[ET Net News Agency, 17 November 2020] HSBC Global Research cut slightly its target
price for JD.com (09618) to HK$382 from HK$390 and maintained its "buy" rating.
The research house expects the GMV (Gross Merchandise Volume) for 4Q to rise by 25%
despite the high base with Singles' Day GMV up 33% (versus 28% in 2019). Yet HSBC expects
non-GAAP net margin for 4Q to moderate QoQ to 1.4% on aggressive marketing spend during
the promotional season as this year should have a more obvious seasonality pattern amid
intensifying competition.
HSBC lifted its 2020 earnings forecast on the upbeat 3Q results but cut its 2021/22
earnings estimates by 2%/5% on slower margin expansion as management plan for
reinvestments to continue for the next several quarters, expecting them to bear fruit in
the longer term. (KL)
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09618 JD-SW
Nominal 
126.600 +0.900 (+0.716%) Research Report
17/11/2020 14:36
{I-bank focus}HSBC lowers JD.com (09618) to HK$382; "buy"
| Remark: | Real time quote last updated: 10/05/2024 17:59 |
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