T. H. Data Flash – Baozun – November & 4Q18E: Apple, Qualcomm Conflict Negative for BZUN; Cautious on 4Q18E
We are cautious on BZUN into 4Q18. Based on our data and model, we believe the company’s net revenue in 4Q18E is likely to be impacted by the slowing down in China’s underlying economy as well as the conflict between Apple and Qualcomm. Revenue is likely to reach the mid to low end of topline guidance range of RMB2,200M - 2,250M (40.5% - 43.7% Y/Y growth).
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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