Deutsche Bank to maintain only goods will buy rating target price increase to 134 U.S. dollars

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Beijing time February 14 Evening News, Deutsche Bank released its investment report today, maintaining the only commodities stock (nyse:vips) "Buy" rating, the target share price from 93 U.S. dollars to 134 dollars.

The following is a summary of the contents of the report:

Strategic Investment Cosmetics E-commerce Web site Lok Bee Network: The only product will announce the strategic Investment Le Bee Network (lefeng.com), this cooperation will make the only product will further penetrate the high-speed growth of the cosmetics e-commerce market. Currently, cosmetics accounted for only the total water under the "GMV" ratio of less than 10%. Although the Lok Bee Network will continue to operate autonomously, we believe that the only product will be in the cross sales, procurement, logistics and marketing resources to form synergies. To this end, we will be the only target share price increase of 44% to 134 U.S. dollars, continue to maintain its stock "buy" rating.

Fiscal year 2014/2015 through sales sales GMV will grow 5% to 10%: Iris data shows that, based on user traffic, the Lok Bee Network is China's second largest cosmetics online retailer, only after the United States (jumei.com). Le Bee network mainly uses two operating modes: 1 The main sales of their own Jplus brand, 2 third-party brands, such as L ' Oreal and Lancome. It is reported that the GMV of the 2013 fiscal year will be more than 400 million dollars. We expect that through this investment, the Lok Bee Network will be in fiscal year 2014/2015 to promote the GMV will increase 5% to 10%.

To build a fortress against competitors in the women's cosmetics market: We believe that cosmetics are an important SKU expansion area, because 75% of its customers are women. The cooperation will help the product to further expand its supplier network. February 27 to March 31, the only product will be combined with the Lok Bee network launched the "Peach Blossom Festival fashion Shopping Festival."

Higher performance expectations: Based on potential synergies, we will increase the revenue forecasts for the 2014 fiscal year and the 2015 fiscal year by 1% and 6% respectively. Based on non-US general accounting standards, diluted earnings per share were adjusted by 1% and 5% respectively.

Valuation: We continue to maintain the only stock "buy" rating, the target share price from 93 U.S. dollars to 134 dollars.