JD.com (JD), 9618 HK; 02 (Mar 23 - Dec 26)

[winston]

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JD-SW Files for HK IPO for JD Industrials and JD Property Spin-off

JD-SW (09618.HK) announced that the Company intends to spin-off JD Industrials and JD Property by way of a separate listing of the JD Industrials and JD Property Shares on the Main Board of the Hong Kong Stock Exchange.

The Company submitted a spin-off proposal to the Exchange.

The joint sponsors of both are Bank of America Securities, Goldman Sachs and Haitong International.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

[winston]

vested

JD.com Inc (9618 HK/JD US)
Organisational reforms and weak 3C product demand to drag revenue growth in FY23 (-ve)

JD.com announced organisation reforms, which will take time to digest; we expect this to negatively impact top line growth during the business transition period

Communication equipment and home appliances product sales recorded 9% and 2% declines respectively in 2M23, falling behind the 3.5% growth in total retail sales

The current market consensus – a mid-teen revenue growth in 2H23 – is overly optimistic in our view

TP: HK$257

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=13762

[winston]

vested

JD.com Inc
More patience needed for meaningful improvement

In a preview call, management said that JD’s 1Q23F results are likely to be in line
with its previous guidance.

We expect JD’s 1Q23F revenue to decline slightly by 1% yoy and its non-GAAP OPM
to reach 2.3%, up 0.4pts yoy.

JD lowered its FY23F topline growth guidance to 2-4% yoy, on impact of business
adjustments, JD Retail structure change and weak consumption sentiment.

Reiterate Add, with a lower DCF-based TP of HK$305.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 338DCA34FC

[winston]

vested

JD.com (JD.O) - Business Update & 1Q23 Preview; Lower 2Q/FY23 Growth

We believe JD is likely to report 1Q23 around mid-May, which we expect to be relatively in-line with our/consensus forecast.

However, as broader macro and consumption sentiment has been recovering at a slower-than-expected pace, together with JD’s proactive adjustment of its general merchandise categories and more intensified competitive landscape, we lower our 2Q23, FY2023-25E growth assumptions to reflect slower rebound of top line.

With the announcement and filing of upcoming listing plans for JD Property and JD Industrial, we also update our SOTP methodology.

With lower estimates, our revised SOTP is adjusted to US$68 (from US$83). JD is currently trading at 15x/13x our 2023E/2024E group earnings, or 12x/10x if excluding JD Retail-only net cash, which we view as undemanding.

Maintain Buy. While we view the current share price as attractive, we believe the share price is likely to be range-bound until JD delivers reaccelerated top-line growth.

Source: Citi

[winston]

vested

JD.com (9618 HK)
1Q23 Results Preview: Reorganisation Pressuring Top-Line Growth

JD is in the process of restructuring and is shifting its focus to 3P sales. Thus, it is forecasting a weak top-line growth for 2023.

JD will streamline its organisational structure to increase agility and operational efficiency.

We expect the recovery of JD’s top-line performance to be dampened by weaker visibility stemming from a slower recovery in electronic products and home appliances.

Maintain BUY with a lower target price of HK267.00 (US$72.00).

Source: UOBKH

https://research.uobkayhian.com/content ... 900c87792c

[winston]

vested

Lone bear on JD.com sees 26 per cent stock downside as Alibaba’s e-commerce rival misses out on US$45 billion tech rally

Blue Lotus Capital Advisors’ Yang is the only analyst with a sell rating on the stock, with a price target of US$27 or the equivalent of HK$106

UBS downgraded the stock to neutral last week, citing lack of exposure to faster-growing e-commerce segments and loss of market share to Pinduoduo

by Zhang Shidong

Source: SCMP

https://www.scmp.com/business/china-bus ... e=homepage

[winston]

vested

JD.com stock underperforms amid competition from Pinduoduo, ByteDance and weak consumer demand

After dropping 37 per cent this year, JD.com’s stock trails that of peers as it faces mounting challenges to its e-commerce business and plans to compete in AI

The company has struggled to grapple with slumping demand for big-ticket items like electronics and appliances, which make up half of its sales

Source: Bloomberg

https://www.scmp.com/tech/big-tech/arti ... mer-demand

[winston]

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New CEO takes charge as JD.com surprises with 6.2b yuan profit

JD.com (9618) swung to a net profit of 6.26 billion yuan (HK$7.07 billion) in the first quarter, beating market expectations. In comparison, the Beijing-based firm recorded a net loss of 2.99 billion yuan for the same period last year.

Revenue for the quarter rose 1.4 percent to 242.96 billion yuan, also beating Wall Street estimates, driven by resilient demand for its e-commerce platform from online shoppers.

Source: Reuters

https://www.thestandard.com.hk/section- ... uan-profit

[winston]

vested

Thinking Of Buying The Dip On JD.com? Consider This First

by GABRIEL OSORIO-MAZILLI

Key Points

The Chinese economy may be at a tipping point. Its central bank may have no choice but to stimulate via added liquidity and lower interest rates.

JD.com announced its slowest growth pace on record, an unfortunate result that even the CEO decided to give up the reigns.

New CEO initiatives will focus on delivering faster growth, cost-effective operations, and further profitability to aid investor sentiment and long-term value creation.

With newly reinstated dividends, bullish analyst expectations, and a bottoming chart pattern, investors may be in for a massive rally. Chinese macro factors would soon point to this being the case.

Source: Market Beat

https://www.marketbeat.com/originals/th ... 4A8F75D6B5

[winston]

vested

JD.com (9618 HK)
1Q23: Earnings Beat; Soft 2Q23 Top-line Growth

JD’s 1Q23 non-GAAP net profit came in at Rmb7.6b, 43% above consensus estimate, as
a result of streamlining of operations.

Revenue inched up 1% yoy to Rmb243b, in line with our and consensus estimates.

JD is cautiously optimistic on a recovery in 2023 and expects a slight improvement in margins despite the Rmb10b subsidy programme.

JD is set to benefit from consumption demand recovery in 3C and electronic appliances
with the upcoming 618 shopping festival.

Maintain BUY. Target price: HK$216.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 5190fa25cb