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<Research>BOCI Cuts JD.com (JD.US) TP to US$39.9; Biz Restructuring Nearing End
Recommend 8 Positive 11 Negative 2 |
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BOCI issued a research report, expecting JD.com (JD.US) (09618.HK)'s FMCG sales to recover now that its business restructuring is nearly over, and expected the company's direct sales to grow 1.9% YoY in 1Q24, slightly lower growth rate than social retail sales growth for January-February, mainly due to lower sales of electronic products and home appliances. The broker considered the group's valuation remained attractive and that measures to boost sales growth in consumer discretionaries may catalyse the stock's upturn in the near term. BOCI reiterated its Buy rating on JD and lowered its target price to US$39.9 from US$40.2, citing a lower associate valuation. AAStocks Financial News |
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