New Street: JD 2Q21 Results - Top Line Remains Resilient; GM to be Further Pressured
What's new: JD reported 2Q21 results were above consensus and our estimates driven by resiliency across business segments. Overall topline momentum remains intact heading into 3Q despite nearterm regulatory headwinds. We also expect investments in new business segments such as community group buying could continue to trend up in 2H. We maintain our PT at USD85, implies 0.6x on FY22 EV/SalesAnalysts:
Jin Yoon
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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
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- Pan European Telecom Services and Cable
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