JD: T.H. Data Flash - JD.com, Inc. (JD) – May 2017 & Preliminary 2Q17: GMV Growth is Likely to Accelerate Y/Y in 2Q17
Growth of online sales GMV likely to accelerate Y/Y in 2Q17 – Total GMV of JD is likely to grow 45.4% Y/Y (up 25.4% Q/Q) to reach RMB230.9B in 2Q17 (Figure 1). Core GMV (excluding Paipai.com and Yihaodian) is likely to grow 42.5% Y/Y. GMV excluding virtual items is likely to grow 44.8% Y/Y. The growth is mainly driven by marketplace at about 50.9% Y/Y, while GMV of online direct sales business is likely to grow 39.1% Y/Y (Figure 2) to reach RMB131.8B. Online direct sales revenue is likely to increase 41.4% Y/Y to reach RMB84.4B.
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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