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New Rules For Taiwan'S Financial Sector: Analysis Of Taiwan Online Shopping Market
< p > Event 1:1 30, Jingdong submitted the prospectus. In February 14th, vip.com acquired 75% stake in Le bee network and jumei.com announced that it was going to be listed, which again aroused the attention of the market to the electricity supplier. < /p >
< p > Event 2: according to the latest regulations of the financial departments in Taiwan, from February 10th, the tax-free import price of parcels is less than NT $3000, although they enjoy duty-free concessions, but the objects are strictly controlled. Those who have mailed more than 2 times in 30 days or are more than 6 times in six months are classified as frequent imports and will be exempt from tax exemption. < /p >
< p > based on the renewed attention of the market to the electricity supplier and our previous international research perspective, we will turn our attention from the hot and medium-sized Chinese and American electricity supplier market to Taiwan's small but distinctive a href= http://www.91se91.com/news/index_c.asp. < /p >
< p > < strong > main points: < /strong > < /p >.
< p > market performance and Valuation: in 2013, the price of net store and store street rose 77% and 127% respectively, which significantly outperformed the traditional retailer Far East Department Store (1.2%). At present, net home and shop Street PE over 13 years over 35 times, 2 times faster than the far distance; Shop Street 6.4 times PS is much higher than net home (1.2 times) and far (0.97 times). Considering that mainland retail enterprises and Taiwan counterparts have the same profitability and better growth, we believe that retail A shares can enjoy a certain premium space relative to Taiwan retail businesses. However, the current retail a href= "http://www.91se91.com/news/index_c.asp" > A shares < /a > PE in 2014 is only 14 times, still far more than a hundred discount of more than 12%. < /p >
< p > the general situation of Taiwan's online retail market: Taiwan's e-commerce began to sprout in 1997. In 2000, the network began to launch online retail business with B2C business. In 2002, the online auction platform (C2C), which was based on individual sellers, began to appear in 2002. In 2005, a shop platform (B2B2C) was designed for small and medium enterprises. According to the survey of the Taiwan Policy Institute, 84.8% of the enterprises that choose B2B2C shops are ahead of C2C and B2C. < /p >
In 3 years, the retail sales in Taiwan accounted for about 3% of total retail sales in 2012, which was much lower than that in the mainland (6.3%) in 2013. (2) 2013, Taiwan's online shopping market size 760 billion new Taiwan dollars (about 150 billion RMB), only about 8.3% of the mainland market (1 trillion and 850 billion RMB). (3) Taiwan's online retail market was 3 year old CAGR, about the mainland market (1/3); (Taiwan) B2C (B2B2C) and C2C ratio was about 1, while the mainland was the center; (Taiwan) the electricity concentration degree of Taiwan was far below that of the mainland, and the former electricity supplier accounted for more than the total. < p > Taiwan VS mainland > a href= "http://www.91se91.com/news/index_c.asp" > network retail market < /a >: (1) the Taiwan electricity supplier market started in the late 90s, compared with the mainland market represented by Taobao (2003) at least early. < /p >
< p > reference to mainland electricity suppliers and retail enterprises: (A) net home has been stable and profitable in recent years, but net interest rate of around 2.5% in 2012 is still lower than far east department store (4.33%) and Pacific SOGO Department Store (3.25%), which shows that the profitability of electric providers is not superior to that of traditional retailers. (B) the net loss of two times reflects the cost dilution of the scale effect under the correct development strategy, but its short loss period (2-3 years) also reflects the smaller capacity of Taiwan's electricity supplier market and the shorter capital demand and shorter payback period. This is basically not a reference for the mainland to locate the national retail electricity supplier, but it may have some profit prospects for some two or three line regions (relatively less competition from foreign electric providers) and good retail capital providers (such as BBK) with good capital strength. (C) the electricity providers in Taiwan do not seem to have suppressed the valuation level of traditional retail businesses. They may have a smaller market share and a smaller proportion of total social accounts. The competition pattern has basically been set, and the negative impact on traditional retail valuation has been basically digested. < /p >
< p > Event 2: according to the latest regulations of the financial departments in Taiwan, from February 10th, the tax-free import price of parcels is less than NT $3000, although they enjoy duty-free concessions, but the objects are strictly controlled. Those who have mailed more than 2 times in 30 days or are more than 6 times in six months are classified as frequent imports and will be exempt from tax exemption. < /p >
< p > based on the renewed attention of the market to the electricity supplier and our previous international research perspective, we will turn our attention from the hot and medium-sized Chinese and American electricity supplier market to Taiwan's small but distinctive a href= http://www.91se91.com/news/index_c.asp. < /p >
< p > < strong > main points: < /strong > < /p >.
