BZUN: A Proxy For Investing in Tmall, With Risks Over Erosion Pricing Power and Limited Scalability

Source:iResearchJuly 01,20193:24 PM Overview
We are initiating coverage on BZUN, a leading eCommerce solution provider in the brand store hosting segment that currently claims over 20% of market share. BZUN provides one-stop brand store hosting services to global brands in China, in areas including IT solution, store operations, digital marketing, customer services and logistics. Our view on BZUN is Neutral, as we feel the positives on GMV growth have already been priced in while risks on margin leverage have been underestimated.More views can be seen in the full report with 51 Pages

Contents

Table of Contents of The Full Reports

1. Investment Positives
1.1 BZUN would benefit from the surging demand in branded products and expansion of Tmall
1.2 BZUN would continue to gain market share in brand store hosting service sector
1.3 BZUN’s brand penetration remains low, implying ample room for client base expansion

2. Investment Negatives
2.1 BZUN lacks pricing power over key brand partners
2.2 A large portion of online sales is generated by domestic brands that are difficult to penetrate by BZUN
2.3 BZUN’s model lacks scalability, limiting its operating leverage potential

3. Industry Analysis
3.1 Brand hosting service sector is fragmented and niche
3.2 Competitive landscape among major brand store hosting players
3.3 Brand hosting service market forecast

4. Company Analysis
4.1 BZUN overview
4.2 BZUN’s business model
4.3 BZUN’s financials

5. Case Studies
5.1 A comparison study on BZUN vs. Shopify
5.2 A closer look at SaaS service within social eCommerce in China

6. Financial Analysis
6.1 Key Assumptions
6.2 GMV, revenue, margins forecast
6.3 Valuation
6.4 Investment risks
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