2018-02-14
BZUN continues to benefit from the increase in Tmall's international brands. As a brand operator, it has better capabilities than its peers. The market is becoming more concentrated as several operators’ domestic IPOs were denied by the government. ……
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WB will report 4Q17 results on Tuesday, February 13th before the market opens with a 6am EST conference call. Based on our data, WB is likely to report 4Q17 revenue at around $370M, better than consensus at $363M. For 1Q18, we believe WB may provide revenue guidance higher than consensus at $314.4M with strong momentum continuing into 2Q18. ……
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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. ……
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BIDU will report 4Q17 results on Tuesday, February 13, 2018 after the market closes followed by an 8pm EST conference call. We believe BIDU’s business is entering a new phase with its aggressive development of news feed and AI. Our data show that the total usage for Baidu search and mobile APP has increased due to news feed, and views and paying users of iQiyi has also increased. ……
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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.……
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TAL will report FY3Q18 results before the market opens on Thursday, January 25, 2018 with an 8:00AM EST conference call. We believe the results can be solid. The company started to slow down the pace of expansion in FY3Q18; however, TAL concentrated on ramping up new centers as well as making adjustments to the course structure. ……
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2018-01-22
There have been concerns regarding the growth in paying users for MOMO’s live broadcasting as well as the potential growth of active users on the platform. In 4Q17, we are likely to see improvement on both fronts as a result of the company’s efforts to expand into more social features beyond live broadcasting. ……
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ATHM is taking more market share in terms of paying dealers. After 3Q17’s high growth, ATHM's paying dealers reached a new high in 4Q17. As China is switching from internet/virtual economy to real economy, the close relationship with offline dealers can enable ATHM to expand its business into new areas, such as big data market intelligence and auto financing facilitation. ……
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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. ……
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2018-01-12
•Parcel industry may experience headwinds in 2018 - The industry has started to experience some level of growth deceleration in 4Q17. One reason is that Beijing, a major city for express vendors, has had a series of fires at warehouses and migrant workers’ residences, which led to the deportation of the migrant working population in 4Q17 by the local governments. ……
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2018-01-11
Sogou is promoting its business as a leading vendor in artificial intelligence (AI); particularly with its partnership with Tencent (700.HK, HK$429.40, Not Rated), the business of AI makes more sense. While this part of the business has not shown real results, we believe SOGO can deliver solid 4Q17 results. ……
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BIDU’s aggressive development in news feed and AI not only generated an additional source of revenue, but at the same time increased the total usage of Baidu search and mobile APP. In addition, the views and paying users increased for iQiyi, while BIDU decreased its investment in Nuomi. ……
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2018-01-08
BZUN continues to gain new brand customers as well as gain new services from existing customers. Among all Tmall operators, BZUN is unique in that it is qualified to run different categories of commerce and provide multiple types of services. ……
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EDU has started its rapid expansion since last quarter due to high demand from students and parents. As a result, our proprietary data shows that the company’s total course offerings, attendees as well as revenue are likely to experience high growth in FY2Q18.……
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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. ……
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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. ……
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Starting from last quarter, TAL reversed its rapid learning center expansion and growth decelerated a bit. We believe the company is trying to mitigate the possible side effects from rapid expansion, such as the potential lowering of course utilization rate and teaching quality. We believe such adjustment may need a couple of quarters. ……
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2017-12-15
•New version 8.4 has been positive to MOMO’s platform – On November 6th, MOMO released version 8.4, which aims to increase monetization of both live broadcasting and other new social functions. Thus far, we have seen a positive impact to MOMO’s platform as a result of this new release. ……
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Recently, Weibo has been making changes to its site and redirecting traffic to lower level of users. The changes actually caused negative reactions from some key opinion leaders (KOLs) as traffic to their posts slowed. The changes have not been stabilized and we believe a few of the changes is an early sign of slowdown in Weibo’s platform. ……
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Starting from late 2Q17, YY’s live broadcasting users and hosts have been growing as a result of its business adjustment. The adjustments include new features and new content in its live broadcasting platform. New features and content include PK between hosts, entertainment on demand and social games to increase user engagement and platform activity levels as well as monetization. ……
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