J.P. 摩根：中国互联网2018年Q1盈利之思考--中国互联网行业-2018.4.26-48页.pdf

Completed 26 Apr 2018 07:36 PM HKT Disseminated 26 Apr 2018 08:09 PM HKT Asia Pacific Equity Research 26 April 2018 China Internet Thoughts into 1Q18 earnings We are increasingly cautious on the sector stock performance outlook for 2018. China As the vast majority of the large cap Internet names either step up investment or Internet move into a transition stage in 2018, sector earnings visibility reduces and AC potential consensus earnings downgrade risk rises. In addition, market sentiment Alex Yao on the space could deteriorate further due to concerns on external factors such as: (852) 2800-8535 1) regulation tightening 2) rising competition for listed companies from private alex.yao@ names (e.g. Toutiao, Meituan, etc.), and 3) macro/ systematic risks arising from Bloomberg JPMA YAO GO the Sino-US trade tensions. While the long-term growth potential of larger caps Binbin Ding remains robust, or even greater in some cases, 2018 stock performance could be (852) 2800 8572 under pressure. From a sector allocation perspective, we recently downgraded binbin.ding@ China IT/e-commerce from OW to Neutral (China Equity