Morgan Stanley announced its investment report today, which will see the ratings fall to shareholding

Summary: View the latest quotes Beijing time August 16 Evening News, Morgan Stanley published its investment report today, the Dangdang stock (Nyse:dang) rating from overweight to hold a wait-and-see, the target share price from 6.5 U.S. dollars to 10.5 dollars. The following are the contents of the report

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Beijing Time August 16 Evening News, Morgan Stanley released its investment report today, the Dangdang stock (Nyse:dang) rating from "overweight" to "hold the sidelines", the target share price from 6.5 U.S. dollars to 10.5 dollars.

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

When the second quarter was strong, profitability increased, thanks largely to the strong performance of the market platform and the rise in performance. We continue to be bullish on China's E-commerce market, as well as when in the market leading position.

The aim is to reflect higher valuations when the stock rating is lowered to "hold-see". The current share price revenue is about 0.8 times times higher than it was 0.3 times to 0.6 times times a year.

GMV growth of 86%: second-quarter commodity GMV (total commodity value) year-on-year growth of 86%, the third consecutive quarter beyond the book and media business. When the third-quarter revenue is expected to grow 23% year-on-year, the market platform's GMV will grow 165% year-on-year. In the second quarter, when gross profit margin grew 400 benchmark points, benefited from the implementation of market platform strategy. We expect profitability to continue to rise in the next few quarters.

Adjusted performance expectations: Thanks to positive gross margin trends and improved performance efficiency, we will be reduced by 22% and 6% respectively in the 2013 and 2014 fiscal year losses.

2015 profit: When profit margins are rising, but we believe that when it will continue to invest in brand building, technology (mobile, digital content distribution) and market platforms. To this end, we expect to be profitable in 2015.

Valuation: We lowered the Dangdang stock rating from "overweight" to "holding" and set the target share price from 6.5 US dollars to 10.5 dollars. (Li Ming)