[ET Net News Agency, 30 March 2021] Macquarie Research lowered its target price for JD
Health (JDH) (06618) to HK$124 from HK$193 and maintained its "outperform" rating.
The research house said JDH reported weaker-than-expected 2H 2020 revenue growth.
Macquarie liked that drug sales reached 50% of total sales, growing faster than any other
category in 2H. Within drug sales, prescription drugs accounted for 50%, while OTC drugs
accounted for the rest.
It thinks the drug sales could yield more recurring purchases from chronic disease
patients and give JDH more bargaining power over suppliers to enjoy a higher terminal
margin than other e-commerce categories.
Macquarie cut its FY2021/22 EPS estimates by 12%/5%. (KL)
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06618 JD HEALTH
Nominal 
26.600 +1.800 (+7.258%) Research Report
30/03/2021 17:02
{I-bank focus}Macquarie lowers JD Health (06618) to HK$124
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