Johannes Salim, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/446" target="_blank" data-smartkarma-citation="entities:446:1">Jd.Com Inc (Adr) (JD US)</a>'s management commentary/outlook statement validates our view that China (macro) consumption slowed down in 3Q18, and the slow-down is deepening in 4Q18.</li>
<li>JD Mall's (core e-commerce segment) margins improvement has stalled.</li>
<li>Meanwhile, new business/initiatives segment (largely JD Logistics) has seen a big jump in operating losses.</li>
<li>Valuation multiples are not distressed enough despite deep correction in ADR prices.</li>
</ul>



Jd.Com Inc (Adr) (JD US)'s management commentary/outlook statement validates our view that China (macro) consumption slowed down in 3Q18, and the slow-down is deepening in 4Q18.
JD Mall's (core e-commerce segment) margins improvement has stalled.
Meanwhile, new business/initiatives segment (largely JD Logistics) has seen a big jump in operating losses.
Valuation multiples are not distressed enough despite deep correction in ADR prices.


JD.Com: Consumption Slow-Down Story Confirmed

JD.com Inc (ADR)

JD.Com: Consumption Slow-Down Story Confirmed