External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>JD.com (JD) reported (14 Nov) 3Q24 results: revenue was RMB260.4bn, up 5.1% YoY (3Q23: 1.7%；2Q24: 1.2%), in line with Bloomberg consensus; nonGAAP NP was RMB13.2bn, up 24% YoY, and was 16% ahead of consensus, thanks to a 6% beat on JD Retail’s (JDR) OP aided by stronger-than-expected scale effect, and strong profitability improvement of JD Logistics (JDL).</li><li>Management highlighted an improving trend in consumption sentiment in 3Q24, driven by nationwide home appliance trade-in program and new product launches for smartphones, with YoY revenue growth of Electronics and Home Appliance (E&amp;HA) seeing sequential improvement on a MoM basis, and this trend continued in Oct.</li><li>JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth amid improving sentiment, while quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key stock price drivers, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD) reported (14 Nov) 3Q24 results: revenue was RMB260.4bn, up 5.1% YoY (3Q23: 1.7%；2Q24: 1.2%), in line with Bloomberg consensus; nonGAAP NP was RMB13.2bn, up 24% YoY, and was 16% ahead of consensus, thanks to a 6% beat on JD Retail’s (JDR) OP aided by stronger-than-expected scale effect, and strong profitability improvement of JD Logistics (JDL).Management highlighted an improving trend in consumption sentiment in 3Q24, driven by nationwide home appliance trade-in program and new product launches for smartphones, with YoY revenue growth of Electronics and Home Appliance (E&amp;HA) seeing sequential improvement on a MoM basis, and this trend continued in Oct.JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth amid improving sentiment, while quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key stock price drivers, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - More Proactively Driving Growth Amid Improving Sentiment

<ul><li>We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient cost control, and a YoY increase in revenue contribution from services revenue.</li><li>Amid improving consumption sentiment since September, and benefiting from the implementation of home appliance trade-in program nationwide, JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth.</li><li>Post the recent market rally, quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key to driving further upside in JD’s stock price, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient cost control, and a YoY increase in revenue contribution from services revenue.Amid improving consumption sentiment since September, and benefiting from the implementation of home appliance trade-in program nationwide, JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth.Post the recent market rally, quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key to driving further upside in JD’s stock price, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Expecting Inline 3Q Revenue Growth with Upside Coming from Bottom Line

<ul><li>JD.com (JD) reported (15 Aug) better-than-expected 2Q24 results: revenue was RMB291.4bn, up 1% YoY, in line with our forecast and Bloomberg consensus; non-GAAP net income was RMB14.5bn, ahead of our forecast/consensus estimates at RMB9.9bn/9.6bn, thanks to stronger-than-expected GPM expansion aided by scale effect, as well as better-than-expected generation from other income.</li><li>Guided by stringent ROI target and benefited from the increasing economies of scale, we remain positive on JD’s earnings growth trajectory in 2H24.</li><li>However, apart from the additional benefits brought by nationwide home appliance trade-in activities, since the current share repurchase program has been largely utilized, JD needs to convince the market with its ability in retaining market share in core electronics and home appliance (E&amp;HA) category, in order to drive for further valuation rerating amid current market environment, in our view. Our DCF-based TP was unchanged at US$51.9. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD) reported (15 Aug) better-than-expected 2Q24 results: revenue was RMB291.4bn, up 1% YoY, in line with our forecast and Bloomberg consensus; non-GAAP net income was RMB14.5bn, ahead of our forecast/consensus estimates at RMB9.9bn/9.6bn, thanks to stronger-than-expected GPM expansion aided by scale effect, as well as better-than-expected generation from other income.Guided by stringent ROI target and benefited from the increasing economies of scale, we remain positive on JD’s earnings growth trajectory in 2H24.However, apart from the additional benefits brought by nationwide home appliance trade-in activities, since the current share repurchase program has been largely utilized, JD needs to convince the market with its ability in retaining market share in core electronics and home appliance (E&amp;HA) category, in order to drive for further valuation rerating amid current market environment, in our view. Our DCF-based TP was unchanged at US$51.9. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Stringent ROI Target on Investments Brings Better-Than-Expected 2Q Earnings Growth

