Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/24184" target="_blank" data-smartkarma-citation="entities:24184:1">Baozun Inc. (BZUN US)</a> is a B2C e-commerce solutions provider in China mostly to multinational retailers of apparel and consumer electronics companies. BZUN offers a turnkey solution from logistics/warehousing, e-commerce software/IT support, store operations and digital marketing for clients on third party platforms ( <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a> T-mall, <a href="https://www.smartkarma.com/entities/446" target="_blank" data-smartkarma-citation="entities:446:1">JD.com Inc (ADR) (JD US)</a>) and/or their own website.  The full range of services offer a strong eco-system, where client attrition is extremely low, and up-sell improves margin. We estimate that BZUN will make $1.5 earnings per share in 2019.  Using 30x P/2019E valuation, we reach a target price of $45, 25% upside from today’s share price of $36. </p>

Baozun Inc. (BZUN US) is a B2C e-commerce solutions provider in China mostly to multinational retailers of apparel and consumer electronics companies. BZUN offers a turnkey solution from logistics/warehousing, e-commerce software/IT support, store operations and digital marketing for clients on third party platforms ( Alibaba Group Holding Ltd (BABA US) T-mall, JD.com Inc (ADR) (JD US)) and/or their own website.  The full range of services offer a strong eco-system, where client attrition is extremely low, and up-sell improves margin. We estimate that BZUN will make $1.5 earnings per share in 2019.  Using 30x P/2019E valuation, we reach a target price of $45, 25% upside from today’s share price of $36. 

Baozun: Top Long Idea on Chinese Consumers' Premiumization

United States

Baozun Inc. provides e-commerce solutions. The Company's services include website design, development and hosting, information technology infrastructure, customer service, warehousing, and logistics services, as well as digital marketing. Baozun serves customers in China.

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Baozun: Top Long Idea on Chinese Consumers' Premiumization

Baozun Inc. (BZUN US) is a B2C e-commerce solutions provider in China mostly to multinational retailers of apparel and consumer electronics...

JL Warren Capital