Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

<ul>
<li>Spanning the globe for current best-in-breed auto players shows diverging action.</li>
<li>New pair suggestion: Long Tesla/Short Rivian. Bottom could be in on TSLA</li>
<li>Updated JD.com general status from last week's China/Japan Note encouraging.</li>
</ul>


Spanning the globe for current best-in-breed auto players shows diverging action.
New pair suggestion: Long Tesla/Short Rivian. Bottom could be in on TSLA
Updated JD.com general status from last week's China/Japan Note encouraging.


Equity Analyst

Steve Zhou, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> announced this week that it has repurchased 2.8% of the outstanding shares of the company in the first quarter of 2024. </li>
<li>Improved shareholder returns is a key thesis for the stock, given that there is little market expectation on such given limited track record.</li>
<li>A positive catalyst on full year performance could be the government's announced stimulus policy for home appliance in April this year (trading old for new).</li>
</ul>



JD.com (9618 HK) announced this week that it has repurchased 2.8% of the outstanding shares of the company in the first quarter of 2024. 
Improved shareholder returns is a key thesis for the stock, given that there is little market expectation on such given limited track record.
A positive catalyst on full year performance could be the government's announced stimulus policy for home appliance in April this year (trading old for new).


JD.com (JD US / 9618 HK):  Announced 2.8% Share Buyback In 1Q24 + My 1Q24 Preview

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>JD.com's latest earnings showed a strong commitment to growth, navigating a mix of macro recoveries, seasonality factors and strategic refocus.</li><li>They delivered a growth in net revenues by 4% and recorded a non-GAAP net income attributable to ordinary shareholders of RMB 8.4 billion.</li><li>Cash and cash equivalents, restricted cash, and short term investments totaled RMB 198 billion.</li></ul>

JD.com's latest earnings showed a strong commitment to growth, navigating a mix of macro recoveries, seasonality factors and strategic refocus.They delivered a growth in net revenues by 4% and recorded a non-GAAP net income attributable to ordinary shareholders of RMB 8.4 billion.Cash and cash equivalents, restricted cash, and short term investments totaled RMB 198 billion.

JD.com Inc.: Market Share Expansion via Platform Ecosystem Improvements! - Key Drivers

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>JD.com stock price surged after its 4Q23 results and repurchase decision.</li>
<li>It is not big issue that BYD sales decreased in the weak season.</li>
<li>Alibaba began to close unprofitable Freshippo stores in February, but the company said it has expansion plan.</li>
</ul>


JD.com stock price surged after its 4Q23 results and repurchase decision.
It is not big issue that BYD sales decreased in the weak season.
Alibaba began to close unprofitable Freshippo stores in February, but the company said it has expansion plan.


China Consumption Weekly (11 Mar 2024): JD.com, JD Logisitics, BYD, Alibaba, NIO

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

<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

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

JD.com Inc (ADR) (JD US)

International Automobile Analysis

China markets showing excellent resilience and could be a good sign for the global economy. Automobile plays that may benefit.

Douglas Busch

China Consumption Weekly (11 Mar 2024): JD.com, JD Logisitics, BYD, Alibaba, NIO

JD.com stock price surged after its 4Q23 results and repurchase decision. It is not big issue that BYD sales decreased in the weak season. Alibaba...

Ming Lu

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

JD.com (JD) reported (6 March) better-than-expected 4Q23 results with solidly improved outlook for shareholder return: revenue was RMB306.1bn, up...

CMB International

International Automobile Analysis

China markets showing excellent resilience and could be a good sign for the global economy. Automobile plays that may benefit.

Douglas Busch

JD.com (JD US / 9618 HK): Announced 2.8% Share Buyback In 1Q24 + My 1Q24 Preview

​JD.com repurchased 2.8% of its shares in 1Q24, aiming to boost shareholder returns with potential government stimulus for home appliances as a...

Steve Zhou, CFA

JD.com Inc.: Market Share Expansion via Platform Ecosystem Improvements! - Key Drivers

JD.com's latest earnings showed a strong commitment to growth, navigating a mix of macro recoveries, seasonality factors and strategic...

Baptista Research

China Consumption Weekly (11 Mar 2024): JD.com, JD Logisitics, BYD, Alibaba, NIO

JD.com stock price surged after its 4Q23 results and repurchase decision. It is not big issue that BYD sales decreased in the weak season. Alibaba...

Ming Lu

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

JD.com (JD) reported (6 March) better-than-expected 4Q23 results with solidly improved outlook for shareholder return: revenue was RMB306.1bn, up...

CMB International

JD.com repurchased 2.8% of its shares in 1Q24, aiming to boost shareholder returns with potential government stimulus for home appliances as a...