JD.com (JD), 9618 HK; 01 (May 15 - Feb 23)

[winston]

not vested

JD.com loses 2.8b yuan

by Aiden He

China's e-commerce giant JD.com (9618) posted a third-quarter net loss of 2.81 billion yuan (HK$3.43 billion) from a net profit of 7.59 billion yuan in the same period last year.

Overall income for the third quarter plunged 41 percent to 2.57 billion yuan over last year, of which its retail business rose 18 percent to 7.94 billion yuan with an operating margin before unallocated items sliding 0.2 percentage points to 4 percent.

Its logistics arm (2618) recorded a 726 million yuan operating loss for the period, compared to an 83 million yuan operating income last year.

JD's net revenues, however, surged 25.5 percent year-on-year to 218.7 billion yuan, slightly above estimates. Among them, net product revenues increased by 22.9 percent, while net service revenues jumped by 43.3 percent.

Cost of revenues increased by 27.3 percent to 187.6 billion yuan and fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, went up by 23.2 percent to 14.3 billion yuan.

The annual active customer accounts soared by 25 percent to 552.2 million in the twelve months ended September.

Source: The Standard

https://www.thestandard.com.hk/section- ... -2.8b-yuan

[winston]

not vested

JD.com Inc (9618 HK/JD US): Earnings First Take: 3Q21 results above market expectations [BUY, TP HK$376.00 / BUY, TP USD97.00]

Revenue increased by 25.5% y-o-y to Rmb219bn.

Net-GAAP net profit declined by 9% to Rmb5bn, better than market expectations of Rmb3-4bn range.

Overall revenue growth remained healthy despite slower China retail sales.

We currently rate BUY on the counter with TP of HK$376/ US$97.

Source: DBS

[winston]

not vested

JD.com (JD US / 9618 HK) - Signed, sealed, delivered

JD’s 3Q21 numbers came in above expectations.

Revenue of RMB218.7b grew 25.5% YoY, or 1.4% ahead of consensus.

Non-GAAP PATMI of RMB5.0b was ~54.7% higher than consensus, representing a margin of 2.3%.

Management highlighted a number of macro challenges in 2H21 but we believe that JD is likely to be able to navigate these headwinds better than some of its peers.

Specific to the 4Q21 outlook, management believes that JD Retail is likely to maintain sequential growth momentum, with user growth as a key driver.

3P merchants are expected to help complement the supply chain challenges in the 1P business.

Management’s comments of growth in 3P coming in faster than that of 1P (similar to 3Q21) is positive, given that the former is a higher margin business.

We also believe this is attainable, as more merchants and brands return to JD’s platform following the ban of 2-choose-1 practices.

In our view, losses from Jingxi Pinpin should only increase gradually as the group exercises prudence in expansion.

Following adjustments, our FV rises from USD90 to USD111- (JD US) / HKD351 to HKD432 – (9618 HK).

JD.com continues to be one of our preferred sector picks and has risen 16% (JD US) / 20% (9618 HK; at time of writing) since our sector report despite the challenging backdrop.

We remain comfortable on the name given its resilient growth compared to peers and demonstrable ability to navigate near-term headwinds. BUY.

Source: OCBC

[winston]

not vested

JD.com dives as Tencent gives away $127b stake

Tencent's stake in JD.com will fall to 2.3 percent from 17 percent.

Tencent, who first invested in JD.com in 2014.

Eligible Tencent shareholders will be entitled to one share of JD.com for every 21 shares they hold.

Tencent will offer trading services for odd-lot holders by commissioning an equity broker from March 25 to April 25, 2022.

Source: Reuters

https://www.thestandard.com.hk/section- ... 127b-stake

[winston]

not vested

JD Stock Falls on Tencent Sale: Buy the Dip or Stay Away?

by BRET KENWELL

The move will ultimately leave Walmart (WMT) - Get Walmart Inc. Report as the largest holder of JD stock, with a stake of 9.3%.

As for the downside, let’s keep an eye on Thursday’s low at $66.18. If JD trades back below this level, I expect a dip down to the $62 area.

Source: The Street

https://www.thestreet.com/investing/buy ... tay%2BAway?

