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

[winston]

vested

1Q24F results likely in line with our expectation

JD hosted a 1Q24 results preview call on 16 Apr 2024.

We expect JD to post total revenue of Rmb272bn (+12.0% yoy) and largely flattish non-GAAP net profit of Rmb7,413m for 1Q24F, in line with our expectation.

We forecast non-GAAP NPM of 2.7% for 1Q24F (-0.4% pt yoy) due to sponsorship to CCTV’s Spring Festival Gala, and rise in salary and subsidies.

We expect JD’s “everyday low price” strategy and continual improvement in its 3P ecosystem to continue lifting its topline growth and market share in FY24F.

We maintain our FY24-26F EPS forecasts and reiterate our Add call, with an unchanged DCF-based TP of HK$276 (WACC: 13.4%, TG: 3%, Beta: 1.2).

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 1F008365AE

[winston]

vested

<Research>CMS Forecasts JD.com, Inc. (JD.US) 1Q24 Rev. Growth to Continue to Outperform Mkt

CMS released a research report estimating that JD.com, Inc. (JD.US) 1Q24 revenue will reach RMB257 billion, up 5.8% YoY, while JD Retail's revenue will grow 4.8% YoY.

JD.com, Inc. said that merchandise turnover recorded good high single-digit YoY growth from January to February, faster than the 5.5% YoY growth in retail sales.

Meanwhile, January was the strongest month in 1Q24, with February and March being weaker.

Related News: CICC Forecasts JD.com (JD.US) 1Q Rev. Up 6.3% YoY, Non-GAAP NP Down 1% to RMB7.5B

JD.com, Inc.'s valuation is still at a low level, with the current valuation equivalent to a forward PE ratio of 7.8x/ 6.9x for FY2024/ FY2025, according to the report.

The Company's insistence on a low-priced strategy, RMB10 billion subsidies and content ecosystem construction began to achieve initial success in stabilizing its market share.

CMS slightly revised its earnings estimation for JD.com, Inc., and kept its target price unchanged at US$36, with rating at Overweight.

Source: AAStocks Financial News

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

[winston]

vested

<Research>CICC Forecasts JD.com (JD.US) 1Q Rev. Up 6.3% YoY, Non-GAAP NP Down 1% to RMB7.5B

CICC released a report, estimating that JD.com (JD.US) 's 1Q24 revenue would rise 6.3% YoY to RMB258.2 billion.

Non-GAAP net profit is forecasted to drop 1% YoY to RMB7.5 billion, in line with consensus expectations.

CICC broadly maintained its profit forecasts on JD for 2024 and 2025. The broker kept its Outperform rating and US$32 target price.

Related News: HTSC Expects JD.com (JD.US) 1Q Rev. to Rise 6.4% YoY, Rates Buy

Source: AAStocks Financial News

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

[winston]

vested

JD.com (9618 HK)

1Q24 Results Preview: Focusing On Three Core Strategies To Revitalise User Growth

JD’s top-line growth is expected to be 6% yoy for 1Q24, while GMV growth is projected
be exceed China’s 1Q24 retail growth of 4.7% yoy.

In 2024, JD will have a clean base after reorganisation and targets to achieve high single-digit normalised GMV growth.

Meanwhile, margin is expected to remain stable yoy due to ramped up investment in three major strategies including content ecosystem, open ecosystem and on-demand services.

Maintain BUY. Target price: HK$127.00 (US$34.00).

Source: UOBKH

https://research.uobkayhian.com/content ... be20b62960

[winston]

vested

<Results>JD-SW (09818.HK) 1Q24 Non-GAAP NP Rises 17.2% YoY to RMB8.9B, Beats

JD-SW (09618.HK) announced its results for 1Q24 ended March.

Net profit attributable to ordinary shareholders reached RMB7.13 billion, a 13.9% YoY growth, compared to the forecasts of RMB5.062 billion to RMB6.245 billion (down 0.3%-19.2% YoY) by the 4 brokers as summarised by our reporters, beating expectations.

Basic earnings per share was RMB2.28, and basic earnings per ADS was RMB4.56.

Non-GAAP net profit attributable to ordinary shareholders reached RMB8.899 billion in 1Q, rising 17.2% YoY, and above the upper end of the forecasted range of RMB6.881 billion to RMB8.266 billion by the 14 brokers summarised by our reporters.

Non-GAAP basic earnings per share was RMB2.85 and non-GAAP basic earnings per ADS was RMB5.69.

