.H. Data Flash - Alibaba Group (BABA) – Preliminary FY1Q18: Core Commerce is Strong Driven By Tmall GMV, Take Rate and Click Volumes; Expect Better FY1Q18; Maintain Buy & Raise PT
​For China domestic retail, both online marketing services and commission revenues continue to grow Y/Y - In FY1Q18, BABA’s online marketing services revenue for China retail business is likely to increase 56% Y/Y to RMB25.1B (Figure 1), which we believe is mainly driven by the growth of clicks volume for its search, which grew 39% Y/Y (Figure 2 & 3). At the same time, commission revenue is likely to be RMB10.2B in FY1Q18, growing 47% Y/Y, and commission revenue as % of Tmall GMV is likely to increase to 2.26% in FY1Q18 from 2.10% in FY1Q17 due to mix shift toward more higher commission categories such as Apparel, cosmetics, house appliance and Home & Garden.
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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