BZUN / 9991.HK: New Investment And Acquisition To Enforce BZUN’s Leading Position In Ecommerce Operations For Brands
BZUN will report 4Q20 results on March 4th before the market opens with a 7am EST conference call. We believe BZUN is likely to deliver solid 4Q20 results and provide good 1Q21 guidance. In addition to its short-term performance, we are positive about BZUN’s longer term outlook due to the underlying high demand for upscale international brands as well as improvement of its operational capability via its recent investments in iClick Interactive (ICLK) and acquisition of Full Jet. Our data shows that BZUN’s total GMV is likely to grow 19.8% Y/Y to reach RMB21.3B in 4Q20, roughly the same growth as 19.4% Y/Y in 3Q20. Based on our data and model, we believe BZUN’s net revenue in 4Q20 is likely to be in line with consensus at RMB3,379M (21.4% 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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