JD.com (JD)

Re: JD.com (JD)

Postby winston » Sat Oct 28, 2017 9:09 am

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JD.com, Inc(ADR) Stock Investors Should Use This Value Bet

Safeguard against future returns in JD stock using a modified fence strategy

By Chris Tyler

By our reckoning, JD stock has confirmed a slightly irregular head-and-shoulders formation.

There has also been plenty of volume to support a bearish bias.

Further, if I was to estimate a pattern-based measured move price target, shares of JD.com could be headed for $30 before finding a bottom.


Source: Investor Place

https://investorplace.com/2017/10/jd-co ... fPXwWiCyM8
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Re: JD.com (JD)

Postby winston » Tue Nov 07, 2017 1:08 pm

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Factoring in more conservative 4Q assumptions

JD will report 3Q17 results on 13 November, before US market opens. We estimate total revenue to come in line with consensus’ estimates and non-GAAP earnings to grow sequentially to
RMB984 mn, higher than consensus’ estimates of RMB754 mn.

For 4Q17 revenue outlook, we estimate total revenue to reach RMB106 bn, 2 pp below consensus’ estimates, mainly due to:
(1) loss of about 40 apparel merchants to other platforms and
(2) high base effect with full quarter contribution from Yihaodian in 4Q16, which contributed to about RMB2 bn in revenue last year.

Key focus of the upcoming conference call includes:
(1) GMV growth trend in 4Q17 across different categories, in particular apparel, consumer electronics, and FMCG,
(2) competitive landscape in online shopping and quarterly margin trend,
(3) investment,
(4) 2018 outlook, and
(5) updates about the cooperation with Tencent on data integration.

Maintain OUTPERFORM but lower target price to US$45.4 (from US$45.5), factoring in more conservative 4Q17 assumptions.

We lower our FY17 non-GAAP earnings estimates, factoring in more conservative revenue and GMV growth assumptions in 4Q17.

We maintain OUTPERFORM as we view the long-term margin expansion story to remain intact amidst the consumption upgrade in China.

Our DCF-based TP is lowered to US$45.4 (from US$45.5), which is based on 3% terminal growth rate and 13% WACC, which implies 53x and 24x 2018E and 2019E, respectively.


Source: CS
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Re: JD.com (JD)

Postby winston » Sat Nov 11, 2017 10:13 pm

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Earnings Reports to Watch: JD.com (JD)

by Daniel Cukier

JD.com Inc(ADR) (NASDAQ:JD) has had some choppy trading since May — but it’s set up nicely for a pop after it reports Q3 results on Monday morning.

The Chinese e-commerce retailer lags better-known Alibaba Group Holding Ltd (NYSE:BABA) in market share — but it has been gaining ground for several quarters.

I’ve liked BABA going back to early this year, and its recent earnings beat shows the Chinese economy remains strong.

JD.com, meanwhile, has posted three straight earnings beats — though it oddly fell after a very strong Q2 report in August.

The average Street target price is above $50, representing 25%-plus upside, and another beat on Monday should see a better result for JD stock.

JD isn’t cheap, at 46x next year’s consensus EPS. But its torrid growth and a recent pullback mean that a fourth-straight beat should be rewarded by the market.

Source: Investor Place
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Re: JD.com (JD)

Postby winston » Tue Nov 14, 2017 9:04 am

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3Q17: Top-line Growth In Line; Strong Bottom-line On Margin Improvement

3Q17 net revenue grew 39% yoy to Rmb83.7b, in line with consensus forecast.

Non GAAP diluted net income per ADS from continuous business was Rmb1.59, beating consensus estimate of Rmb0.64.

Non-GAAP gross margin hit a historical high of 15.3% and non-GAAP operating margin expanded to 1.8% (2Q17: 0.6%, 3Q16: 0.9%).

JD.com guided for 4Q17 revenue to grow 35-39% yoy to Rmb107b-110b, in line with our and consensus estimates of 35-37%.

Maintain BUY. Target price: US$54.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e3c7f76c07
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Re: JD.com (JD)

Postby winston » Tue Nov 14, 2017 1:54 pm

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Results Review

Share Price: USD41.51
Target Price: USD30.00
Recommendation: Sell

4Q Uncertainty Dampens the Redemptive Quarter

Reiterate SELL. We believe JD’s asset heavy model limits profitability especially in light of margin pressure risk due to intensifying competition.

