JD: 2H19 Investing For User Growth In Lower Tier Cities; New Initiatives Driving Better Topline Growth In 3Q19
JD will report 3Q19 results on November 15th before the markets open with a 7am EST call. We are positive on JD’s 3Q19 performance. Based on our data and calculations, JD’s net revenue is likely to be better than consensus at RMB128.6B (22.7% Y/Y growth) as well as our estimate at RMB127.8B. In the 1H2019, the company accomplished 2.5% non-GAAP net margin, and it plans to invest more resources back into new business initiatives such as a new version of Pingou on WeChat and new product Jingxi lower tier city and category expansion as well as some other initiatives.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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