JD: Expect Better 3Q18 Revenue but Margins Continue To Be Under Pressure from Investments; Maintain BUY
JD will report 3Q18 results on November 19th before the markets open with a 7am EST conference call. We are positive on JD’s topline growth in 3Q18 and we also expect its margin to be lower than previously expected as the company continues to invest in new business initiatives. As for 4Q18 guidance, we believe it is highly likely to be in line with consensus at RMB 136.0B with no upside surprises.
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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