Research Reports

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). ……

ATHM will report 3Q17 results on November 7th before the markets open with a 7am EST conference call. We are expecting the company to report revenue better than consensus based on our data and calculations. ……

WB will report 3Q17 results on Tuesday, November 7th before the market opens with a 6am EST conference call. WB preannounced its 3Q17 results, with revenue at $320.0M and non-GAAP net income at $115.2M. As such, we are making adjustments to our model based on the 3Q preannouncement. Based on our data and calculations for 4Q17, we believe WB may provide guidance close to $369.5M, significantly better than consensus at $337.5M as the Street has not been adjusted to reflect this preannouncement. We maintain our Buy rating.……

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). ……

AOS will report 3Q17 results on Wednesday, October 25th before the market opens followed by a 10am EST conference call. According to our data tracked from the largest e-commerce channels in China, mainly Tmall.com, we project China sales of A. O. Smith in 3Q17 to be $241.3M, up 12% Y/Y in constant USD currency. Based on our data and calculations, our 3Q17 revenue projection at about $742.5M is in line with consensus at $742.09M. And, there is a chance that the company’s revenue may come in below consensus as our estimates are not conservative.……

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 than consensus at RMB23.547B; its guidance is between RMB23.130B – RMB23.750B. ……

TAL will report FY2Q18 results before the market opens on Thursday, October 26, 2017 with an 8:00AM EST conference call. Starting from FY3Q18, we are going to see slower expansion, but TAL will offer more high-price offerings. The company is modifying its high speed expansion to moderate expansion in physical locations. At the same time TAL has increased the quantity of higher price class offerings, which will contribute to top line growth going forward. We believe such changes are also positive to its margins. As for FY2Q18, based on our proprietary data, the topline is likely to outperform consensus expectation driven by strong growth in total class offerings and attendees. We maintain our BUY rating.……

EDU will report FY1Q18 results on Tuesday, October 24th before the markets open with an 8am EST conference call. The company has been conservative in terms of its expansion, but EDU recently changed its approach to one of higher expansion, with high growth in new learning centers and course offerings. Based on our proprietary data, we believe expansion as well as its higher utilization rate is likely to drive high growth in its topline in FY1Q18, but more so in FY2Q18. Consensus for FY1Q18 at $642.3M and FY2Q18 at $426.0M can be conservative. Certainly, the high expansion may cause near term pressure to its margins. As we believe EDU’s fundamentals and outlook are strong, we maintain our Buy rating. ……

•3Q17 revenue is likely to outperform consensus – Based on our data and calculations, HTHT’s net revenue is likely to grow 37% Y/Y (+22.0% Q/Q) to reach RMB2,430.3M in 3Q17 (Figure 7), better than consensus topline at RMB2,315.0M (+30.5% Y/Y) and the high-end of guidance range at 30% - 34% Y/Y growth. ……

Marketingand channel activities have positive impacts – Average hourly current users were up in 3Q17E toreach 45,295 from 39,558 in 2Q17, mainly due to new functions in MOMO version8.0 (Figure 1). ……

While thebundled sales issue continues to linger, based on our data and calculations, weexpect CTRP’s 3Q17E revenue to be around RMB7,700M, better than or at leastin-line with consensus at RMB7,647M and toward the higher-end of its revenueguidance range of RMB7,522.0M - RMB7,800.6M (35% - 40% Y/Y growth). ……

Course offerings upsignificantly in FY2Q18 -According to our proprietary data for FY2Q18, the number of total courses offered increased 67.9% Y/Y to 131,230. Along with that, fully registered courses at 84,869 increased 40.7% Y/Y in FY2Q18 (Figure 1). ……

The WB platform needsto be cautious in 4Q17 due to the Party’s Meeting - The 19th session of the National Congress ofthe Communist Party of China is scheduled to be held on Oct. 18, 2017.……

Based on our data andcalculations, we believe BIDU is likely to deliver 3Q17 top line at aroundRMB23.683B, at least in-line with or slightly higher than consensus atRMB23.538B. ……

Higher growth in loan originations may lead to better 3Q17 – According to ourproprietary data, total amount of loans facilitated on YRD’s platform is likelyto grow 108.6% Y/Y to RMB11,720.7M in 3Q17E (based on July and August data).……

Increase in courseofferings and utilization rate driven by K-12 – According to our proprietary data for FY1Q18,the number of total courses offered was 135.0K in FY1Q18, up 24.8% Y/Y from108.1K in FY1Q17, and the number of fully registered courses increased 26.2%Y/Y to 39.4K in FY1Q18 from 31.3K in FY1Q17. ……

Basedon our proprietary data for preliminary 3Q17, we believe YY’s revenue is likely to be betterthan consensus at RMB2.808B and guidance range of RMB2.75B - RMB2.85B driven byentertainment live broadcastings as well as game broadcastings.……

Based on our dataand calculations, we believe BITA’s 3Q17 revenue is likely to be aroundRMB2,300M, better than consensus revenue expectation at RMB2,210.1M, mainlydriven by its auto financing business. ……