JD.Com (H-Shares) (9618:HK) (JD) PT Raised to HK$348 at China Galaxy International, 'Impressive margin improvement'
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China Galaxy International analyst Lei Yang raised the price target on JD.Com (H-Shares) (9618:HK) (NASDAQ: JD) to HK$348.00 (from HK$345.00) while maintaining a Add rating.
The analyst comments "JD Retail (JDR) achieved 7% revenue growth in 3Q22. By category, general merchandise revenue grew 3% yoy, and home appliance revenue was up 8% yoy. Management said the weak growth in general merchandise revenue was because 1) Jingxi’s business was slower, 2) JD reviewed its product profile, removing underperforming product categories, and 3) the weak macro affected demand for some products, such as cosmetics and baby care. 3P marketplace business achieved 13% revenue growth in 3Q22, reflecting JD’s strong omni-channel capability. JD Logistics (JDL)’s revenue jumped by 39% yoy in 3Q22, driven partially by the consolidation effect of Deppon. Excluding Deppon, JDL delivered revenue growth of 16% yoy, driven mainly by revenue growth from external customers, which hit a record high of 68% yoy. Annual active customers (AAC) increased by 6.5% yoy to 588.3m in 3Q22, and up 7.5m qoq. DAU saw double-digit growth yoy in 3Q22."
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