T.H. Data Flash - JD.com, Inc. – August & 3Q20E: New Initiatives and Better Performance In 3Q20; Expect A Strong 4Q20 On Blockbuster Sales
We are positive on JD’s 3Q20 performance. Post the hike in 2Q20, China e-commerce vendors including JD in 3Q20 experienced a lower growth season than its normal seasonality with most categories showing slower growth, except categories like apparel, shoes & bags and accessories. JD did a big promotional event in September together with Kuaishuo (a short video vendor like TikTok) with huge subsidizations, which was an additional positive compared with last year. More importantly, we believe 4Q20 is likely to be a blockbuster quarter similar to 2Q20.
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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