China's Ad Market Post 2Q Results - BABA Best Positioned; Least Vulnerable to Regulatory Risks
BABA, Baidu, Tencent, Sina and Weibo together accounted for 71% of China's digital advertising spending in 2015. Their combined share will likely...
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Alibaba: Very Strong 1Q16 Results Driven by Ad Tech
Alibaba (BABA US) 1Q16 results were well ahead of NSR and consensus expectations. Revenue growth of 59% was well ahead of our +47% (cons +49%)...
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JD.Com Delivers Cleaner Growth Message in 2Q16 Results.
After the controversy surrounding JD.Com apparent cut in guidance earlier in the quarter, it was good to see JD posting 2Q16 results in line with...
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China: The Rise of Ad Tech in China
This report looks at the development of advertising technology in the Chinese market. We define the value chain and discuss the capabilities at...
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BABA: Raising TP to US$111 (13% Upside), And Further Thoughts Post Results
We have raised our DCF-based target price for Alibaba by 15% to US$111 per share, which implies 26x non-GAAP EV/EBITDA, 35x non-GAAP FD P/Ex and...
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