详情描述

中国电子商务报告（阿里巴巴、京东、拼多多、唯品会）

We have a growth bias in the China e-commerce landscape and hence favor Alibaba and Pinduoduo (PDD). We also like VIPS as a GARP stock. We reiterate Buy on Aliba- ba, initiate coverage of PDD as a Buy, VIPShop (VIPS) as a Buy, and JD.com (JD) as a Hold. We adjusted Alibaba's valuation in synchronizing all our e-commerce stocks, which lifts its target price to US$220 from US$197. In this report, we look at the key themes reverberating across the China e-commerce landscape, which we have put together after our interviews with companies, industry experts and merchants. We look at the evolution of the FMCG segment and the demographic and geographic penetration in China, along with a comparison of the key metrics and market positioning of leading companies.
At the risk of oversimplifying a dynamic and complex market, we see two camps emerging in the Chinese e- commerce landscape. One camp comprises companies with a meaningful TAM (total addressable market) outlook but a weaker near-term profit momentum as they invest in operations. We include Alibaba and PDD in this growth-oriented camp. The other camp consists of companies with slower top-line growth but which are transitioning towards a focus on sustainable profitrather than revenue growth.

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