Baozun (NEGATIVE) Competition from Belle’s TopSports; Q2 Margin Miss; CFO’s Broken Record
Q2 earnings combined with our ongoing checks into merchandisers lead us to believe that Baozun Inc. (BZUN US) is using its balance sheet to finance...
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🇨🇳🇭🇰 That Was The Week That Was • Hong Kong/China - 12th~18th August 2019 @Smartkarma
• TW3 HONG KONG/CHINA 12~18 AUGUST •The weight of this week's 28 China/Hong Kong Insights was surprisingly more bullish in its tone (18 bull/10...
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JD.COM (JD): Record High Margin Since IPO, Stock Price Can Be Double
We define the pro forma total revenues as the combination of direct sales gross profits and service revenues. The pro forma operating margin...
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9F IPO Initiation: What’s the Point?
9F Inc (JFG US), a P2P lending platform, is the largest online consumer finance platform among the independent marketplace lending platforms in...
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Alibaba (BABA): Failure of “New Retail”
We are pessimistic about “new retail”, but still optimistic about BABA. Our price target is still at USD232, significantly higher than the market...
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