[winston]

not vested

JD.com (9618 HK)
Resilient Growth In A Challenging Environment

JD has recovered 11% from its low of HK$246.60 following the divestment
announcement made by Tencent.

We like JD for its:
a) above-average top-line growth,
b) lower susceptibility to regulatory risk, and
c) continued healthy margin growth.

We forecast a 21% revenue growth and 1.8% net margin (27% yoy net profit growth) this year, which will support its 2022 share price performance given the current attractive valuation.

We maintain BUY with a lower target price of HK395.00 (US$94.00).

Source: UOBKH

https://research.uobkayhian.com/content ... b6acc2ea49

[winston]

not vested

4Q21F results are likely to be in line

JD hosted a pre-blackout call with analysts for a 4Q21F update.

We expect JD’s 4Q21F results to be in line with our expectations, with total revenue up
23.4% yoy and non-GAAP net profit of Rmb268m.

JD achieved strong GMV of Rmb349.1bn in this year’s Nov 11 online shopping festival,
up 28.6% yoy. But management said Dec revenue growth was weak, due to sluggish
macro, pre-purchases in Nov, and Covid cases in some areas.

JD announced that it would invest Rmb1.5bn to sponsor CCTV's Spring Festival
Evening Party, which should help JD improve its brand image and acquire new users.

Reiterate Add with an unchanged DCF-based TP of HK$423.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 694F2099FF

[winston]

not vested

JD.com Falls on Net Loss, Slowest Revenue Growth in Six Quarters

By Dhirendra Tripathi

JD.com reported a net loss of 5.2 billion yuan (around $820 million) after revenue grew 23% to 276 billion yuan. It had posted a profit of over 24 billion yuan in the same period last year.

Revenue at JD Retail, the unit that accounts for the bulk of the company's revenue from its website, retail partnerships and retail stores, rose nearly 21%.

The logistics business saw revenue jump about 28%.

Annual active customer accounts jumped 21% to about 570 million in 2021.

Source: Investing.com

https://www.investing.com/news/stock-ma ... rs-2782057

[winston]

not vested

JD.com net edges up

JD.com (9618) recorded 2.25 percent increase in adjusted net profit to 17.21 billion yuan (HK$21.29 billion).

The Chinese e-commerce giant swung to a net loss of 3.56 billion yuan last year, compared to a net profit of 49.4 billion yuan in 2020.

Revenues for 2021 rose by 27.6 percent year-on-year to 951.6 billion yuan.

During the December quarter last year it reported a net loss of 5.2 billion yuan, versus a projected loss of 80.5 million yuan.

Net revenue rose about 23 percent to 275.9 billion yuan in the fourth quarter, while analysts had expected revenue of 274.45 billion yuan.

The company also said general expenses rose 89 percent, mainly due to the increase in share-based compensation expenses.

Annual active customer accounts expanded 21 percent to 569.7 million in 2021, though that lagged behind expectations of about 577 million.

JD and larger rival Alibaba Group Holding are feeling the heat from macroeconomic headwinds, as well as emergent competitors such as social media platforms.

Last month, Alibaba (9988) reported its slowest quarterly growth in revenue since its 2014 listing.

Also announcing results was JD Logistics (2618), which reported an adjusted loss of 1.2 billion yuan in 2021 from an adjusted profit of 1.79 billion a year earlier.

Source: AP

https://www.thestandard.com.hk/section- ... t-edges-up

[winston]

vested

JD.com posted a quarterly loss on Thursday (Mar 10) as its operational costs surged, and reported its weakest revenue growth in 6 quarters amid slowing consumer spending.

The slowdown in the world's second-largest economy has taken a toll on its e-commerce sector, as consumers cut back on discretionary spending.

Last month, rival Alibaba posted its slowest revenue growth for the same period since going public in 2014.

The online retailer, which enjoys a competitive edge over its rivals due to its investments in supply chain and logistics, said fulfilment costs were also up 10.7 per cent.

Net loss attributable to shareholders for the fourth quarter of 5.2 billion yuan, compared to a profit of 24.3 billion yuan last year.

Source: Phillips