New Street Research - JD.com Inc (9618) New Street: JD 1Q22 Results - Margins to Remain Stable Despite Limited Visibility

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New Street Research

Jin Yoon

New Street: JD 1Q22 Results - Margins to Remain Stable Despite Limited Visibility

What's new: JD reported 1Q22 results were above consensus and our expectations. We nudge down our 2Q and FY22 top-line expectations to reflect limited visibility amid challenging macro and uncertainties around rolling covid lockdowns. Margins could remain stable YoY as spending could be more disciplined under tough macro conditions. We maintain our PT at USD 80 which implies 0.7x on FY22 EV/Rev.

Analysts:
Jin Yoon

19/05/2022 1 EN

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JD.com Inc

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Analysts

Jin Yoon

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New Street: JD 1Q22 Results - Margins to Remain Stable Despite Limited Visibility

JD.com (9618 HK): Resilient user growth and normalised revenue growth fostering solid recovery in 2024.

Greater China Daily: Friday, January 26, 2024

JD.com (9618 HK): 3Q23: Tempered top-line growth; 4Q23 outlook to be anchored by resilient 11.11 performance.

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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