JD.com (JD); 9618 HK

Re: JD.com (JD)

Postby winston » Thu Oct 06, 2016 9:28 am

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JD.com Soars 5% After Walmart Boosts Stake

By Shuli Ren

China’s direct sales e-commerce JD.com (JD), which unlike Alibabab Group (BABA) follows the Amazon.com (AMZN) model, soared 5.5% in after-hours trading after Walmart (WMT) disclosed that it boosted its stake in JD from 5.9% to 10.8%.

Walmart is taking the strategic investment approach to the world’s biggest emerging markets.

Last month, Bloomberg reported it was in advanced talk with India‘s Flipkart for an investment of about $1 billion.

Amazon has vowed to invest $5 billion in India’s e-commerce operations and a Bank of America Merrill Lynch survey shows it is making good progress there: “Indian Consumers Much Prefer Amazon To Flipkart, Merrill Survey Finds“.

In June, Walmart sold its stake in China’s grocery e-commerce provider Yihaodian to JD.com in return for a 5% stake in JD.

Source: Barron's Asia
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Re: JD.com (JD)

Postby winston » Wed Nov 16, 2016 9:26 am

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Assuming coverage with NEUTRAL and TP of US$25

Evan Zhou assumes coverage of JD.com with a TP of US$25 and NEUTRAL rating.

Our current DCF-based TP of US$25 implies 0.9x 2016E P/S and 0.4x P/GMV.

Source: CS
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Re: JD.com (JD)

Postby winston » Sat Nov 19, 2016 9:56 pm

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Topline growth to reaccelerate in 4Q16

3Q16 revenue rose 37.7% yoy, at the top end of management’s guidance, higher than our estimate.

4Q revenue guidance of 37-42% yoy implies a reacceleration.

3Q16 non-GAAP earnings exceeded our expectation at Rmb289m due to stronger GPM expansion.

We believe strong GPM expansion is sustainable, but opex may stay higher.

We adjust our FY16-18 non-GAAP EPS forecasts by -14.2% to 3.7%.

Maintain Add and DCF-based TP of HK$32.7 as we roll forward to end-2017.

Source: CIMB

https://brokingrfs.cimb.com/IvVVTx6cYJ_ ... HItgA2.pdf
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Re: JD.com (JD)

Postby winston » Fri Mar 03, 2017 7:54 am

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JD.com shares jump on strong fourth-quarter results driven by holiday sales

JD.com Inc, China's second biggest e-commerce firm, said fourth-quarter revenue jumped 47 percent from a year earlier driven by strong sales during holiday shopping events at the end of last year.

JD.com's net loss fell to 1.67 billion yuan, from 7.63 billion yuan a year earlier.

That translates to a net loss of 1.26 yuan ($0.18) per American depository share, compared to a loss of 5.57 yuan a year earlier.


Source: Reuters

http://www.reuters.com/article/us-jd-co ... y%20Report
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Re: JD.com (JD)

Postby winston » Mon Mar 06, 2017 10:00 am

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Time to shop

4Q16 revenue rose 47% yoy, exceeding both company guidance and our estimate. Management guided for 1Q17 topline growth to remain strong at 34-38% yoy.

We remain confident about JD’s margin expansion, as we see limited impact from further penetration into FMCG category.

We are positive on disposal of JD Finance, as it de-risks the listco while providing proceeds to further invest in infrastructure and logistics.

We raise our FY17-18F non-GAAP EPS forecasts by 4.5-6.6%. Maintain Add with higher DCF-based TP of US$38.5

Source: CIMB

https://brokingrfs.cimb.com/c9TPROcMVuD ... A7B-w2.pdf
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Re: JD.com (JD)

Postby winston » Tue Apr 11, 2017 8:03 pm

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'CHINA'S AMAZON' IS BOOMING

Today's chart highlights China's equivalent of online-retail giant Amazon (AMZN)...

JD.com (JD) is a massive $46 billion online retailer. You can purchase just about anything on JD.com, from electronics to clothing and home goods.

It's a lot like Amazon – instead of connecting buyers and sellers, like eBay (EBAY) or Etsy (ETSY), JD.com is the seller. It holds the actual inventory.

The company also operates its own shipping networks that deliver products directly to consumers. On Steve's last trip to China, he saw bright red JD.com delivery carts all over Beijing.

"That means customers are happy and they keep coming back," he said. In September 2016, Steve recommended the stock in his True Wealth China Opportunities newsletter.

The company's recent growth is stunning... In March, it announced 2016 revenues of US$37.5 billion – 44% higher than 2015. And since 2010, its annual revenues are up more than 27-fold.

Now, shares are trading at fresh 52-week highs. Readers who followed Steve's advice are sitting on 23% gains. It's another great reminder to keep an eye out for growing companies that give consumers what they want...

Source: Daily Wealth
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Re: JD.com (JD)

Postby winston » Tue May 09, 2017 8:40 am

JD.com: Q1 Revenues Beat Expectations, Turns Profitable

By Isabella Zhong

Chinese e-commerce stock JD.com (JD) has unveiled its March quarter results, with revenue numbers exceeding consensus expectations.

The company reported net revenues of CNY76.2 billion, which was 41.2% higher than what it generated in the same period a year ago and was above the FactSet consensus analyst expectation of CNY73.5 billion.

On a sequential basis, JD’s March quarter revenues rose 39.8%.

Gross merchandise volume increased 42% in the March quarter compared to a year ago, while annual active customer accounts grew 40% to 236.5 million in the year to March.

