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...
Alibaba (BABA): Growth Accelerated After New Law Headwind, Cost Control Will Fix Margin, 30% Upside
The revenue growth even accelerated in the first quarter after the Electric Commerce Law, which taxes online individual sellers. We believe BABA's...
Tencent (700 HK): Key Game Actually Approved, WeChat Pay Grew Strongly, 27% Upside
Players find that the approved new game, Game for Peace, is almost the same as the unapproved popular game PUBG. Therefore, we believe game...
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