JD.com Delivered Strong Top-Line Growth; JD Finance Spin-Off Completed
JD.com’s strong growth in gross merchandise volume and revenue was ahead of our estimates in the second quarter, which continued to benefit from the structural shift from offline consumption to online. The second quarter is a high season for e-commerce operators, given the "6.18" promotional event. The company made two major adjustments: the deconsolidation of JD Finance and the cost reclassification of JD Logistics. Our fair value estimate increases to $37.50 per ADR from $34 after revising up ...
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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