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<Research>M Stanley Downgrades JD.com (JD.US) to Underweight on Aftereffects of Trade-in Subsidies
Recommend 20 Positive 29 Negative 16 |
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Morgan Stanley downgraded JD.com (JD.US) from Equalweight to Underweight, with a target price of US$28 for its ADRs. Compared to BABA-W (09988.HK)(BABA.US) and PDD Holdings (PDD.US), JD.com has benefited the most from China's trade-in subsidies, but the policy effect is waning and has become a high base since last quarter. JD.com's 4Q25 revenue growth is expected to slow to 5.6% YoY, with sales of home appliance and electronics possibly declining YoY. Revenue growth is estimated to further slow to 4.4% next year. This situation will reduce the Company's operating leverage over the next 12 months, and its continued investment in new businesses will also drag down its long-term profit margins and return on equity (ROE). AASTOCKS Financial News Website: www.aastocks.com |
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