JD.com Released Strong Fourth-Quarter Results; Spin-Off of JD Finance in 2017
JD.com delivered strong fourth-quarter results with core gross merchandise volume up 46% year on year, 1.8% higher than our estimates. The impact from the online finance business will be diminished in 2017 after the spin-off of JD Finance. We are revising our fair value estimate for JD.com up to $28 per ADR from $26 after rolling over our model and incorporating the JD Finance spin-off. Meanwhile, we retain our no-moat, stable moat trend, and high uncertainty ratings for JD.com, owing to ongoing...
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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