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

[winston]

vested

Growth is steadily picking up

Expect revenue increase of 3%/8%/10% for FY23F/FY24F/FY25F, riding on expansion of marketplace business

Expect non-GAAP net profit growth of 20%/18%/17% for FY23F/FY24F/FY25F, driven by narrower non-retail losses

Revised down FY23F-FY25F core earnings forecasts by 1%/8%/11% after factoring in slower margin expansion

Maintain BUY with lowered TPs of HK$234/US$59

https://www.dbs.com/insightsdirect/comp ... ecid=15420

[winston]

vested

JD.com’s 2Q sales beat estimates despite Chinese economy weakness

By Jane Zhang

JD.com Inc reported a 7.6% rise in revenue to 287.9 billion yuan (RM184.13 billion) in the June quarter, versus the 279.1 billion yuan average of analysts’ estimates, despite weakness in the Chinese economy.

Net income climbed 50% to 6.6 billion yuan.

Source: Bloomberg

https://theedgemalaysia.com/node/678941

[winston]

vested

JD-SW Non-GAAP Interim NP Up 53.5% YoY to RMB16.148B Beats

JD-SW (09618.HK) announced that for the interim period ended June 2023, the non-GAAP net income leaped 53.5% yearly to RMB16.148 billion, above the upper end of the forecast.

EPS equaled RMB5.14.

According to 21 brokers' forecasts, JD's interim non-GAAP net profit was expected to be in the range of RMB14.539 billion to RMB15.936 billion.

JD's interim net profit spiked 8.27 times yearly to RMB12.842 billion, also higher than the upper end of the forecast.

According to five brokers' forecasts, JD's interim net profit attributable to ordinary shareholders in 2023 was expected to range from RMB11.444 billion to RMB12.404 billion.

EPS was RMB4.09.

Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

JD.com (9618 HK)
2Q23: Strong Earnings Beat; 3Q Outlook To Be The Market Focus

JD’s 2Q23 revenue rose 7.6% yoy to Rmb287b, above our and consensus estimates.

Gross profit margin improved 1ppt yoy to 14.4% in 2Q23 thanks to strong 3P business
revenue growth.

Non-GAAP operating profit soared 51% yoy to Rmb8.7b, translating to non-GAAP OPM of 3%.

Non-GAAP net profit came in at Rmb8.6b, 10% above consensus estimate, as a result of streamlining of operations.

Adjusted net margin was 3.0%, better than our expectation.

Maintain BUY with a lower target price of HK$199.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 743a1c52e2

[winston]

vested

Brokers│Views

Jefferies│2Q23 total revenue beat; third-party merchants' GMV growth should propel profitability

Citigroup│2Q23 revenue and net profit ahead of forecasts

Goldman Sachs│2Q23 revenue and profit beat estimates

Nomura│3Q23 revenue growth expected to be in lower single-digit; e-commerce GMV growth faces headwinds

Daiwa│2Q23 operating profit of retail business below forecasts; full-year operating profit anticipated to see steady YoY uptick

Morgan Stanley│Macroeconomic conditions cast uncertainties on business recovery outlook

Macquarie│2Q23 adjusted profit beat; 2023-24E net profit slashed by 4%/ 3% due to lingering macroeconomic challenges

HSBC Global Research│2Q23 retail sales lackluster; focus on margin growth impact from RMB10 billion subsidy scheme

UBS│2Q23 revenue growth robust with in-line net profit margin growth


Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

JD.com (9618 HK / JD US) - Looking forward to more growth ahead

We are positive on JD.com's (JD) business franchise and long-term strategy of focusing on the customer experience, by investing in its logistics network, balancing growth and profitability by directing resources to targeted segments, and enhancing its brand perception.

With its latest round of business restructuring, JD should be able to sustain consistent margin improvements and strong growth in earnings.

Despite near-term concerns on weak sales, we remain positive on JD in the long-term as its growth rates should continue to remain above peers on multiple drivers – economic recovery, cost optimisation efforts, growing sources of revenue and earnings from increased marketplace, advertising and logistics services from third party (3P) merchants. BUY.

Source: OCBC

[winston]

not vested

Daiwa Cuts JD-SW (09618.HK) TP to $185; Product Reshuffle Still Underway

Daiwa, in its report, mentioned that after meeting with JD-SW (09618.HK) management, the company's retail revenue was expected to grow 8% YoY next year.

If product adjustments are to be completed in 4Q23 and the macro-economy improves, sales of high-end products will be favored and there will be room for further revenue growth.

The report said that despite the fierce competition in the 3P e-commerce market, JD seeks to increase 3P SKU supply, since more product diversity may help JD better understand and target customers and enhance customer loyalty.

The broker lowered its 2024 and 2025 earnings forecasts for the company by 3-5% to reflect the slower growth in JD's retail revenues, maintaining a Buy rating and lowering its target price to $185 from $216.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

Why JD.com Sank Today

By Billy Duberstein

KEY POINTS

JD.com saw a price-target cut today.
Shares are now down more than 50% on the year.
Motley Fool Issues Rare “All In” Buy Alert

Today, analysts at Jefferies lowered their price target on JD.com from $97 to $80.

The analysts now think JD.com's core retail business will only see flattish year-over-year revenue growth in the recently completed quarter.

JD looks quite cheap, now trading at less than 15 times trailing earnings.

Source: Motley Fool

https://www.fool.com/investing/2023/10/ ... gn=article

[winston]

vested

JD.com (JD): An Undervalued Powerhouse in E-commerce

The GF Value, an estimation of fair value, stands at $73.86, suggesting that the stock is significantly undervalued.

JD.com has a cash-to-debt ratio of 3.22, which is better than 80.55% of 1100 companies in the Retail - Cyclical industry. The overall financial strength of JD.com is 8 out of 10, indicating strong financial health.

JD.com has been profitable 4 times over the past 10 years.

Over the past twelve months, the company had a revenue of $152.50 billion and an Earnings Per Share (EPS) of $1.93.

Its operating margin is 2.63%, which ranks worse than 55.31% of 1112 companies in the Retail - Cyclical industry.

Overall, the profitability of JD.com is ranked 5 out of 10, indicating fair profitability.

The 3-year average annual revenue growth rate of JD.com is 19.4%, which ranks better than 82.16% of 1048 companies in the Retail - Cyclical industry.

The 3-year average EBITDA growth rate is 2.5%, which ranks worse than 62.04% of 893 companies in the Retail - Cyclical industry.

For the past 12 months, JD.com's return on invested capital is 6.99, and its cost of capital is 5.56.

Source: GuruFocus Research

https://finance.yahoo.com/news/jd-com-j ... 41982.html

[winston]

Likely weaker-than-expected JDR growth in 3Q23

In a preview call, management said that JD’s 3Q23F top-line growth is likely to be at the low end of its previous guidance (0–5% yoy), i.e. roughly 0–1% yoy.

For JDR, management lowered its 3Q23F sales growth guidance to -1–0% yoy, factoring in the impact of business adjustments and weak sales of electronic goods.

We expect JD’s 3Q23F revenue to increase slightly by 1% yoy and its non-GAAP NPM to reach 3.6%, down 0.5% pt yoy.

Reiterate Add, with a lower DCF-based TP of HK$275.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... E80394921E