J.P. 摩根-2018年Q2中国互联网盈利思考—充满挑战的夏天-2018.7.31-65页.pdf

Asia Pacific Equity Research 31 July 2018 China Internet Thoughts into 2Q18 earnings: a challenging summer We believe 2Q earnings season presents more downside than upside risk to China China Internet sector earnings revisions, largely due to industry headwinds. We ind Internet most of the industry developments in 2018 to be negative to China Internet AC Alex Yao industry earnings generation in the near term (please refer to Table 1) and we (852) 2800-8535 believe the capital market has not fully factored in the change in near-term alex.yao@ earnings outlook, given only a -1% Bloomberg 2018 EPS consensus revision in Bloomberg JPMA YAO GO the past three months. In light of the weak 2Q outlook, we are cautious on the Binbin Ding near-term stock performance of the sector. Our top picks in the sector are: (852) 2800 8572 Momo, Alibaba, Vipshop. binbin.ding@ Daniel Chen  Expecting either soft 2Q numbers or negative commentary on 2H18