Strong 1Q Result at JD, but Margin May Decline in Following Quarters
We maintain our $36 fair value estimate for no-moat JD after the company released a strong first-quarter result. Our non-GAAP net margin is 0.8% this year, at the low end of full-year guidance of 0.8%-1.2% excluding profit from the property management business, and lower than the 2.7% margin in the first quarter. We expect that management will reinvest the cash flow from the first quarter in the second and fourth quarters' promotion seasons, which could lead to a full-year margin expansion lower...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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