Daiwa Research lowered its target price for JD.com - H (09618) to HK$425 from HK$485 and maintained its "buy" rating.
The research house said catalysts for 2021 include (1) listing of JD Logistics and JD Digits, (2) an easing competitive landscape due to the antitrust rules, (3) further
market-share gains for JD Supermarket and online groceries, (4) a stronger performance from Jingxi in lower-tier cities leading to better new user growth momentum, and (5) improved economies of scale for other businesses such as JD Logistics.
Daiwa forecasted JD's revenue to rise by 29% for 4Q 2020, driven by strong sales volume during the Double-11 festival and its growing scale in the online grocery market. It forecasted total revenue to rise by 23%, while the non-GAAP net margin expands by just 40bps to 2.6% for 2021.
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