< p > market performance and Valuation: in 2013, the price of net store and store street rose 77% and 127% respectively, which significantly outperformed the traditional retailer Far East Department Store (1.2%). At present, net home and shop Street PE over 13 years over 35 times, 2 times faster than the far distance; Shop Street 6.4 times PS is much higher than net home (1.2 times) and far (0.97 times). Considering that mainland retail enterprises and Taiwan counterparts have the same profitability and better growth, we believe that retail A shares can enjoy a certain premium space relative to Taiwan retail businesses. However, the current retail a href= "http://www.91se91.com/news/index_c.asp" > A shares < /a > PE in 2014 is only 14 times, still far more than a hundred discount of more than 12%. < /p >
< p > the general situation of Taiwan's online retail market: Taiwan's e-commerce began to sprout in 1997. In 2000, the network began to launch online retail business with B2C business. In 2002, the online auction platform (C2C), which was based on individual sellers, began to appear in 2002. In 2005, a shop platform (B2B2C) was designed for small and medium enterprises. According to the survey of the Taiwan Policy Institute, 84.8% of the enterprises that choose B2B2C shops are ahead of C2C and B2C. < /p >
In 3 years, the retail sales in Taiwan accounted for about 3% of total retail sales in 2012, which was much lower than that in the mainland (6.3%) in 2013. (2) 2013, Taiwan's online shopping market size 760 billion new Taiwan dollars (about 150 billion RMB), only about 8.3% of the mainland market (1 trillion and 850 billion RMB). (3) Taiwan's online retail market was 3 year old CAGR, about the mainland market (1/3); (Taiwan) B2C (B2B2C) and C2C ratio was about 1, while the mainland was the center; (Taiwan) the electricity concentration degree of Taiwan was far below that of the mainland, and the former electricity supplier accounted for more than the total. < p > Taiwan VS mainland > a href= "http://www.91se91.com/news/index_c.asp" > network retail market < /a >: (1) the Taiwan electricity supplier market started in the late 90s, compared with the mainland market represented by Taobao (2003) at least early. < /p >
< p > reference to mainland electricity suppliers and retail enterprises: (A) net home has been stable and profitable in recent years, but net interest rate of around 2.5% in 2012 is still lower than far east department store (4.33%) and Pacific SOGO Department Store (3.25%), which shows that the profitability of electric providers is not superior to that of traditional retailers. (B) the net loss of two times reflects the cost dilution of the scale effect under the correct development strategy, but its short loss period (2-3 years) also reflects the smaller capacity of Taiwan's electricity supplier market and the shorter capital demand and shorter payback period. This is basically not a reference for the mainland to locate the national retail electricity supplier, but it may have some profit prospects for some two or three line regions (relatively less competition from foreign electric providers) and good retail capital providers (such as BBK) with good capital strength. (C) the electricity providers in Taiwan do not seem to have suppressed the valuation level of traditional retail businesses. They may have a smaller market share and a smaller proportion of total social accounts. The competition pattern has basically been set, and the negative impact on traditional retail valuation has been basically digested. < /p >
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