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1、BESTDeutscheBankMarketsResearchRatingCompanyDateBuyBEST16October2017InitiationofCoverageAsiaChinaReutersBloombergExchangeTickerPriceat12Oct2017(USD)11.08TransportationBSTI.NBSTIUSNYSBSTIPricetarget-12mth(USD)17.30Logistics52-weekrange(USD)12.64-10.52S&P5002,551BEST-lookstobeonthewaytobeing
2、thebest;initiatingwithBuyValuation&RisksSkyHong,CFAResearchAnalystItislogistics,itisdifferent+852-22036131AsChina'sleadingsmartsupplychainserviceprovider,BESTis,inourview,well-placedtorideonrisinglogisticsdemandinChina.Butmoreimportantly,EileenDengwebelieveBEST'smultifacetedplatformandsuper
3、iortechnologywillenableResearchAnalystittobecomeevenmorecompetitiveinthenascentnewretailera.Thehybrid+852-22036227model,adoptedforitsexpressdelivery,willhelpittodrivedowncostsatamuchfasterpacethanpeers,whichinturnshouldleadtofurthermarketsharegainPrice/pricerelativeandprofitabilityincrease.
4、AlongsideitsstrategicrelationshipwithAlibaba,BEST14seemswell-positionedtobecomeoneoftheindustryleaders.WeinitiatewithaBuyratingandatargetpriceofUS$17.3.12Alotmorethanjustexpressdelivery-itisintegratedandsmart1025.Sep2.Oct9.OctWhileexpressdeliverystillaccountedfor63%oftotalrevenuein1H17,BES
5、T'scomprehensivecoverageofthelogisticsvaluechain(i.e.supplychainBESTS&P500(Rebased)management,freight,cross-bordersupplychainservices,andlast-milestore)Performance(%)1m3m12mwillenableittoofferintegratedservices,whichwillbeincreasinglydemandedAbsolute–––bycustomersinthenewretailera.Inadditio
6、n,astechnologyhasbecomeS&P5002.24.419.2increasinglycriticalinmodernlogistics,BEST'sgrid-basedproprietaryITSource:DeutscheBankinfrastructure,whichismorescalableandexpandablethanitspeers',willenableKeyindicators(FY1)ittoraiseefficiencyandreducecostsatafasterpacethanitscompetitors.AROE(%)-27.5g
7、oodcaseinpointwastheswapbodypracticeadoptedbyBESTrecently,whichNetdebt/equity(%)-83.5helpedtoreducetransportationcostbyasmuchas30%.Bookvalue/share(CNY)11.941Price/book(x)6.1Evenforitsexpressdelivery,BESTadoptsadifferentmodelNetinterestcover(x)–Weconsideritahybr
