Equity Analyst

Xin Yu, CFA

An equity research analyst with over 5 years of experience in multiple sectors. Previously worked for a global asset manager, covering China equities in multiple markets including A-shares/H-shares/ADRs and multiple sectors including TMT, industrial, consumer, etc. I conduct fundamental research to invest in high quality companies at an attractive valuation.

[JD.com (JD US, SELL, TP US$48) Rating Change]: Rough Roads Ahead, DG to SELL

[JD.com (JD US) Target Price Change]: JD May Face 5bn Profit Reduction for Subsidy Campaign

[JD.com (JD US) Target Price Change]: Painful Transition Weighs on Both Topline and Margin

Equity Bottom-Up

<ul>
<li>Alibaba and JD stock prices have rallied around 20-30% in the past month, which was the low-hanging fruit for the investors.</li>
<li>With the full re-opening in 2023 in China, there is still upside for the sector. </li>
<li>Ecommerce players will enjoy GMV growth acceleration and margin improvement next year. </li>
</ul>


Alibaba and JD stock prices have rallied around 20-30% in the past month, which was the low-hanging fruit for the investors.
With the full re-opening in 2023 in China, there is still upside for the sector. 
Ecommerce players will enjoy GMV growth acceleration and margin improvement next year. 


JD.com Inc (ADR)

China Ecommerce- Still Can Chase