Group revenue for the period was RMB260.049 billion, a 7% YoY increase.

Among them, JD Retail's revenue was RMB226.835 billion, elevating 6.8%.

Revenue from JD LOGISTICS (02618.HK) inclined 14.7% to RMB42.137 billion.

Revenue from new businesses was RMB4.87 billion, dropping 19.2% YoY.

As of 15 May 2024, JD repurchased 98.3 million Class A ordinary shares YTD, equivalent to 49.2 million ADSs, for a total of US$1.3 billion, or 3.1% of the ordinary shares outstanding as of the end of last year.

JD's ADS (JD.US) hiked 3.8% to US$34.95 in pre-market.

Source: AAStocks Financial News

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

[winston]

JD.com (9618 HK)
1Q24: Solid Earnings Beat; High Single-digit Revenue Growth On Track

JD’s 1Q24 revenue grew 7% yoy to Rmb260b, slightly better than our and consensus estimates.

Gross profit margin improved 47bp yoy to 15.3% in 1Q24.

Non-GAAP operating profit rose 11% yoy to Rmb9b, translating to non-GAAP operating profit
margin of 3.5%.

Non-GAAP net profit came in at Rmb8.9b, beating our and consensus expectations, as a result of streamlining of operations.

Adjusted net margin was 3.4%.

Maintain BUY with a higher target price of HK$151.00 (US$40.00).

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

Broker│Opinion

Nomura│Retail business recovered, buybacks accelerated

Jefferies│Subscriber growth and participation trend stable, supply chain capability demonstrated

JPMorgan│Upside risk on short-term earnings, but market share outlook uncertainty limited valuation

Huatai Securities│Returned to organic growth, revenue growth continued to accelerate

UBS│Quarterly results beat, profitable growth delivered

Goldman Sachs│Healthy profit margins at JD Retail and JD Logistics resulted in profit beat

Citi│618 shopping festival and electrical appliances trade-in policy are catalysts

BOCI│Quarterly results beat, FMCG business resumed growth after restructuring

HSBC Global Research│Earnings growth certainty strengthened

CICC│Supermarket and advertising revenues recovered, profit growth beat

Daiwa│Profit margins beat, supermarkets propelled growth

Source: AAStocks Financial News

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

[winston]

not vested

Earnings First Take: 1Q24 core earnings grew 17.2%, ahead of market expectations

JD retail revenue increased by 6.8% y/y in 1Q24, supported by steady growth of both electronics and general merchandise segments

Non-GAAP net profit increased by 17.2% y/y, above market expectations on higher operating efficiency

Expect growth momentum to continue in FY24, supported by 3C and FMCG segment; Maintain BUY

TP: HK$175

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=19640

[winston]

vested

JD.com Inc
Revenue growth to pick up in FY24F

JD reported yoy revenue growth of 7% to Rmb260bn in 1Q24, slightly below our estimate, due to weak marketplace revenue growth on lower monetization rate.

Non-GAAP net profit reached Rmb8.9bn for 1Q24, up 17.2% yoy, beating our forecast, driven by higher GPM due to faster general merchandise revenue growth.

We expect JD’s “everyday low price” strategy and continuous improvements in its 3P ecosystem to further boost revenue growth and stabilise its market share in FY24F.

(JD.com's GMV is divided into two parts: the 1P and 3P business. 1P mainly refers to the self-operated business, which generated 89% revenue in 2019, while 3P represents third-party platform business).

We forecast revenue to grow 8.3% and non-GAAP net profit up by 2.9% in FY24F.

We lift our FY24-26F EPS forecasts and reiterate our Add call, with a lower DCFbased TP of HK$201 (WACC: 13.4%, TG: 3%, Beta: 1.2).

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 9086DDD7D2

[winston]

JD-SW (09618.HK) Reiterates Focus on '35711' Vision for Next 20 Yrs

On the 10th anniversary of its listing on Nasdaq today (22 May), JD-SW (09618.HK) issued a press release reiterating that in the next 20 years, the company will focus on its "35711" vision.

Specifically, the vision includes having 3 companies with revenues exceeding trillions of RMB and net profits exceeding RMB70 billion, 5 companies listed in the Fortune 500, 7 listed companies that are started from stretch and achieve market capitalisations of not less than RMB100 billion, to be able to pay RMB100 billion in taxes for the country, and to provide more than 1 million jobs.

Related News: CCBI Elevates JD-SW (09618.HK) TP to $156.1 on Solid Outlook

Source: AAStocks

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