JD 1Q23 Results: Margins Continue to Show Upside
What’s new: JD’s reported 1Q23 results were above consensus and our expectations. While the recent business adjustment and reorg may impact near-term top-line growth, margins could continue to improve YoY driven by higher contribution from 3P including ads, and a shift of focus towards higher quality growth. We maintain our PT at USD70.Analysts:
Jin Yoon
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.