We are positive on BABA’s performance into FY1Q21. Based on our data and model, BABA’s FY1Q21E revenue is likely to be above consensus at RMB147.9B (28.7% Y/Y growth) and our estimate. The strong performance is driven by: 1) Live streaming; 2) Better same store sales on discounts; and 3) For “6.18” sales, the pre-sales started in late May 2020. All of the above plus the pent-up demand from consumers made 2Q20 very special.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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