China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Jindong (JD US): We Would Stay on the Sideline

[JD.com (JD US, SELL, TP US$32) Preview]: Short-Term Demand Doesn’t Indicate a Long-Term Trend

ECM Weekly (25th June 2023) - Tryt, Shiyue Daotian, Keep, SML, HDFC, Shriram, Tata Tech, Doosan, J&T

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>JD reported CY2Q23 top-line 3% vs. our estimate and consensus, and non-GAAP net profit 7% and 13% vs. our estimate and consensus, respecti</li>
<li>Despite the benefit of positive external factors on demand, JDs 2Q GMV grew high-single digit, which may have been slightly lower than Taobao/Tmall.</li>
<li>We maintain SELL and our US$ 32 TP unchange .</li>
</ul>


JD reported CY2Q23 top-line 3% vs. our estimate and consensus, and non-GAAP net profit 7% and 13% vs. our estimate and consensus, respecti
Despite the benefit of positive external factors on demand, JDs 2Q GMV grew high-single digit, which may have been slightly lower than Taobao/Tmall.
We maintain SELL and our US$ 32 TP unchange .


[JD.com (JD US, SELL, TP US$32) Earnings Review]: Slowing 3C Sales Will Impact 2H, Maintain SELL

JD.com Inc (ADR)

[JD.com (JD US, SELL, TP US$32) Earnings Review]: Slowing 3C Sales Will Impact 2H, Maintain SELL