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>We expect JD.com (JD) to deliver in-line-with-consensus revenue growth with better-than-expected earnings in 4Q23, aided by better-than-expected cost control.</li><li>For 2024, we expect user experience improvement and GMV share gain, as well as new user acquisition in an efficient way to remain priorities of JD.</li><li>To account for the additional investment for the Spring Festival Gala, as well as earnings impact from potential moves to drive user and GMV growth in 2024E, we cut our DCF-based target price to US$52.0 (was US$57.5).</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>

We expect JD.com (JD) to deliver in-line-with-consensus revenue growth with better-than-expected earnings in 4Q23, aided by better-than-expected cost control.For 2024, we expect user experience improvement and GMV share gain, as well as new user acquisition in an efficient way to remain priorities of JD.To account for the additional investment for the Spring Festival Gala, as well as earnings impact from potential moves to drive user and GMV growth in 2024E, we cut our DCF-based target price to US$52.0 (was US$57.5).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 User Growth and User Experience Improvement

JD.com Inc (ADR)

JD.com (JD US) - Driving User Growth and User Experience Improvement