JD: 4Q22 Results - 1H Topline Could Remain Challenging
What's new: JD’s reported 4Q22 top-line results were largely inline with consensus, while margins top expectations. The recent business adjustments including but not limited to emphasis on everyday low price model could impact near-term top-line growth where 1Q could continue to moderate compared to 4Q, while margins could remain largely stable despite the launch of RMB10bn subsidy program. We lower our PT from USD 80 to USD 70 as near-term top-line could remain challenging. Our revised PT of USD70 implies 0.6x FY23E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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