JD will report 1Q22 results on May 17th before the markets open with an 8am ET conference call. We are lowering our estimates for 1Q22 and 2Q22 to reflect the negative impact from China’s zero-COVID lockdowns. Shanghai has been under lockdown since late March, but starting from April 18, businesses/manufacturing were gradually allowed to resume operations. We believe that Shanghai is not far from going back to normal. The lockdowns have slowed China’s economy. Consumption in March was much worse than the first two months of 1Q22. However, we are positive on JD in the longer term as we believe 1H22 can be the bottom of China’s economy and JD is likely to benefit from economic recovery in 2H22.
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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