Research Reports

Meituan Dianping will report 3Q18 results on November 22nd with a 7am EST conference call. Based on our proprietary data and assumptions, Meituan food delivery GTV is likely to grow 56.2% Y/Y in 3Q18 to RMB79.0B, mainly attributable to order growth at 47.6% Y/Y. However, since it became a public listed company, the competition with Ele.me has been heating up. ……

BILI will report 3Q18 results on November 20th after the markets close followed by an 8pm EST conference call. Based on our data and model, we believe the company’s revenue is likely to be better than consensus at RMB1,019.4M, and towards the higher-end of its guidance range of RMB1,000M – RMB1,040M driven by advertising and live broadcastings. ……

JD will report 3Q18 results on November 19th before the markets open with a 7am EST conference call. We are positive on JD’s topline growth in 3Q18 and we also expect its margin to be lower than previously expected as the company continues to invest in new business initiatives. As for 4Q18 guidance, we believe it is highly likely to be in line with consensus at RMB 136.0B with no upside surprises. ……

WB will report 3Q18 results in mid-November. Based on our data and calculations, we believe the company’s 3Q18 revenue is likely to be slightly better than consensus at $456M and below the low end of its guidance range of US$465M – US$475M. We do not expect a strong 4Q18 either.……

HTHT will report 3Q18 results on November 15th after the markets close followed by an 8pm EST conference call. According to HTHT’s preliminary data and our model, total revenue is likely to be higher than topline consensus at RMB2,658M (+12.0% Y/Y), driven by the increase in ADR and the number of hotels. ……

ZTO will report 3Q18 results on November 14th after the markets close followed by an 8pm EST conference call. We are positive on ZTO for its 3Q18 as the company continues to gain market shares in China’s express delivery market, which is evidenced by the higher parcel volume growth than the industry.……

VIPS will report 3Q18 results on November 14th after the markets close followed by a conference call the next day at 8am EST. Based on our data, we believe VIPS’ revenue in 3Q18 is likely to be RMB17,561M (+14.7% Y/Y), at the middle of its guidance range of RMB17.3B – 18.1B (13% - 18% Y/Y growth) and largely inline with consensus at RMB17,600M, and slightly higher than our model at RMB17,361M. ……

NTES will report 3Q18 results on November 14th after the markets close followed by an 8pm EST conference call. Based on our proprietary data and calculations, NTES’s 3Q18 revenue is likely to be slightly above our model and largely inline with or slightly above consensus expectation at RMB16,812.1M. There are several issues in 3Q18 that may impact different lines of NTES’ business. ……

HUYA will report 3Q18 results on November 12th after the markets close followed by an 8pm EST conference call. Based on our data and model, we believe Huya’s revenue is likely to reach RMB1,223.8M in 3Q18 (109.7% Y/Y  growth, vs. 125.1% Y/Y growth in 2Q18), tops the high end of the guidance range of RMB1,190M – RMB1,220M and better than our model at RMB1,220.0M.……

YY will report 3Q18 results on November 12th after the market closes followed by a 9pm EST conference call. Based on our data and model, we believe YY’s revenue is likely to be better than consensus at RMB3.996B, coming in towards the high-end of guidance range of RMB3.89B – RMB4.02B. However, for 4Q18, as China is tightening its control on media and entertainment areas, YY may not expect a huge annual gala, which is likely to weaken its 4Q18 revenue outlook.……

ATHM will report 3Q18 results on November 12th before the markets open with an 8am EST conference call. Based on our data and calculations, we believe Autohome’s 3Q18 revenue is likely to be better than consensus and our revenue estimate driven by both the marketing and lead generation businesses. ……

JOBS will report 3Q18 results on November 8th after the markets close followed by an 8pm EST conference call. Based on our proprietary data and calculations, we believe JOBS is likely to report 3Q18 revenue at about RMB 943M (under the new accounting method), topping the high-end of its guidance. ……

CTRP will report 3Q18 results on November 7th after the markets close followed by a 7pm EST conference call. Many negatives have already been priced into the stock, and CTRP has been making steady improvements in its operation. However, there may be some uncertainties related to the policy front. ……

BABA will report FY2Q19 results on November 2nd before the markets open with a 7:30am EST conference call. We expect BABA to report FY2Q19 revenue slightly below consensus at RMB 86,666M. At present, there is a slowdown in China’s economy, including consumer areas, which was caused mainly by the government’s deleveraging initiatives across all areas: individuals, corporations, local governments as well as central government.……

IQ will report 3Q18 results on Tuesday, October 30th after the markets close followed by an 8pm EST conference call. Based on our proprietary data and calculations, IQ’s total revenue is likely to be RMB7,076M, above consensus at RMB6,909M, while the cost is likely to be high at about RMB7,470M, indicating another quarter of negative gross margin. ……

BIDU will report 3Q18 results on Tuesday, October 30th after the markets close followed by a 9:15pm EST conference call. Based on our proprietary data, we believe BIDU is likely to report 3Q18 net revenue at ~RMB27.863B (excluding Global DU and Du Xiaoman), coming in towards the higher-end of the company’s guidance range of RMB26.56B - RMB27.92B and higher than our model at RMB26.810B. ……

TAL will report FY2Q19 earnings on Thursday, October 25thbefore the markets open with an 8am EST conference call. We are positive forits FY2Q19 as our data show that revenue is likely to be better than the Streetexpectation. However, there are some uncertainties that are caused by thegovernment. During 2018, about 4 different policies and regulations came out inthe off-school education area. ……

EDU will report FY1Q19 results on Tuesday, October 23rd before the markets open with an 8am EST conference call. We believe EDU’s FY1Q19 revenue is likely to be higher than consensus at $841.3M. Although we are positive for its FY1Q19, there are some issues with FY2Q19, as EDU is experiencing issues related to new government policies. ……