Report
UOB
Julia Pan Mengyao

Internet - 4Q18 results wrap-up: Results mixed; margins under pressure.

China’s Internet sector delivered mixed 4Q18/2H18 results. Game sector growth was
still weak due to tight regulation. China’s e-commerce sector recorded solid top-line
results led by Alibaba, and bottom-line beat consensus forecasts for both Alibaba and
JD.com. For 1H19, we are positive on online travel sector growth, maintain neutral on ecommerce
sector growth, and remain cautious on online game sector due to the
tightening regulation. Maintain OVERWEIGHT.
Underlyings
Alibaba Group Holding Ltd

Ctrip.com International Ltd. ADS

IG Group Holdings PLC

IG Group Holdings is a financial spread betting provider. Co.'s global financial markets include shares, forex, indices, commodities and other instruments. Co.'s products include: contracts for difference, which are derivatives contracts that enable clients to take advantage of changes in an asset's price, without owning the asset itself; spread betting, which is a tax-free alternative to trading, allowing clients to bet on the price movement of an asset; and North American Derivatives Exchange, which is an U.S. derivatives exchange, enabling U.S. and overseas investors to trade options on global financial markets in retail-sized contracts.

IGG
IGG

IGG is an online games developer and operator. Co. offers multi-language mobile games, browser games and client-based games to players. As of Dec. 31, 2013, games which are important to Co.'s business include Castle Clash, Texas HoldEm Poker Deluxe, Slot Machines by IGG and Clash of Lords.

JD.com ADS (N Shares)

Kingsoft Corp.

Kingsoft Corporation is an investment holding company. Through its subsidiaries, Co. is engaged in the research and development of games, and provision of online games, mobile games and casual game services; the research, development and operation of information security software and web browser, provision of information security service across devices, and provision of online advertising services; as well as the research, development and distribution of office application software, provision of cloud storage, cloud computation and dictionary services across devices, and provision of online advertising services.

NetEase Inc ADR

Razer Inc

TENCENT HOLDINGS LTD

Provider
UOB
UOB

Analysts
Julia Pan Mengyao

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