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.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>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.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

<ul><li>JD.com (JD) reported (15 Nov) better-than-feared 3Q23 results: revenue was RMB247.7bn, up 1.7% YoY, 0.7/0.5% higher than our forecast/Bloomberg consensus.</li><li>Non-GAAP net income was RMB10.6bn, ahead of our/consensus estimates of RMB8.8/9.2bn, thanks to better-than-feared margin performance of JD Retail (JDR) business, in our view, demonstrating JD’s ability to retain the wallet share of its core consumer base in an effective way, and translating into a non-GAAP NPM of 4.3% (3Q22: 4.1%).</li><li>Management highlighted double-digit order and user growth during the Double 11 shopping festival, noted that business adjustment impact will largely wear off in 2024, and guided to achieve a better-than-China retail sales growth performance in 2024. </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 Nov) better-than-feared 3Q23 results: revenue was RMB247.7bn, up 1.7% YoY, 0.7/0.5% higher than our forecast/Bloomberg consensus.Non-GAAP net income was RMB10.6bn, ahead of our/consensus estimates of RMB8.8/9.2bn, thanks to better-than-feared margin performance of JD Retail (JDR) business, in our view, demonstrating JD’s ability to retain the wallet share of its core consumer base in an effective way, and translating into a non-GAAP NPM of 4.3% (3Q22: 4.1%).Management highlighted double-digit order and user growth during the Double 11 shopping festival, noted that business adjustment impact will largely wear off in 2024, and guided to achieve a better-than-China retail sales growth performance in 2024. 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) – Better-Than-Feared 3Q Results

<ul><li>JD.com (JD) reported (16 Aug) 2Q23 results: revenue was RMB287.9bn, up 7.6% YoY, 2.5/3.2% higher than our forecast/Bloomberg consensus.</li><li>Non-GAAP net income was RMB8.6bn, ahead of our estimates/consensus at RMB8.2/7.8bn, thanks to better-than-expected loss reduction for new businesses, and translated into a non-GAAP NPM of 3.0% (2Q22: 2.4%).</li><li>Despite the beat on overall margins, the 0.2pp miss on OPM of JD Retail (JDR) sparked concerns that its core business margin expansion trajectory could face fluctuations. </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 (16 Aug) 2Q23 results: revenue was RMB287.9bn, up 7.6% YoY, 2.5/3.2% higher than our forecast/Bloomberg consensus.Non-GAAP net income was RMB8.6bn, ahead of our estimates/consensus at RMB8.2/7.8bn, thanks to better-than-expected loss reduction for new businesses, and translated into a non-GAAP NPM of 3.0% (2Q22: 2.4%).Despite the beat on overall margins, the 0.2pp miss on OPM of JD Retail (JDR) sparked concerns that its core business margin expansion trajectory could face fluctuations. 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) – Grinding through growth strategy pains

<ul><li>JD Retail (JDR) will likely deliver better than our previously expected GMV and revenue growth for 2Q23E, aided by improvement of third-party business operating environment, and better than expected 618 shopping festival results. In addition, JD remains committed in driving for quality revenue and earnings growth.</li><li>In our view, JD will remain cautious in investing heavily to drive for new user acquisition until it finished enhancement of supply chain capabilities, which likely speaks to better-than-expected earnings growth in the near term, while the company still needs to grow user base in order to drive for steady platform business development over the long-run.</li><li>We lifted our DCF-based target price by 1% to US$63.4 to factor in potential better-than-expected JDR revenue and earnings growth, which translates into 20.3x 2023E non-GAAP PE. Maintain BUY.</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 Retail (JDR) will likely deliver better than our previously expected GMV and revenue growth for 2Q23E, aided by improvement of third-party business operating environment, and better than expected 618 shopping festival results. In addition, JD remains committed in driving for quality revenue and earnings growth.In our view, JD will remain cautious in investing heavily to drive for new user acquisition until it finished enhancement of supply chain capabilities, which likely speaks to better-than-expected earnings growth in the near term, while the company still needs to grow user base in order to drive for steady platform business development over the long-run.We lifted our DCF-based target price by 1% to US$63.4 to factor in potential better-than-expected JDR revenue and earnings growth, which translates into 20.3x 2023E non-GAAP PE. Maintain BUY.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 for Quality Growth Remains Key Theme

<ul><li>JD.com (JD) reported (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.</li><li>NonGAAP net income was RMB7.6bn, ahead of our estimates/consensus at RMB5.4/5.3bn, and translated into a non-GAAP net margin of 3.1% (1Q22: 1.7%), 0.9pp ahead of our forecast, driven by better-than-expected gross margin aided by business transition of supermarket category, and more controlled than expected sales and marketing spending.</li><li>JD announced that current CEO Lei XU will retire from his positions and CFO Sandy XU will take over the CEO role.</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 (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.NonGAAP net income was RMB7.6bn, ahead of our estimates/consensus at RMB5.4/5.3bn, and translated into a non-GAAP net margin of 3.1% (1Q22: 1.7%), 0.9pp ahead of our forecast, driven by better-than-expected gross margin aided by business transition of supermarket category, and more controlled than expected sales and marketing spending.JD announced that current CEO Lei XU will retire from his positions and CFO Sandy XU will take over the CEO role.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) – Focusing on driving healthy and quality growth

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 (ADR) (JD US)

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

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...

CMB International

JD.com (JD US) – Better-Than-Feared 3Q Results

JD.com (JD) reported (15 Nov) better-than-feared 3Q23 results: revenue was RMB247.7bn, up 1.7% YoY, 0.7/0.5% higher than our forecast/Bloomberg...

CMB International

JD.com (JD US) – Grinding through growth strategy pains

JD.com (JD) reported (16 Aug) 2Q23 results: revenue was RMB287.9bn, up 7.6% YoY, 2.5/3.2% higher than our forecast/Bloomberg consensus.

CMB International

JD.com (JD US) – Driving for Quality Growth Remains Key Theme

JD Retail (JDR) will likely deliver better than our previously expected GMV and revenue growth for 2Q23E, aided by improvement of third-party...

CMB International

JD.com (JD US) – Focusing on driving healthy and quality growth

JD.com (JD) reported (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.

CMB International

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