The biggest takeaway from JD’s March quarter results is the company’s unveiling of a GAAP net profit. The company reported a net income of CNY0.17 a share, which compares to a net loss of CNY0.66 a share a year ago.

It’s the first time that JD has reported positive earnings on a GAAP basis. The company has been turning a profit on a non-GAAP basis over the past year. On a non-GAAP basis, JD earned CNY1.03 a share in the March quarter, which compares to CNY0.75 a share in the December quarter.

Another bright spot was JD’s operating cash flow. The e-tailer’s operating cash flow for the year ended March surged 405% compared to the previous year to CNY10.2 billion. Free cash flow increased 120% during the same period to CNY16.8 billion.

JD shares have risen 41% this year and trade at an enterprise value-to-sales multiple of 1.1 times.

Source: Barron's Asia

http://www.barrons.com/articles/jd-com- ... 1494243658
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Re: JD.com (JD)

Postby winston » Tue May 09, 2017 8:40 am

JD.com: Q1 Revenues Beat Expectations, Turns Profitable

By Isabella Zhong

Chinese e-commerce stock JD.com (JD) has unveiled its March quarter results, with revenue numbers exceeding consensus expectations.

The company reported net revenues of CNY76.2 billion, which was 41.2% higher than what it generated in the same period a year ago and was above the FactSet consensus analyst expectation of CNY73.5 billion.

On a sequential basis, JD’s March quarter revenues rose 39.8%.

Gross merchandise volume increased 42% in the March quarter compared to a year ago, while annual active customer accounts grew 40% to 236.5 million in the year to March.

The biggest takeaway from JD’s March quarter results is the company’s unveiling of a GAAP net profit. The company reported a net income of CNY0.17 a share, which compares to a net loss of CNY0.66 a share a year ago.

It’s the first time that JD has reported positive earnings on a GAAP basis. The company has been turning a profit on a non-GAAP basis over the past year. On a non-GAAP basis, JD earned CNY1.03 a share in the March quarter, which compares to CNY0.75 a share in the December quarter.

Another bright spot was JD’s operating cash flow. The e-tailer’s operating cash flow for the year ended March surged 405% compared to the previous year to CNY10.2 billion. Free cash flow increased 120% during the same period to CNY16.8 billion.

JD shares have risen 41% this year and trade at an enterprise value-to-sales multiple of 1.1 times.

Source: Barron's Asia

http://www.barrons.com/articles/jd-com- ... 1494243658
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Re: JD.com (JD)

Postby winston » Sat May 27, 2017 6:54 am

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JD.com: How High Can its Share Price Go?

By Isabella Zhong

JD.com (JD) has added another 6% to its share price since the Chinese e-commerce giant’s announcement of its first-ever non-GAAP net profit earlier this month.

Analysts have on average lifted their earnings estimates for JD.com by 62% for fiscal 2017 and 138% for fiscal 2018. Target prices have risen too. The average target price on JD.com shares is now $42.99 a share compared to $$35.63 a share a month ago. The stock currently trades at $41.02 a share.

DBS Vickers analyst Susanna Chui is bullish on JD.com’s prospects.

We like JD as it is the second largest B2C e-commerce platform in China, with a market share of 25% in terms of transaction value in 2016, and annual active customers of 237m (based on 1Q17 data). We believe the company is on track to close the gap with Tmall in terms of number of active customers and spending per customer.

We expect JD’s average annual spending per customer to grow by 7% CAGR during FY16-19F, due to category expansion. Its development in the lowly penetrated fast-moving consumer goods (FMCG) segment offers potential upside. JD has invested in Yonghui Supermarket and Wal-Mart’s Yihaodian. As JD’s third-largest shareholder, Walmart could enhance collaboration efforts.

Chui has a buy rating on JD.com and has lifted her target price from $38 a share to a generous $46.80 a share, which implies 14% upside.

JD.com shares aren’t cheap at an eye-watering 354 times forward earnings. The next big test for the stock is whether it can remain in the black with its non-GAAP (or pro forma) earnings, as well as whether it can sustain its margins and the strong momentum in its top line. JD.com is expected to announce June quarter results in early August.

It seems some of the smart money has opted to trim their bets before test day. A source has highlighted to Barron’s Asia that Hillhouse Capital – JD.com’s largest institutional shareholder – sold 18 million shares last week. The fund has offloaded a total of 35.7 million shares this year, which has reduced its holdings from 114.66 million shares at the end of last year to a current 78.9 million shares.

Source: Barron's Asia

http://www.barrons.com/articles/jd-com- ... yptr=yahoo
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Re: JD.com (JD)

Postby winston » Tue Aug 15, 2017 9:08 am

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2Q17: Top-line Beats Forecasts On Strong GMV Growth, Bottom Line Beats On One-Off Items

2Q17 net revenue came in at Rmb93b, up 44% yoy, beating our estimate of 38%.

NonGAAP diluted net income per ADS from continuous business was Rmb0.67, beating our and consensus estimates by 8% and 17% respectively on strong top-line beat and one-off items including the results of equity investees and the deconsolidation of JD Finance.

Non-GAAP operating margin shrank 18bp yoy to 0.62% on seasonal marketing campaigns.

JD.com raised its non-GAAP net margin guidance by 50bp to 0.5-1.5% from 0-1%.

We raise our target price to US$54.48. Maintain BUY.

Source: UOBKH

https://research.uobkayhian.com/content ... f4dbf3ed4e
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