HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

JINGDONG Industrials / Equity Capital Markets

<ul>
<li>JD Industrials’ business model integrates the advantageous resources of JD Group and follows "self-operated heavy asset" route.The operation model is to rely on JD Logistics network to achieve efficient performance.</li>
<li>The platform's openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.</li>
<li>P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than <a href="https://www.smartkarma.com/entities/ww-grainger-inc" target="_blank" data-smartkarma-citation="entities:20019:1" rel="noopener">Ww Grainger.</a>   </li>
</ul>


JD Industrials’ business model integrates the advantageous resources of JD Group and follows "self-operated heavy asset" route.The operation model is to rely on JD Logistics network to achieve efficient performance.
The platform's openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.
P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than Ww Grainger.   


Pre-IPO JD Industrials (PHIP Updates) - Business Model, Peer Comparison, Forecast and Valuation

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial Technology</a> is now looking to raise about US$500m in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

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.

Equity Bottom-Up

<ul><li>W.W. Grainger's second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market uncertainties.</li><li>The company reported sales of nearly $4.6 billion, up 5.6% year-over-year, or 5.1% on a constant currency basis, which suggests a steady demand in its broad industrial customer base despite macroeconomic uncertainties.</li><li>Operating margins were recorded at 14.9%, with diluted EPS increasing by $0.21 to $9.97.</li></ul>

W.W. Grainger's second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market uncertainties.The company reported sales of nearly $4.6 billion, up 5.6% year-over-year, or 5.1% on a constant currency basis, which suggests a steady demand in its broad industrial customer base despite macroeconomic uncertainties.Operating margins were recorded at 14.9%, with diluted EPS increasing by $0.21 to $9.97.

W.W. Grainger’s Zoro Growth Engine – Can It Defy Market Challenges?

<ul><li>W.W. Grainger's first quarter of 2025 results reflect a performance largely in line with expectations, highlighting the environmental dynamics impacting the business.</li><li>Total company reported sales were up by 1.7% on a reported basis, equating to a 4.4% increase on a daily constant currency basis.</li><li>Operating margins were noted at a healthy 15.6%, with diluted earnings per share (EPS) rising by $0.24 to $9.86.</li></ul>

W.W. Grainger's first quarter of 2025 results reflect a performance largely in line with expectations, highlighting the environmental dynamics impacting the business.Total company reported sales were up by 1.7% on a reported basis, equating to a 4.4% increase on a daily constant currency basis.Operating margins were noted at a healthy 15.6%, with diluted earnings per share (EPS) rising by $0.24 to $9.86.

W.W. Grainger Inc. Shields Profits with Bold Moves in Pricing, Imports, & Market Targeting!

<ul><li>W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market dynamics.</li><li>The company achieved a total revenue of $17.2 billion, marking a 4.2% increase on a reported basis and a 4.7% increase on a daily organic constant currency basis.</li><li>The growth was driven by substantial contributions from both High-Touch Solutions and Endless Assortment segments, with the latter showing an impressive 11.6% rise in daily constant currency sales.</li></ul>

W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market dynamics.The company achieved a total revenue of $17.2 billion, marking a 4.2% increase on a reported basis and a 4.7% increase on a daily organic constant currency basis.The growth was driven by substantial contributions from both High-Touch Solutions and Endless Assortment segments, with the latter showing an impressive 11.6% rise in daily constant currency sales.

W.W. Grainger Inc.: Expansion of Seller Coverage & Market Penetration & 5 Critical Factors Impacting Its Performance In 2025 & Beyond!

United States

W.W. Grainger, Inc. distributes maintenance, repair and operating supplies, and related information to the commercial, industrial, contractor, and institutional markets in North America.  The Company's products include motors, HVAC equipment, lighting, hand and power tools, pumps, and electrical equipment.

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Ww Grainger Inc (GWW US)

Pre-IPO JD Industrials (PHIP Updates) - Business Model, Peer Comparison, Forecast and Valuation

JD Industrials' business model integrates resources from JD Group, utilizing JD Logistics for efficiency.Higher entry thresholds may hinder...

Xinyao (Criss) Wang

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

W.W. Grainger’s Zoro Growth Engine – Can It Defy Market Challenges?

W.W. Grainger's second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market...

Baptista Research

W.W. Grainger Inc. Shields Profits with Bold Moves in Pricing, Imports, & Market Targeting!

W.W. Grainger's first quarter of 2025 results reflect a performance largely in line with expectations, highlighting the environmental dynamics...

Baptista Research

W.W. Grainger Inc.: Expansion of Seller Coverage & Market Penetration & 5 Critical Factors Impacting Its Performance In 2025 & Beyond!

W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market...

Baptista Research

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Pre-IPO JD Industrials (PHIP Updates) - Business Model, Peer Comparison, Forecast and Valuation

​JD Industrials' business model integrates resources from JD Group, utilizing JD Logistics for efficiency.Higher entry thresholds may hinder...

Xinyao (Criss) Wang

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

W.W. Grainger’s Zoro Growth Engine – Can It Defy Market Challenges?

W.W. Grainger's second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market...

Baptista Research

W.W. Grainger Inc. Shields Profits with Bold Moves in Pricing, Imports, & Market Targeting!

W.W. Grainger's first quarter of 2025 results reflect a performance largely in line with expectations, highlighting the environmental dynamics...

Baptista Research

W.W. Grainger Inc.: Expansion of Seller Coverage & Market Penetration & 5 Critical Factors Impacting Its Performance In 2025 & Beyond!

W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market...

Baptista Research

JD Industrials' business model integrates resources from JD Group, utilizing JD Logistics for efficiency.Higher entry thresholds may hinder...