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<Research>JPM Expects JD-SW (09618.HK) 4Q24 Adj. NP to Rise 13% YoY, 1-3Q25 Rev. to Hike 6-7%
Recommend 10 Positive 21 Negative 4 |
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JD-SW (09618.HK)'s share price slumped 5%/ 9% in the past 1 month/ 3 months, slightly underperforming the MSCI China Index over the same period, but outperforming Chinese e-commerce peers, JPMorgan released a research report saying. JPMorgan believed that its revenue growth will see a better-than-expected boost from trade-in policies, and that its margin will be more resilient than expected due to its disciplined investment. The broker maintained its target prices at US$50/ $200 for JD-SW's US stock/ H-shares each, with ratings at Overweight. Based on the target price, the Company's valuation is equivalent to a projected 2025 PE ratio of about 11x (the current share price is equivalent to only 8x). JPMorgan forecasted JD-SW's 4Q24 revenue to grow 9.5% YoY, beating market consensus by 3%. Adjusted net profit is estimated to rise 13% YoY, with an adjusted net margin of 2.8%, as demand driven by the trade-in policy eases JD-SW's spending needs and it is observed that JD-SW's investments remained highly disciplined. JPMorgan predicted JD-SW's revenue will hike 6-7% YoY in 1Q25-3Q25 before slowing to 2% in 4Q25 on a high base, with double-digit YoY growth in adjusted EPS. The broker believed that the market consensus has not yet reflected JD-SW's policy dividends and disciplined investment. AAStocks Financial News |
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