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<Research>HSBC Research Trims JD-SW (09618.HK) TP to $144 on Weaker-than-expected Home Appliance Sales
Recommend 5 Positive 4 Negative 3 |
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JD-SW (09618.HK) will be dented by its 4Q25 home appliance sales growth due to the high base effect from trade-in subsidies, HSBC Global Research issued a research report saying. Although the support from trade-in subsidies will continue until 2026, the boost effect on consumption may weaken YoY. Therefore, the broker trimmed its target prices for JD-SW's H-shares/ US stock from $152/ US$39 to $144/ US$37, implying an upside room of approx. 27%, with rating kept at Buy based on valuation. JD-SW's recent challenges are more significant than expected, as the sales trend for home appliances was weak, leading to a more conservative stance on JD Retail's growth prospects. Although strong smartphone sales and contributions from the food delivery business should offset some negative impacts, JD Retail's overall revenue growth is expected to decline by 3% YoY in 4Q25. AASTOCKS Financial News Website: www.aastocks.com |
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