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.

Equity Bottom-Up

<ul><li>We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient cost control, and a YoY increase in revenue contribution from services revenue.</li><li>Amid improving consumption sentiment since September, and benefiting from the implementation of home appliance trade-in program nationwide, JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth.</li><li>Post the recent market rally, quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key to driving further upside in JD’s stock price, in our view. </li></ul>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.

We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient cost control, and a YoY increase in revenue contribution from services revenue.Amid improving consumption sentiment since September, and benefiting from the implementation of home appliance trade-in program nationwide, JD is marginally shifting its emphasis from ROI and cost control to more on GMV and revenue growth.Post the recent market rally, quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key to driving further upside in JD’s stock price, in our view. 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) - Expecting Inline 3Q Revenue Growth with Upside Coming from Bottom Line

<ul><li>JD.com (JD) reported (15 Aug) better-than-expected 2Q24 results: revenue was RMB291.4bn, up 1% YoY, in line with our forecast and Bloomberg consensus; non-GAAP net income was RMB14.5bn, ahead of our forecast/consensus estimates at RMB9.9bn/9.6bn, thanks to stronger-than-expected GPM expansion aided by scale effect, as well as better-than-expected generation from other income.</li><li>Guided by stringent ROI target and benefited from the increasing economies of scale, we remain positive on JD’s earnings growth trajectory in 2H24.</li><li>However, apart from the additional benefits brought by nationwide home appliance trade-in activities, since the current share repurchase program has been largely utilized, JD needs to convince the market with its ability in retaining market share in core electronics and home appliance (E&amp;HA) category, in order to drive for further valuation rerating amid current market environment, in our view. Our DCF-based TP was unchanged at US$51.9. </li></ul>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) reported (15 Aug) better-than-expected 2Q24 results: revenue was RMB291.4bn, up 1% YoY, in line with our forecast and Bloomberg consensus; non-GAAP net income was RMB14.5bn, ahead of our forecast/consensus estimates at RMB9.9bn/9.6bn, thanks to stronger-than-expected GPM expansion aided by scale effect, as well as better-than-expected generation from other income.Guided by stringent ROI target and benefited from the increasing economies of scale, we remain positive on JD’s earnings growth trajectory in 2H24.However, apart from the additional benefits brought by nationwide home appliance trade-in activities, since the current share repurchase program has been largely utilized, JD needs to convince the market with its ability in retaining market share in core electronics and home appliance (E&amp;HA) category, in order to drive for further valuation rerating amid current market environment, in our view. Our DCF-based TP was unchanged at US$51.9. 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) - Stringent ROI Target on Investments Brings Better-Than-Expected 2Q Earnings Growth

<ul><li>Although the high base in air conditioner category and industrywide soft performance of PC category are likely to weigh on JD’s revenue growth on electronic and home appliance (E&amp;HA) in 2Q24E, its strategies to focus on ROI and quality growth may drive a beat on earnings.</li><li>We forecast JD has logged 2Q24E revenue of RMB290.9bn (up 1.0% YoY), and non-GAAP net income of RMB9.9bn, which translates into non-GAAP net margin of 3.4% and was 16% better than Bloomberg consensus.</li><li>With a normalization in revenue growth of both E&amp;HA and platform business, we expect YoY revenue growth for JD to reaccelerate in 3Q24E, and the GMV growth of JD Retail (JDR) can still outperform that of total retail sales in 2024E. </li></ul>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.

Although the high base in air conditioner category and industrywide soft performance of PC category are likely to weigh on JD’s revenue growth on electronic and home appliance (E&amp;HA) in 2Q24E, its strategies to focus on ROI and quality growth may drive a beat on earnings.We forecast JD has logged 2Q24E revenue of RMB290.9bn (up 1.0% YoY), and non-GAAP net income of RMB9.9bn, which translates into non-GAAP net margin of 3.4% and was 16% better than Bloomberg consensus.With a normalization in revenue growth of both E&amp;HA and platform business, we expect YoY revenue growth for JD to reaccelerate in 3Q24E, and the GMV growth of JD Retail (JDR) can still outperform that of total retail sales in 2024E. 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) - Expecting an Upbeat Bottom Line for 2Q Results

Thematic (Sector/Industry)

<ul><li>Per NBS, YoY growth of retail sales came in at 4.0% in 2M25, improving from 3.7% in Dec 2024.</li><li>In our view, this was boosted by nationwide trade-in program, but shy of Wind consensus at 4.5%.</li><li>Online physical goods GMV growth saw a further recovery MoM, with growth stood at 5.0% YoY in 2M25 (2024: 6.5%), which was improved from 3.5% in 4Q24. </li></ul>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.

Per NBS, YoY growth of retail sales came in at 4.0% in 2M25, improving from 3.7% in Dec 2024.In our view, this was boosted by nationwide trade-in program, but shy of Wind consensus at 4.5%.Online physical goods GMV growth saw a further recovery MoM, with growth stood at 5.0% YoY in 2M25 (2024: 6.5%), which was improved from 3.5% in 4Q24. 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.

Internet - 2M25 NBS data shy of consensus, but expectation for stimulus policy on the rise

<ul><li>For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand remains resilient, with solid increases in both the number of tourists and per capita consumption;</li><li>2) outbound travel demand remained strong and inbound travel could become an important long-term growth driver for the travel industry over the long-run; and</li><li>3) although overall consumption sentiment likely still takes time to recover, retail sales GMV growth during the holiday period was strong, and “national subsidy” remains a solid driver for growth in key categories such as home appliances and communication equipment. </li></ul>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.

For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand remains resilient, with solid increases in both the number of tourists and per capita consumption;2) outbound travel demand remained strong and inbound travel could become an important long-term growth driver for the travel industry over the long-run; and3) although overall consumption sentiment likely still takes time to recover, retail sales GMV growth during the holiday period was strong, and “national subsidy” remains a solid driver for growth in key categories such as home appliances and communication equipment. 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.

Internet - Trends Observed from 2025 Spring Festival

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.

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JD.com Inc (ADR) (JD US)

JD.com (JD US) - Expecting Inline 3Q Revenue Growth with Upside Coming from Bottom Line

We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient...

CMB International

JD.com (JD US) - Stringent ROI Target on Investments Brings Better-Than-Expected 2Q Earnings Growth

JD.com (JD) reported (15 Aug) better-than-expected 2Q24 results: revenue was RMB291.4bn, up 1% YoY, in line with our forecast and Bloomberg consensus

CMB International

JD.com (JD US) - Expecting an Upbeat Bottom Line for 2Q Results

We forecast JD has logged 2Q24E revenue of RMB290.9bn (up 1.0% YoY), and non-GAAP net income of RMB9.9bn, which translates into non-GAAP net margin...

CMB International

Internet - 2M25 NBS data shy of consensus, but expectation for stimulus policy on the rise

Per NBS, YoY growth of retail sales came in at 4.0% in 2M25, improving from 3.7% in Dec 2024. In our view, this was boosted by nationwide trade-in...

CMB International

Internet - Trends Observed from 2025 Spring Festival

For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand...

CMB International

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