[ET Net News Agency, 14 April 2021] Daiwa lowered its target price for JD (09618) to
HK$425 from HK$465 and maintained its "buy" rating.
The research house as JD is stepping up its investment to capture the demand in
online groceries, it lowers its non-GAAP net income forecast for 1Q21 and now expects the
2021 non-GAAP net margin to see a YoY contraction. Nonetheless, it believes JD's leading
position in the online grocery retail business and reinvestment strategy will drive robust
top-line momentum and present upside risk to its 2021 revenue consensus estimate and drive
at least 20% YoY revenue growth over 2021-23E. (RC)