New Street: JD 4Q21 Results - Lowered FY22 Outlook Reflect Challenging Environment; PT to $80
What's new: JD reported 4Q21 top line results were largely inline with consensus and our estimates. We nudged down our FY22 outlook to reflect challenging environment and margins are expected to remain stable in FY22 despite tougher macro backdrop and difficult comps. We lower our PT from USD100 to USD80 which implies 0.6x on FY22 EV/Rev.Analysts:
Jin Yoon
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