[ET Net News Agency, 13 April 2021] Nomura lowered its target price for JD (09618) to
HK$378 from HK$424 and maintained its "buy" rating.
The research house said it expects JD will invest aggressively in the community grocery
group-purchase (CGG) business, like many of its peers, to secure a meaningful share in
this high-potential market. It forecast the non-GAAP operating margin for JD Retail to
drop 52bps in FY21F to 2.3% to factor in the investments in CGG. (RC)