the close of the market followed by an 8pm EST conference call. We believe that NTES’s mobile games continue to perform strongly, even though the consensus 3Q15 revenue at 73.9% Y/Y growth may look aggressive. We maintain our Buy rating and we will revisit our model and valuation after earnings.……

•Promotional events in 3Q15 – Jumei had three major promotions during the September quarter that we believe are the drivers of growth in 3Q15, including: 1) July 7th - 0 RMB for one Jumei Global product promotion (7月7日免费包邮领取一件海外爆款); 2) August 1st - 3.5 years anniversary promotion; and 3) September 21st - mom & baby products promotion (Figure 1). The promotion on August 1st is a big one and serves as a major driver for volume growth in the quarter.……

We believe BIDU almost has no alternatives but to invest in food delivery as well as group-buy business in order to overcome constrains of its past success in PC search, which is that BIDU does not require users to register. In the mobile era, its peers Tencent (700-HK, HK$149.10 – Intraday, Not Rated) captures millions of mobile users with its communications tools, mobile QQ and WeChat, and Alibaba (BABA, $79.71, Buy) with its Alipay while BIDU had nothing to accomplish such task. In the PC era……

BABA will report FY2Q16 results on Tuesday, October 27th before the markets open with a 7:30am EST conference call. Based on our proprietary data, we believe that BABA is likely to report FY2Q16 results better than consensus expectation at 27% Y/Y growth driven by higher commission take rate for Tmall and better advertising revenues from Taobao. For FY3Q16 onward, we believe the company can benefit from Taobao’s recent increase in monetizable search inventories. As the company is working out of ……