JD / 9618.HK: Positive On Topline Growth In 4Q20; Continuing Its Investments For Future Growth And Market Share
JD will report 4Q20 results on March 11th before the markets open with a 7am EST conference call. We are positive into JD’s 4Q20 topline. Going into 2021, JD Retail’s strategy is to focus on: 1) omnichannel development of JD retail; 2) lower tier city expansion; and 3) platform operation. The new strategy requires a certain amount of investment, which means limited margin expansion in 2021. Based on our data from for 4Q20E and our model, net revenue is likely to be better than consensus at RMB219.5B (28.5% Y/Y growth).
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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