Editor : Eric Shu Tel : +852-2277-6678 e-mail : foreignstock@phillip.com.hk 一般風險披露聲明 本報告所載的資料只屬一般簡介，並不能作為專業法律、財務或其他意見或行事依據，亦不應被理解為購入、出售或投資任何產品之建議、邀請、廣告、或引導。輝立證券集團("本公司")力求但不保證有關資料準確或完整，客戶不應根據本報告或當中資料作出任何決定。本公司對本報告內資料所引致之任何損失或虧損概不負任何責任。假如你對本風險披露聲明的內容有不明白或對投資產品未有足夠認識，請與本公司查詢並詳盡了解。如要做任何投資，亦應尋求獨立的專業意見。 海外投資產品不受香港聯合交易所/其他香港監管機構監管，而此類產品亦不受賠償基金的保障。在其他司法管轄的市場交易，或會涉及額外的風險(如政府政策的改變、稅務和政治發展等)。因此，你應瞭解買賣海外投資產品的性質及風險，並就本身的投資經驗、風險狀況及其他相關因素，小心考慮自己是否適合參與該等買賣。如有任何疑問，應咨詢專業意見。 投資涉及多種風險，包括市場、匯率、波動性、流動性、信貸/對手方、評級下降、監管及政治等。投資產品價格可升可跌，並可能非常波動，會變成毫無價值，甚至被要求存入額外的保證金，而蒙受損失。投資者作出任何投資決定前，應細閱各投資產品之銷售文件所載的條款及條件，瞭解該產品的風險、特性及限制等是否適合其個人的財務狀況、投資目標及可承受之風險。本公司或其行政人員、董事、分析員或僱員可在報告所述之公司擔任董事，並可能持有本報告所述投資產品，或可以委託人或代理人身份買賣此等產品。本公司可不時為本報告所提及之公司，提供投資銀行或其他服務、或向其招攬投資銀行或其他業務。 本報告內的資料為本公司版權所有。在沒有本公司事前書面許可下，不可以部分地或全部地複製本文件。 證券及債券交易風險 證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失。債券價格有時較為穩定，但發行人一旦違約，你可能導致損失全部本金及應收利息。 DocuSign, Inc. (DOCU) 市值: 約350.41億美元 融資比率: 0% 評論: DocuSign公司(DocuSign, Inc.)提供電子簽名解決方案。該公司為抵押貸款、非營利、政 府、不動產、保險、科技及醫療保健產業提供服務，客戶遍佈全球。受冠狀病毒影響下，人們都在家工作，增加了對電子簽名解決方案的需求，估計電子簽名潛在市場總值可達250億美元。不論宏觀經濟環境如何，電子簽名和電子合約將繼續被廣泛地使用，因為它為公司帶來了更高的工作效率和成本節省。貴為電子簽名市場的巨擘，DOCU將能受惠於此高增長行業。 部署: 買入價: 197美元 目標價: 240美元 止蝕價: 181美元 Eurus ZHOU Research Analyst Pharmaceutical and Consumer (852) 2277 6515 euruszhou@phillip.com.hk Contact Information of Hong Kong Representatives Research Benny WANG Dealing Director (852) 2277 6720 bennywang@phillip.com.hk ZHANG Jing Research Analyst Transportation and Automobiles (86) 2151699400-103 zhangjing@phillip.com.cn Terry LI Research Analyst TMT, Education and Finance (852) 2277 6527 terryli@phillip.com.hk Sales Tracy KU Research Analyst Retail and Property (852) 2277 6516 tracyku@phillip.com.hk Aric AU Yoshikazu SHIKITA Manager Manager Corporate & Institutional Sales International Sales (852) 2277 6783 (852) 2277 6624 corporatesales@phillip.com.hk yshikita@phillip.com.hk PHILLIP RESEARCH STOCK SELECTIONSYSTEMS Total Return Recommendation Rating Remarks > +20% Buy 1 >20% upside from the current price +5% to +20% Accumulate 2 +5% to+20% upside from the current price -5% to +5% Neutral 3 Trade within +/- 5% from the current price -5% to -20% Reduce 4 -5% to-20% downside from the current price < -20% Sell 5 -20% downside from the current price We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock’s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is distributed in Hong Kong by Phillip Securities (Hong Kong) Limited (“PSHK”), which is licensed in Hong Kong by the Securities and Futures Commission for regulated activities, including Type 4 regulated activity (advising on securities). This publication was originally prepared by analysts from our overseas affiliates. The information contained herein is based on sources that PSHK and its affiliates believe to be accurate and any analysis, forecasts, projections, expectations and opinions contained in this publication are based on such information and are expressions of belief only. This material is prepared for general circulation to clients and is not intended to provide tailored investment advice and does not take into account the individual financial situation and objectives of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of any investments or securities discussed or recommended in this report. This report is not (and should not be construed as) a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such business in that jurisdiction. This research report may not be redistributed, retransmitted or disclosed, in whole or in part or and any form or manner, without the express written consent of PSHK. Please direct any enquiries to foreignstock@phillip.com.hk. Investment involves risks. For details of product risks, please view the Risk Disclosures Statement on http://www.phiIlip.com.hk. SINGAPORE Phillip Securities Pte Ltd HONG KONG Phillip Securities (HK) Ltd INDONESIA PT Phillip Securities Indonesia THAILAND Phillip Securities (Thailand) Public Company Limited UNITED KINGDOM King & Shaxson Capital Ltd AUSTRALIA Phillip Capital Australia MALAYSIA Phillip Capital Management Sdn Bhd JAPAN PhillipCapital Japan K.K. CHINA Phillip Financial Advisory (Shanghai) Co. Ltd FRANCE King & Shaxson Capital Ltd UNITED STATES Phillip Futures Inc.