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Global TMT analyst with Asia ex-Japan focus.

Mitchell Kim

Thematic (Sector/Industry)

China Internet software and services / Thematic (Sector/Industry)

The latest sales data from the 6.18 (running from June 1st to June 18th) Festival by Syntun suggests potential revenue upside for online shopping platforms but particularly more for the larger market shareholders, Alibaba and JD, and Vipshop as apparel and shoes categories showed the highest sales growth.    I am positive on <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a>, and <a href="https://www.smartkarma.com/entities/vipshop-holdings-ltd-adr" target="_blank" data-smartkarma-citation="entities:1088:1" rel="noopener">Vipshop Holdings (VIPS US)</a> as they provide an attractive balance of growth and value.  I have recently turned more bullish on Vipshop because of its cheap value and the continued improving operating metrics.  I remain cautious on PDD US because of the risk associated with the company’s profit model. Three takeaways from my analysis of the 6.18.21 sales data (some 2020 data):<ol>
<li>Alibaba remains the king of promotions.  The company maintained its top-selling platform position.  Alibaba is particularly strong in personal and beauty care and snack foods.   </li>
<li>Apparel and shoes were the top two growth categories during the 6.18 Festival.  This bodes well for Vipshop and Alibaba. </li>
<li>JD maintains its strong position in appliances and electronics as well as dairy products (based on 2020 detail data for select categories).  JD also leads in New Retail – grocery delivery and supermarkets. </li>
<li>PDD appears to be a distant third on 6.18 sales (based on 2020 detail data breakdown – 2021 is unavailable).         </li>
</ol>

The latest sales data from the 6.18 (running from June 1st to June 18th) Festival by Syntun suggests potential revenue upside for online shopping platforms but particularly more for the larger market shareholders, Alibaba and JD, and Vipshop as apparel and shoes categories showed the highest sales growth.    I am positive on Alibaba Group (BABA US), JD.com Inc (ADR) (JD US), and Vipshop Holdings (VIPS US) as they provide an attractive balance of growth and value.  I have recently turned more bullish on Vipshop because of its cheap value and the continued improving operating metrics.  I remain cautious on PDD US because of the risk associated with the company’s profit model. Three takeaways from my analysis of the 6.18.21 sales data (some 2020 data):
Alibaba remains the king of promotions.  The company maintained its top-selling platform position.  Alibaba is particularly strong in personal and beauty care and snack foods.   
Apparel and shoes were the top two growth categories during the 6.18 Festival.  This bodes well for Vipshop and Alibaba. 
JD maintains its strong position in appliances and electronics as well as dairy products (based on 2020 detail data for select categories).  JD also leads in New Retail – grocery delivery and supermarkets. 
PDD appears to be a distant third on 6.18 sales (based on 2020 detail data breakdown – 2021 is unavailable).         


China E-Commerce: 6.18 Festival Getting Bigger - Good for Alibaba, JD, Vipshop