JD Will Be Affected by the Weaker Economy; Remains Undervalued
We plan to reduce our fair value estimate for JD.com by a high-single-digit to low-teens percentage from the current $41 per share, but the stock will continue to be undervalued. We now assume JD’s net revenue for the fourth quarter will grow at 19% year over year (at the low end of weaker-than-expected guidance of 18%-23%) as a result of a slowing economy and weak performance of the big-ticket electronics and home appliance category (63% contribution in the first half this year) as a result of ...
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