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09618 JD-SW
RTNominal down97.600 -1.150 (-1.165%)
Research Report

20/11/2023 15:00

{I-bank focus}Nomura lowers JD (09618) to HKD142

[ET Net News Agency, 20 November 2023] Nomura lowered its target price for JD (09618)
to HKD142 from HKD174 and maintained its "buy" rating.
The research house said it forecasts JD Retail's revenue to remain flattish y-y in 4Q
while its operating margin could drop 0.7pp y-y to 2.4% due to the investments in
subsidies and merchants.
It estimates the y-y growth of JD Retail's revenue to recover to 5% in FY24F (vs. 1% y-y
growth in FY23F) with its operating margin likely to expand 20bp y-y to 3.9% backed by
operating leverage and increased share of revenue from higher-margin third-party business.

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