JD.com (JD); 9618 HK

Re: JD.com (JD); 9618 HK

Postby winston » Tue Nov 17, 2020 11:51 am

vested

JD.com (JD US / 9618 HK) - Strong 3Q momentum

E-commerce is emerging stronger post-COVID-19 on deepened penetration across products and in the lower-tier cities.

Annual active customer account momentum in 3Q was strong, growing 5.8% QoQ to 441.6m.

Management noted that ~80% of new users were from lower-tier cities.

While no formal guidance was provided, management noted that their Singles Day festival performance was robust and exceeded their internal expectations.

On the topic of the fresh food market, we agree with management that this specific opportunity in China is significant, with different players competing in this arena.

In their view, there are a variety of models that can be employed in China, but a localized approach is needed – to that end, JD will be leveraging its core supply chain capabilities and will look to grow in a prudent manner rather than engaging in heavy subsidies.

We expect some near-term margin volatility, as we believe that management is likely to reinvest to expand JD Super categories as well as user acquisition.

BUY (JD US) / HOLD (9618 HK).

Source: OCBC
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Re: JD.com (JD); 9618 HK

Postby winston » Tue Nov 17, 2020 2:14 pm

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Brokers' Latest TPs, Views on JD-SW (09618.HK) Post Results (Table)

Brokers│Ratings│TPs (HK$)
Nomura│Buy│320->424
Credit Suisse│Outperform│380->415
BofA Securities│Buy│386.1->406
HSBC Global Research│Buy│390->382
Goldman Sachs│Buy (CL Buy List)│346

----------------------------

Brokers│Ratings│TPs (US$)
Citigroup│Buy│104->107
Credit Suisse│Outperform│98->106
BofA Securities│Buy│99->104
HSBC Global Research│Buy│100->98
UBS│Buy│96.5->100
JPMorgan│Overweight│100
Morgan Stanley│Overweight│92

----------------------------

Brokers' latest views on JD following QoQ result release:

Brokers│Views
Nomura│sell-offs under strong QoQ result unjustified
Credit Suisse│QoQ result beats; 4Q rev growth may speed up
BofA Securities│investment in long-term opportunity backed by growth impetus, econ scale
HSBC Global Research│re-investment to drive sustainable growth
Goldman Sachs│QoQ rev, earnings beat
Citigroup│lifts TP on retail scale effect, pledge of re-investment
UBS│investors too worried over new investment
JPMorgan│QoQ result strong
Morgan Stanley│long-term growth outlook benign

Source: AAStocks Financial News
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Re: JD.com (JD); 9618 HK

Postby winston » Wed Nov 18, 2020 9:23 am

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Promising outlook for user activity growth

JD reported 3Q20 net revenue of Rmb174bn, up 29.2% yoy, above our expectation. Driven by higher margins and a gain of fair-value change of investment securities, non-GAAP net profit for the quarter was Rmb5.6bn, up 80.1% yoy.

JD’s AAU was 441.6m at the end of Sep 2020, up by 32.1% yoy, the highest growth rate in the past three years.

The JD logistics loss narrowed substantially, and this trend is expected to continue.

Reiterate Add with a new DCF-based TP of US$99.8.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 9C33F072DA
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Re: JD.com (JD); 9618 HK

Postby winston » Sat Nov 21, 2020 12:27 pm

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JD.Com: Reasons To Go Long

by Michael Wiggins De Oliveira

Summary

JD.com is growing its top line at A breakneck pace of 29% y/y.

JD.com's active customer base continues to climb presently reaching 441 million.

This retailer is still priced for just 1.1x forward sales, one of the cheapest retail stocks.

Very strong free cash flow generation over its trailing twelve months.

Source: Seeking Alpha

https://seekingalpha.com/article/439053 ... nt=link-13
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Re: JD.com (JD); 9618 HK

Postby winston » Wed Nov 25, 2020 8:10 pm

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JD.com (JD)

JD.com is one of the riskier Chinese e-commerce companies. The online retailer has had a rocky year.

What do I mean? Well, JD stock has more than doubled since March, up 146% to $86.77. But it has been a rocky road with several pullbacks along the way.

The stock has been at its current level, or higher, on three separate occasions since August. Tense relations between Beijing and Washington, as well as scandals at other publicly traded Chinese companies have kept investors on edge.

Investors were also spooked when JD.com declined to provide any future guidance when announcing its latest earnings and top-line results missed analysts expectations.

As a result, JD stock has been trending downwards recently, down 7% since the start of November.

The company saw strong online sales at the height of the pandemic in China, but those sales are starting to revert to pre-pandemic levels now that China is reopening.

Investors looking for a long-term investment in a Chinese e-commerce giant may want to look at JD.com rival Alibaba (NYSE:BABA), which also has a huge online retailing presence. Importantly, Alibaba is also involved in everything from artificial intelligence to cloud computing.

It will be interesting to see if relations between the U.S. and China soften under the administration of President-elect Joe Biden. But investors should be ready to jump out of JD stock in a hurry if it continues trending in the wrong direction.

