Research Reports

CTRP will report 2Q18 results on September 5th after the markets close followed by an 8pm EST conference call. CTRP’s business saw recovery in 1Q18 following the disruption in bundled sales for its air segment in 4Q17. ……

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. ……

BITA will report 2Q18 results on August 22nd before the markets open with an 8:15am EST conference call. Based on our data and calculations, we believe BITA’s 2Q18 revenue is likely to come in at least in-line with consensus at RMB2,514.3M. ……

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. ……

HTHT will report 2Q18 results on August 22nd after the markets close followed by a 9pm EST conference call. The company continues to enjoy growth driven by hotel volume as well as ADR growth, while the occupancy rate remains steady at a high level. Based on the data released by the company, we believe HTHT’s total revenue is likely to grow 26.7% Y/Y to reach RMB2,521.1M in 2Q18, better than topline consensus at RMB2,486.5M (25.0% Y/Y growth). We maintain our BUY rating.……

MOMO will report 2Q18 results on August 22nd before the markets open with an 8am EST conference call. Based on our data and model, we believe MOMO’s revenue is likely to be better than consensus at $480.6M, and tops the high end of its guidance range of $470M – $485M despite the change in the current exchange rate. MOMO’s live broadcasting revenue is likely to be around $420.7M in 2Q18. ……

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 instead of expanding.  ……

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. ……

ZTO 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, we believe ZTO is likely to deliver better parcel volume than the Street expectation and the high end of its guidance at 38% Y/Y growth. ……

WB will report 2Q18 results on August 8th before the markets open with a 7am EST conference call. We believe the company is likely to do better in 2Q18 as multiple factors contributed to its traffic, including a mass media discussion regarding well-known actresses’ contracts as well as World Cup events. ……

WB will report 2Q18 results on August 8th before the markets open with a 7am EST conference call. We believe the company is likely to do better in 2Q18 as multiple factors contributed to its traffic, including a mass media discussion regarding well-known actresses’ contracts as well as World Cup events. ……

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.……

JOBS will report 2Q18 results on August 2nd after the markets close followed by a 9pm EST conference call. Based on our proprietary data and calculations, we believe JOBS is likely to deliver revenue better than the consensus expectation at RMB879.4M as well as our estimate at RMB867.4M. We believe the better result is driven by the company’s ability to consolidate the market as well as retaining customers. ……

BIDU will report 2Q18 results on Tuesday, July 31st after the market closes followed by a 9:15pm EST conference call. Based on our proprietary data, we believe BIDU is likely to deliver 2Q18 net revenue at least inline with or slightly higher than consensus. The company continues to pursue new engines with AI and newsfeed for long term growth. ……

In 4Q17, bundled sales for CTRP’s air business dragged down the momentum of the company’s business. The business recovered a bit in 1Q18. However, new issues came out: customers complained about the fees attached to canceling and changing tickets. ……

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).……

Based on our data and calculations, we believe TAL’s FY1Q19 is likely to be better than consensus expectation on the topline, driven by rapid growth in higher priced courses as well as their utilization rates. We believe its FY1Q19 revenue is likely to be around $530.0M, vs. consensus at $514.62M and the company’s guidance at $508.6M to $515.0M. ……

The growth of YY Live’s host and active users is still under pressure, while HUYA (HUYA, $40.00 - Intraday, Not Rated) is growing strongly. Based on our data and model, we believe YY’s revenue is likely to be higher than consensus at RMB3.669B. HUYA’s growth is mainly driven by user growth, while YY Live is mainly driven by ARPU. ……