ESR Cayman IPO Preview: A Moving Story
ESR Cayman (ESR HK) is the largest APAC focused logistics real estate platform by GFA and value of assets, according to JLL. ESR has started...
BZUN Q1 Preview: Eroding GMV Quality, Margin Squeeze by Top Customers
Our negative view on Baozun Inc. (BZUN US) stems from the company’s declining profit margin due to eroding pricing power to key customers, and...
JD.com (JD): Good to See Cost Control, 55% Upside
JD is dismissing white-collar workers and cutting blue-collar workers’ benefits. We believe the operating margin will be 8.5% in 2019 and 16.4% in...
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