New Street Research - JD.com Inc. Sponsored ADR Class A (JD) New Street: JD 1Q21 Results - Top Line Surprises; Further Investments Ahead

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New Street Research

Jin Yoon

New Street: JD 1Q21 Results - Top Line Surprises; Further Investments Ahead

What's new: JD reported 1Q21 results were above consensus and our estimates driven by resiliency across its business segments. Investments in JD Logistics and New Business – particularly on community group buying – could weigh down on margins in the near-term. We lower our PT from USD 95 to USD85 on downside risk to margins as we believe this investment cycle could be deeper and wider due to competitive positioning. Our new PT of USD85 implies 0.8x on FY22 EV/Sales.

Analysts:
Jin Yoon

20/05/2021 7 EN

Underlying

JD.com Inc. Sponsored ADR Class A

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US47215P1066 NASDAQ Stock Market United States

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Analysts

Jin Yoon

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New Street: JD 1Q21 Results - Top Line Surprises; Further Investments Ahead

JD 1Q24 Results: Potential Upside in Margins for FY24

JD.com (9618 HK): 1Q24: Solid earnings beat; high single-digit revenue growth on track.

Greater China Daily: Friday, May 17, 2024

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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