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

[winston]

vested

JD.com Stock Surges As China's Covid-Lockdown Pumps Online Sales, Earnings Growth

by MARTIN BACCARDAX

Source: The Street, Inc.

https://www.thestreet.com/markets/jd-co ... s%2BGrowth

[winston]

1Q22: Solid Beat On Bottom Line; Saving Bullets For 2H22

JD.com delivered a strong set of 1Q22 results.

Revenue grew by 18% yoy to Rmb239.7b, in line with our and street’s estimates.

Non-GAAP net profit increased by 2% yoy to Rmb4b, above street’s estimates, as a result of improving operating efficiency with the operating loss from the new business segment continuing to narrow qoq and yoy.

We maintain BUY on JD.com with a lower target price of HK$318.00 (US$85.00).

Source: UOBKH

https://research.uobkayhian.com/content ... 5e2de19b98

[winston]

vested

Brokers│Views

Jefferies│1Q rev in-line; non-GAAP NP beats
Goldman Sachs│1Q result solid
Citigroup│1Q earnings strong
Credit Suisse│watchful on '6.18', consumption recovery
HSBC Global Research│profitability, cash flow as spotlights
Nomura│1Q rev, earnings beat; mgmt cautious on 2Q result
JPMorgan│QoQ earnings notably beat

Source: AAStocks Financial News

[winston]

not vested

JD.com takes heavy losses in first quarter after strict Covid-19 lockdowns disrupt e-commerce

JD.com reported a US$444 million loss in the three months ended March, which does not account for the Shanghai lockdown that started the following month

Sales increased 18 per cent for the period, but it marked the e-commerce giant’s slowest growth since going public in 2014

by Jiaxing Li

Source: SCMP

https://www.scmp.com/tech/tech-trends/a ... 2f916e3bb3

[winston]

vested

JD.com (JD US / 9618 HK) - Keeping lean and trim for the challenges ahead

JD.com (JD) delivered a good set of 1QFY22 results.

Total revenue grew 18% YoY to RMB239.7b, which was ahead of consensus by ~1%.

Encouragingly, the operating loss from new businesses narrowed from RMB3.2b in 4QFY21 to RMB2.4b this quarter, which we believe can be attributed to cost optimization efforts bearing fruit.

Non-GAAP net profit came in at RMB4.0b, which significantly outpaced consensus at RMB2.6b.

JD is not immune to the ongoing macro headwinds despite its best efforts.

In general, while e-commerce had previously benefited from the offline-to-online shift arising from Covid-19, the recent lockdowns have affected both offline and online retail sales.

On the bright side, we note that brands and merchants are now more proactive in engaging and preparing for JD’s upcoming 6.18 shopping festival in comparison to other years.

At the same time, we understand that management has been observing strict cost and expense control measures, focusing on cash flow management and will further optimize resources in new businesses.

While the situation for 2QFY22 is likely to be challenging, we could see more government support in boosting consumption, while JD’s unique 1P + 3P retail business should help it achieve more resilient growth viz-a-viz peers.

Following adjustments, our FV eases slightly from USD82 to USD80 / HKD319 to HKD314. BUY.

Source: OCBC

[winston]

not vested

China's JD.com posts slowest growth ever in '618' shopping event

by Sophie Yu & Brenda Goh

Total sales by JD.com rose 10.3% over the 18 days to Sunday, sharply down from the 2021 event's growth of 27.7%.

Alibaba saw sales growth of just 8.5% during its Singles Day frenzy, also its slowest ever.

Source: Reuters

https://www.theedgemarkets.com/article/ ... ping-event

[winston]

not vested

JD.com founder Richard Liu cashes out nearly US$1 billion from e-commerce giant after retreat from top job

Liu has sold Nasdaq-listed JD.com stock and Hong Kong-listed JD Health shares worth a combined US$988 million since April

Liu’s stock sales and retreat from a front-office role are in line with a technology sector trend amid months of regulatory scrutiny

by Yaling Jiang

Source: SCMP

https://www.scmp.com/tech/big-tech/arti ... e-commerce

[winston]

not vested

JD.com (9618 HK)
2Q22 Results Preview: Flat Growth in Top-line; Improved Operating Efficiency

We had a pre-blackout call with JD yesterday. Management maintained its 2Q22 revenue
growth guidance (flattish yoy) due to the lockdowns in multiple regions in China.

Amid the restrained merchant ads spending budget and disruption in logistics, we estimate JD’s 2Q22 revenue growth at 3% and expect its near-term profitability to be sustained through various cost-cutting measures and streamlining of its non-profitable business.

Maintain BUY with a lower target price of HK272.00 (US$73.00).

Source: UOBKH

https://research.uobkayhian.com/content ... c1a0390fc7

[winston]

not vested

C Suisse Expects JD-SW (09618.HK) 2Q Non-GAAP NP at RMB4.7B

Credit Suisse anticipated that the non-GAAP net profit of JD-SW (09618.HK) will reach RMB4.7 billion in the second quarter of 2022, with its GPM staying flattish YoY at 1.8%.

The revenue was predicted to grow by 3.3% YoY to RMB262 billion.

The broker kept the target price for JD-SW's ADRs and H-shares at USD92 and HKD359, respectively.

In addition, Credit Suisse forecast the losses from the group's new business initiatives to narrow in the coming few quarters.

Compared to 2021, the overall GPM was projected to remain largely flattish in 2022, owing to JD Retail's stable performance and cost optimization for new businesses.

Source: AAStocks Financial News

[winston]

not vested

JD.com Inc
2Q22 top line likely to be in line, with a better margin

JD disclosed Jun 18 online shopping festival sales growth of about 10% yoy; we expect
the sales growth rate to be 10% to low teens for June and July, recovering from flattish to low-single digits in 2Q22.

With strict cost control measures and prudent investments in new businesses to offset
margin pressure amid the Omicron pandemic, we expect 2Q22 non-GAAP NPM to be
stable yoy. Management reiterated its flat or slightly improved non-GAAP net margin
target for the year.

Reiterate Add with a new DCF-based TP of HK$339 since we expect JD to benefit from
more 3P merchants joining its platform and to deliver better than industry average
revenue growth to gain market share.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 5FE1EEE093