In today’s briefing:
- [JD.com, Inc (JD US, BUY, TP US$52) TP Change]: C4Q24 Preview: Still the Safe Choice into 2025
- Asia Real Estate Tracker (24-Jan-2025): Goldman Sachs expands into Japan with data centre JV.
[JD.com, Inc (JD US, BUY, TP US$52) TP Change]: C4Q24 Preview: Still the Safe Choice into 2025
- We expect JD.com C4Q24 revenue/non-GAAP NI to be RMB337bn/9.7bn, 1.6%/6.5% above consensus, benefiting from trade-in subsidies and logistics;
- With 2025 having four quarters of trade-in subsidy vs. 2024’s one quarter and smartphone’s participation, JD.com is on solid growth footing in our universe.
- We raised JD.com’s TP from US$50 to US$ 52 TP and maintain BUY rating.
Asia Real Estate Tracker (24-Jan-2025): Goldman Sachs expands into Japan with data centre JV.
- Goldman Sachs’ GCI enters partnership with Asia Pacific Land in Japan for data center venture, expanding its reach in Asia.
- CPPIB and MGRV collaborate on $350M venture in Korean rental housing, aiming to capture opportunities in the real estate market.
- S&P forecasts rebound in China’s property market, driven by increase in secondary sales, indicating positive growth.
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