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>For 4Q24E, we anticipate that JD.com (JD) has inked total revenue of RMB334.6bn, up 9.3% YoY, 3% better than Bloomberg consensus, driven by: 1) the nationwide implementation of home appliance trade-in program; 2) JD’s greater than industry average GMV exposure in home appliance category; and 3) JD’s strong supply chain capability of first-party (1P) business.</li><li>We are also looking for 13.2% YoY growth in non-GAAP net profit for JD, 16% better than consensus, aided by likely better than market expected gross margin expansion and more optimized sales and marketing cost saving from the trade-in program and relatively stable industry competitive landscape.</li><li>We maintain our view that JD is better-positioned than peers to benefit from the nationwide trade-in program in the short term, while quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key stock price drivers in the long term, 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.

For 4Q24E, we anticipate that JD.com (JD) has inked total revenue of RMB334.6bn, up 9.3% YoY, 3% better than Bloomberg consensus, driven by: 1) the nationwide implementation of home appliance trade-in program; 2) JD’s greater than industry average GMV exposure in home appliance category; and 3) JD’s strong supply chain capability of first-party (1P) business.We are also looking for 13.2% YoY growth in non-GAAP net profit for JD, 16% better than consensus, aided by likely better than market expected gross margin expansion and more optimized sales and marketing cost saving from the trade-in program and relatively stable industry competitive landscape.We maintain our view that JD is better-positioned than peers to benefit from the nationwide trade-in program in the short term, while quality and sustainable earnings growth of core business as well as enhancement of shareholder return remain key stock price drivers in the long term, 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 Solid 4Q24 Results Driven by Home Appliance Trade-In Program

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

<ul>
<li>
China-focused Twitter user “pandawatch” posted a <a href="https://x.com/pandawatch88/status/1878809424607019133" target="_blank" rel="noopener">tweet</a> comparing the total shareholder return of Chinese tech companies.
</li>
<li>
At the top of the list was online retailer JD.com (JD US — US$57 billion) with a total dividend yield and buyback yield of 10% — even after deducting share-based compensation. That’s impressively high.
</li>
<li>JD is one of China’s largest e-commerce companies. It dominates the niche of selling authentic, branded goods online with fast and reliable delivery.</li>
</ul>



China-focused Twitter user “pandawatch” posted a tweet comparing the total shareholder return of Chinese tech companies.


At the top of the list was online retailer JD.com (JD US — US$57 billion) with a total dividend yield and buyback yield of 10% — even after deducting share-based compensation. That’s impressively high.

JD is one of China’s largest e-commerce companies. It dominates the niche of selling authentic, branded goods online with fast and reliable delivery.


JD.com (JD US): Trusted Online Retailer Trading at a 9x P/E with a Coming Margin Inflection

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

Thematic (Sector/Industry)

<ul>
<li>BABA US/PDD US: DHgate's GMV Doubles in a Single Week, While Buyer Count Surges 200% (///)</li>
<li>700 HK : Tencent Officially Unveils &lt;VALORANT Mobile&gt;, Launches Pre-Registration（+）</li>
<li>JD US/3690 HK: JD escalates PR battle, food delivery losses may exceed expectations(-//)</li>
</ul>


BABA US/PDD US: DHgate's GMV Doubles in a Single Week, While Buyer Count Surges 200% (///)
700 HK : Tencent Officially Unveils &lt;VALORANT Mobile&gt;, Launches Pre-Registration（+）
JD US/3690 HK: JD escalates PR battle, food delivery losses may exceed expectations(-//)


[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

Sichuan Baicha Baidao Industrial / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a> raised around US$330m in its Hong Kong IPO, in April 2024. The lockup on its pre-IPO investors is set to expire soon</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market in 2023, with a market share of 6.8%</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Sichuan Baicha Baidao Industrial (2555 HK) raised around US$330m in its Hong Kong IPO, in April 2024. The lockup on its pre-IPO investors is set to expire soon
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market in 2023, with a market share of 6.8%
In this note, we will talk about the lockup dynamics and possible placement.


Sichuan Baicha Baidao Industrial IPO Lockup - Steep Losses for Pre-IPO Investors

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>One-Month implied volatility for <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> has decreased from recent highs to around its three-year median, while realized volatility, a lagging indicator, remains significantly higher at the 87th percentile.</li>
<li>The term structure is flat, with May and June implied volatilities nearly identical, indicating no significant impact from the upcoming earnings announcement in early June.</li>
<li>Open interest is spread over the next nine months, with April calls concentrated at strikes 145 to 150 and deep out of the money calls at strikes 180 to 200.</li>
</ul>


One-Month implied volatility for Meituan (3690 HK) has decreased from recent highs to around its three-year median, while realized volatility, a lagging indicator, remains significantly higher at the 87th percentile.
The term structure is flat, with May and June implied volatilities nearly identical, indicating no significant impact from the upcoming earnings announcement in early June.
Open interest is spread over the next nine months, with April calls concentrated at strikes 145 to 150 and deep out of the money calls at strikes 180 to 200.


Meituan (3690 HK): Options Insights and Analysis, Skew Shift Amid Earnings Calm

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.

Price Gauge
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JD.com (9618 HK)

JD.com (JD US) - Expecting Solid 4Q24 Results Driven by Home Appliance Trade-In Program

We are also looking for 13.2% YoY growth in non-GAAP net profit for JD, 16% better than consensus, aided by likely better than market expected...

CMB International

JD.com (JD US): Trusted Online Retailer Trading at a 9x P/E with a Coming Margin Inflection

China-focused Twitter user “pandawatch” posted a tweet comparing the total shareholder return of Chinese tech companies.

Asian Century Stocks

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Blue Lotus Research Institute

Sichuan Baicha Baidao Industrial IPO Lockup - Steep Losses for Pre-IPO Investors

Sichuan Baicha Baidao Industrial (2555 HK) raised around US$330m in its Hong Kong IPO, in April 2024. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Meituan (3690 HK): Options Insights and Analysis, Skew Shift Amid Earnings Calm

Meituan's implied volatility has dropped to median levels, but realized volatility remains high. Flat term structure suggests little impact from...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JD.com (JD US) - Expecting Solid 4Q24 Results Driven by Home Appliance Trade-In Program

We are also looking for 13.2% YoY growth in non-GAAP net profit for JD, 16% better than consensus, aided by likely better than market expected...

CMB International

JD.com (JD US): Trusted Online Retailer Trading at a 9x P/E with a Coming Margin Inflection

China-focused Twitter user “pandawatch” posted a tweet comparing the total shareholder return of Chinese tech companies.

Asian Century Stocks

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

​DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Blue Lotus Research Institute

Sichuan Baicha Baidao Industrial IPO Lockup - Steep Losses for Pre-IPO Investors

Sichuan Baicha Baidao Industrial (2555 HK) raised around US$330m in its Hong Kong IPO, in April 2024. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Meituan (3690 HK): Options Insights and Analysis, Skew Shift Amid Earnings Calm

​Meituan's implied volatility has dropped to median levels, but realized volatility remains high. Flat term structure suggests little impact from...

Gaudenz Schneider

DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Meituan's implied volatility has dropped to median levels, but realized volatility remains high. Flat term structure suggests little impact from...