<ul><li>Although the high base in air conditioner category and industrywide soft performance of PC category are likely to weigh on JD’s revenue growth on electronic and home appliance (E&amp;HA) in 2Q24E, its strategies to focus on ROI and quality growth may drive a beat on earnings.</li><li>We forecast JD has logged 2Q24E revenue of RMB290.9bn (up 1.0% YoY), and non-GAAP net income of RMB9.9bn, which translates into non-GAAP net margin of 3.4% and was 16% better than Bloomberg consensus.</li><li>With a normalization in revenue growth of both E&amp;HA and platform business, we expect YoY revenue growth for JD to reaccelerate in 3Q24E, and the GMV growth of JD Retail (JDR) can still outperform that of total retail sales in 2024E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Although the high base in air conditioner category and industrywide soft performance of PC category are likely to weigh on JD’s revenue growth on electronic and home appliance (E&amp;HA) in 2Q24E, its strategies to focus on ROI and quality growth may drive a beat on earnings.We forecast JD has logged 2Q24E revenue of RMB290.9bn (up 1.0% YoY), and non-GAAP net income of RMB9.9bn, which translates into non-GAAP net margin of 3.4% and was 16% better than Bloomberg consensus.With a normalization in revenue growth of both E&amp;HA and platform business, we expect YoY revenue growth for JD to reaccelerate in 3Q24E, and the GMV growth of JD Retail (JDR) can still outperform that of total retail sales in 2024E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Expecting an Upbeat Bottom Line for 2Q Results

<ul><li>JD.com (JD) reported (16 May) better-than-expected 1Q24 results: revenue was RMB260.0bn, up 7% YoY, 1% ahead of Bloomberg consensus; non-GAAP net income was RMB8.9bn, ahead of consensus estimates of RMB7.4bn thanks to better-than-feared gross profit margin aided by scale effect.</li><li>Management noted that general merchandise category has entered clean base since 1Q24, and commission revenue growth has also entered clean base since 2Q24 since the impact from enhancing merchant support has reached the full-year milestone.</li><li>JD is staying vigilant in industry competition, although industry competition seems more benign than market expectation given that all the industry peers are focusing on driving growth in an efficient way by targeting more on core user base operation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD) reported (16 May) better-than-expected 1Q24 results: revenue was RMB260.0bn, up 7% YoY, 1% ahead of Bloomberg consensus; non-GAAP net income was RMB8.9bn, ahead of consensus estimates of RMB7.4bn thanks to better-than-feared gross profit margin aided by scale effect.Management noted that general merchandise category has entered clean base since 1Q24, and commission revenue growth has also entered clean base since 2Q24 since the impact from enhancing merchant support has reached the full-year milestone.JD is staying vigilant in industry competition, although industry competition seems more benign than market expectation given that all the industry peers are focusing on driving growth in an efficient way by targeting more on core user base operation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Entering into a Clean Base for Growth

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JD.com (9618 HK)

JD.com (JD US) - More Proactively Driving Growth Amid Improving Sentiment

JD.com (JD) reported (14 Nov) 3Q24 results: revenue was RMB260.4bn, up 5.1% YoY (3Q23: 1.7%；2Q24: 1.2%), in line with Bloomberg consensus

CMB International

JD.com (JD US) - Expecting Inline 3Q Revenue Growth with Upside Coming from Bottom Line

We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient...

CMB International

JD.com (JD US) - Stringent ROI Target on Investments Brings Better-Than-Expected 2Q Earnings Growth

JD.com (JD) reported (15 Aug) better-than-expected 2Q24 results: revenue was RMB291.4bn, up 1% YoY, in line with our forecast and Bloomberg consensus

CMB International

JD.com (JD US) - Expecting an Upbeat Bottom Line for 2Q Results

We forecast JD has logged 2Q24E revenue of RMB290.9bn (up 1.0% YoY), and non-GAAP net income of RMB9.9bn, which translates into non-GAAP net margin...

CMB International

JD.com (JD US) - Entering into a Clean Base for Growth

JD.com (JD) reported (16 May) better-than-expected 1Q24 results: revenue was RMB260.0bn, up 7% YoY, 1% ahead of Bloomberg consensus

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)