External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><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 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

JD.com Inc (ADR)

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