ECM Weekly (20th August 2023) - Indigo, Vinfast, SBFC, Concord, Wuxi, NSDL, LianLian, Fedbank
Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
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[JD.com (JD US, SELL, TP US$32) Earnings Review]: Slowing 3C Sales Will Impact 2H, Maintain SELL
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.
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JD (9618 HK): 2Q23, Main Business Began to Recover, Buy
The main business line, home appliance began to grow by two digits. Logistics revenue continued to grow strongly and can still break even. The...
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Jindong (JD US): We Would Stay on the Sideline
JD's better-than-consensus 2Q results did not convince us that it is a viable investment case at current valuation. We would stay on the sideline.
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China TMT Update-BABA/VIPS/JD/PDD/3690.HK/1810.HK/2454.TT/BEKE-Catering Was the Top Growing Category
Catering was the top growing consumption category in July;Xiaomi launches new products at annual Lei Jun conference; New home sales in July remain...
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