May 1, 2019

BZUN – Market expectations are for declining Uniform ROA, but management is confident in their same-store growth and the potential of services


  • Baozun Inc. (BZUN:USA) currently trades at historical highs relative to UAFRS-based (Uniform) Earnings, with a 29.4x Uniform P/E. However, even at these levels, the market has bearish expectations for the firm, while management is confident in their same-store sales growth and ability to serve domestic brands
  • Specifically, management is confident in their same-store and same-brand sales growth, and their ability to serve domestic brands from different angles.
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