External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>JD.com (JD) reported (6 March) better-than-expected 4Q23 results with solidly improved outlook for shareholder return: revenue was RMB306.1bn, up 3.6% YoY, 3%/2% higher than our forecast/Bloomberg consensus; non-GAAP net income was RMB8.4bn, ahead of our/consensus estimates of RMB7.4bn/7.2bn thanks to a beat on revenue and better-than-feared margin performance of JD Retail (JDR) business, translating into a non-GAAP NPM of 2.7% (4Q22: 2.6%). For 2023, total revenue was RMB1.1tn, up 3.7% YoY, and non-GAAP net income reached RMB35.2bn, up 25% YoY, with the implied non-GAAP NPM expanding 0.5pp YoY to 3.2%.</li><li>For 2024, management highlighted key priorities on user experience enhancement and market share gains, and we expect JD to reinvest incremental profit in 2024 to drive user acquisition and wallet share gains, amid current intensified market competition.</li><li>However, the improved shareholder return policy should provide support for valuation, while further rerating may hinge on the recovery of consumption sentiment, as well as the fully wearing off of business adjustment impact. </li></ul><p><em>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.</em></p>

JD.com (JD) reported (6 March) better-than-expected 4Q23 results with solidly improved outlook for shareholder return: revenue was RMB306.1bn, up 3.6% YoY, 3%/2% higher than our forecast/Bloomberg consensus; non-GAAP net income was RMB8.4bn, ahead of our/consensus estimates of RMB7.4bn/7.2bn thanks to a beat on revenue and better-than-feared margin performance of JD Retail (JDR) business, translating into a non-GAAP NPM of 2.7% (4Q22: 2.6%). For 2023, total revenue was RMB1.1tn, up 3.7% YoY, and non-GAAP net income reached RMB35.2bn, up 25% YoY, with the implied non-GAAP NPM expanding 0.5pp YoY to 3.2%.For 2024, management highlighted key priorities on user experience enhancement and market share gains, and we expect JD to reinvest incremental profit in 2024 to drive user acquisition and wallet share gains, amid current intensified market competition.However, the improved shareholder return policy should provide support for valuation, while further rerating may hinge on the recovery of consumption sentiment, as well as the fully wearing off of business adjustment impact. 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) - Driving Growth in a More Ambitious Way

JD.com Inc (ADR)

JD.com (JD US) - Driving Growth in a More Ambitious Way