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Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> has been able to sustain its relative market share gains, in Chinese online retail sales, over the past two years, despite increased competitive pressure.</li>
<li>Recent weakness in its margin progression trajectory has cast doubts on its ability to realise its potential for long-term margin expansion.</li>
<li>With net cash at 31% of its market cap, relative valuation levels seem attractive.</li>
</ul>



JD.com Inc. (9618 HK) has been able to sustain its relative market share gains, in Chinese online retail sales, over the past two years, despite increased competitive pressure.
Recent weakness in its margin progression trajectory has cast doubts on its ability to realise its potential for long-term margin expansion.
With net cash at 31% of its market cap, relative valuation levels seem attractive.


JD.com: Can Sustained Market Share Gains Be Transferred into Sustained Margin Progression?