JD.com (JD): 3Q18 Not Slowing Down, As Two Parts of Revenues Not Comparable!
* The "services" business is actually the main business by both GMV (Gross Merchandise Value) and commissions, but accounts for only 10% of total...
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Baozun - Customer Disintermediation Due to Obsolete Business Moat - SELL
We cut Q4 2018 GMV from 50% to 35% YoY, given Baozun Inc. (BZUN US) catastrophic miss last weekend during the 11.11 holiday sales. We estimate...
703 Views
Bearish Tech Stance Still Performing, as 5G Rollout Looms
‘The ‘Peak Smartphone’ theme justified an underweight stance back in Q4 across the most heavily exposed Asian supply chain stocks, with DDR4 DRAM...
360 Views
Trade War/China Stocks/ Consumers & Singles’ Day/Tech Worries
China News That Matters Two to tango in Buenos Aires? Equities slide; foreigners want in Records fall yet consumer caution rises Censors tighten...
333 Views
Japan Fortnightly Update: Watch Out Below
SHORT-LIVED - Over the last two weeks, Japanese equities marched back up and then promptly fell back down, losing 1.5% over the period. We remain...
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