BZUN: Managing Growth Post Huawei and “6.18†Promotions; Expect At Least In Line 3Q19
BZUN will report 3Q19 results in mid-November. Based on our data and calculation, we believe BZUN’s net revenue in 3Q19E is likely to be within its guidance range of RMB1,500M – RMB1,550M (35% – 40% Y/Y growth), at least in line with consensus expectation at RMB1,520M and better than our model estimate at RMB1,508.1M. The GMV growth was slower than before due to a couple of reasons. Over-promotion in 2Q19 as well as some level of economic slowdown was negative to the growth of GMV in 3Q19.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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