While 3Q17 GPM expansion surprised on the upside, we temper excitement as GPM in 4Q17 will likely compress due to:
1) Singles’ Day promotions;
2) intense subsidies from Alibaba; and
3) a sharp increase in capex related to warehouse rentals.

We raised FY18-19F operating profit forecast by 1% (FY17E by 14%) but kept unchanged our DCF-based TP of USD30.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/7 ... 3d4dd7.pdf?
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Re: JD.com (JD)

Postby winston » Wed Nov 15, 2017 9:01 am

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Long-term story remains intact

JD reported its 3Q17 results, with revenue in line and non-GAAP earnings beat on better-than-expected gross profits and nonoperating items. Mid-point of 4Q17 revenue guidance is in line
with consensus and 3% above CS estimates.

In 4Q17, we expect non-GAAP op margin to decline by ~1.3 pp QoQ to 0.5%, slightly lower than 0.6% in 2Q17 when JD launched its annual anniversary campaign. For full-year 2017, we expect
non-GAAP net margin to be about 1.4% (prior 1.1%)

Key takeaways include
(1) 3Q17 GPM improvement comes from the scale of 1P products, enhanced engagement and no major promotions;
(2) there are about 100 apparel and general merchandise partners leaving JD for competition, with apparels GMV remaining stagnant for a few quarters;
(3) full-year margin would be on the uptrend in future;
(4) partnerships with internet companies enables it to have insights for targeted marketing.

Maintain OUTPERFORM but raise our TP to US$46.7 (from US$45.4) post better-than-expected results.

Source: CS
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Re: JD.com (JD)

Postby winston » Wed Nov 15, 2017 9:06 am

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3Q17: record margins

Topline growth in 3Q17 was at the high end of management’s guidance, and nonGAAP net profit far exceeded our estimate on record-high GPM.

With the successful Singles’ Day promotional period in Nov, we expect JD.com to record strong topline growth of 37.7% yoy in 4Q17F.

However, margins would suffer in 4Q17F due to heavy promotions during Singles’ Day promotional period, and we expect non-GAAP OPM to be 0.4% in 4Q17F.

Lower-tier cities and female users
remain strong growth drivers in FY18F.

We raise FY17-19F non-GAAP EPS by 3.6-10.2%. Maintain Add with higher DCFbased TP of US$55.80. (WACC: 9.2%)

Source: CIMB

https://brokingrfs.cimb.com/ZVSo7siHLUT ... 9CCcA2.pdf
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Re: JD.com (JD)

Postby winston » Thu Nov 16, 2017 3:15 pm

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JD.com Stock Falls, Morgan Stanley Urges to 'Wait for Better Reentry Point'

JD.com has good potential for margin expansion in the long term, Morgan Stanley says, but shares are 'likely to take a breather' in the coming months.

By Kinsey Grant

Analysts cut their rating for the Beijing-based ecommerce company's stock to "equal weight" from "overweight" in a note Tuesday, Nov. 14, and lowered their price target to $45 from $53.


Source: The Street

https://www.thestreet.com/story/1439000 ... yptr=yahoo
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Re: JD.com (JD)

Postby winston » Wed Nov 29, 2017 10:51 pm

JD.Com Inc (ADR) Stock Should Be Bought on This Dip

by Luke Lango

Revenue growth continues to hover around 40% and is expected to be 30% next year. Meanwhile, margin expansion is expected to drive huge earnings ramp over the next several years.

JD stock is taking a breather after a monstrous run higher, but this secular growth narrative is far from over.


Source: Investor Place

https://finance.yahoo.com/news/jd-com-i ... ?.tsrc=rss
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Re: JD.com (JD)

Postby winston » Wed Nov 29, 2017 10:56 pm

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JD.Com Inc (ADR) – Keep Your Eyes Wide Open With This Stock

by Dana Blankenhorn

Some investment groups had been selling the stock during the most recent reporting period, and that short interest has risen.


Made less than $154,000 on sales of $12.68 billion.


Source: Investor Place

https://finance.yahoo.com/news/jd-com-i ... ?.tsrc=rss
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