Source: Investor Place
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Re: JD.com (JD); 9618 HK

Postby winston » Thu Dec 03, 2020 9:44 am

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JD.com – BUY

JD.com continues to deliver better-than-expected results as well as net margin improvement during 9M20 (2.8% vs 2.4% in 9M19).

Moving forward, JD.com will continue to invest in improving its logistics capabilities after experimenting with fresh produce e-commerce since the start of the pandemic.

Management said the fresh produce and supermarket segments are its strategic priorities and will become the largest categories for JD Retail in the future.

We are positive on JD.com’s advantage in terms of growing in scale as China’s largest retailer, supported by its procurement and supply chain capabilities, along with its improving user engagement.

In addition, management also guided that JD Logistics’ net loss would narrow in 2020 as it had turned profitable during 2Q20. We continue to expect steadily expanding non-GAAP net margins of 2.5%/2.8%/3.1% over 2020F/21F/22F respectively.

Maintain BUY with an SOTP-based target price of US$105.00, implying 40x 2021F PE against the 3-year recurring EPS CAGR of 29% from 2021-24F.

Share Price Catalyst

Events: a) Strong new user growth; b) continued margin expansion; and c) further
expansion of logistic services to internal and external customers.

Timeline: 1H21

Source: UOBKH
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Re: JD.com (JD); 9618 HK

Postby winston » Tue Dec 15, 2020 11:09 am

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JD.Com Inc (NASDAQ: JD)

Number of hedge funds: 85
Total value of hedge fund holdings: $13.57 billion

JD is one of the biggest B2C e-commerce service providers in China and in the world in general.

Among these funds, Tiger Global Management LLC held the most valuable stake in the company, which was worth $4 billion at the end of the third quarter. On the second spot was D1 Capital Partners which amassed $1620.2 million worth of shares.

Third Point talked about both JD and Alibaba (BABA) in its Q2 investor letter:

“During the quarter, we took advantage of jitters about China’s relationships with Hong Kong and the U.S. that created an air pocket in trading of Chinese‐related shares to establish new positions in e‐commerce leaders Alibaba and JD.com.

As we have articulated in prior letters3, our outlook for Alibaba and the broader Chinese e‐commerce market is bright. We believe online gross merchandise value (“GMV”) will grow at a mid‐teens CAGR over the next five years, propelled by both:-
(1) rising consumption per capita, as the Chinese retail market is equal in size to the U.S. despite four times as many consumers, and
(2) increased penetration of retail by online, a trend which we believe has been structurally accelerated by the COVID‐ 19 pandemic.

As the e‐commerce market matures, we believe Alibaba & JD will leverage scale and growing repositories of transaction data to increase monetization of their platforms through targeted advertising to improve revenue yields (revenues as a percentage of GMV) from a starting point of less than 4% today.

As a point of comparison, brick‐and‐mortar retail store rent expenses in China are greater than 10% of sales on average, which provides a significant umbrella for online marketplaces to take a greater share of GMV through a combination of commission and advertising spending as online retailer cost structures converge with brick‐ and‐mortar retail.

Source: Insider Monkey
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Re: JD.com (JD); 9618 HK

Postby winston » Mon Dec 21, 2020 11:14 am

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JD(9618)

Analysis:

The company is one of the three poles of China`s Internet retailers, positioning itself as a “supply chain-based technology and service company.

Dada`s listing has contributed 4 billion investment income to the company.

Beside JD Health, the company also includes JD Digital, Several projects such as JD Logistics and JD Industrial Products Financing are expected to go public.

These new businesses will expand JD`s growth space.

In addition, the company`s investment plans delayed by the epidemic in the first half of the year will be released or concentrated in the second half of the year, such as JD Logistics, IT System and technology, fresh food, etc., in the long run, the company`s growth ability continues.

Strategy:
Buy-in Price: $318, Target Price: $410, Cut Loss Price: $249

Source: Phillips
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Re: JD.com (JD); 9618 HK

Postby winston » Thu Dec 31, 2020 12:27 pm

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JD-SW: To Make Ratification Strictly upon CN Watchdog's Requirement

JD.com said it attached great importance to the administrative penalty of Chinese regulatory department, thus pledged to make ratification strictly according to the requirement of the related department.

State Administration for Market Regulation (SAMR) imposed administrative penalty on three Chinese online platforms, namely JD-SW (09618.HK), BABA-SW (09988.HK) 's Tmall and Vipshop (VIPS.US), due to improper pricing behavior.

Source: AAStocks Financial News
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Re: JD.com (JD); 9618 HK

Postby winston » Thu Jan 14, 2021 10:57 am

not vested

JD(9618)

Analysis:

The company is one of the three poles of China`s Internet retailers, positioning itself as a “supply chain-based technology and service company.

Dada`s listing has contributed 4 billion investment income to the company.

Beside JD Health, the company also includes JD Digital, Several projects such as JD Logistics and JD Industrial Products Financing are expected to go public.

These new businesses will expand JD`s growth space.

In addition, the company`s investment plans delayed by the epidemic in the first half of the year will be released or concentrated in the second half of the year, such as JD Logistics, IT System and technology, fresh food, etc., in the long run, the company`s growth ability continues.

Strategy:
Buy-in Price: $335, Target Price: $410, Cut Loss Price: $295

Source: Phillips
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