www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE37.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch9October2018ChinaInternetSectorOnlineads:lowerestimatesonslowergrowth-feedadsabrightspot;preferAlibabaandQutoutiaoGrowthintheadmarketandforsomeplatformsmaydisappointinvestorsWearenowmorenegativeonthegrowthoutlookforChina’sinternetadvertisingmarketafterspeakingwithadagenciesandmanagementteamsandanalysingUBSEvidenceLabandthird-partydataonthesector.WelowerourestimatesforTencentforbothadsandgaming