reports
- Jin Yoon
JD 4Q24 Results: Top Line Growth to Accelerate in 2025
What’s new: JD’s reported 4Q24 revs that were above consensus and our expectations. Top line growth could accelerate, while group-level margins could remain stable YoY in FY25. We maintain our PT at USD70. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q24: Strong earnings beat; resilient top-line bolst...
JD’s 4Q24 results came in above expectations. Revenue increased 13% yoy to Rmb347b, 4% above our and consensus estimates, outperforming the previously lifted guidance of 9% yoy. Non-GAAP operating profit rose 34% yoy to Rmb10.5b, translating to a non-GAAP operating profit margin of 3%. Non-GAAP net profit grew 34% yoy to Rmb11.3b. Adjusted net margin jumped 1ppt yoy to 3%. Maintain BUY with a higher target price of HK$220.00 (US$60.00).
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
Greater China Daily: Friday, March 7, 2025
KEY HIGHLIGHTS Sector Automobile China auto sales rebounded in the ninth week of 2025, with a 53.8% PEV market share. BYD plans to issue 118m H-shares to raise around US$5.6b, aiming at funding the construction of overseas plants. Geely’s AI Technology Launch event introduced the "Qianli Haohan" intelligent driving system featuring a five-tier framework. With regard to US tariffs on Mexico and China, direct impacts on Chinese automakers are limited. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuy...
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
Regional Morning Notes - Friday, March 07, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow; smart EVs to benefit from policy support. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay SV. Results JD.com (9618 HK/BUY/HK$179.00/Target: HK$220.00): 4Q24: Strong earnings beat; resilient top-line bolstered by trade-in programme. JD Logistics, Inc (2618 HK/BUY/HK$15.46/Target: HK$22.00): 2024: Results broadly in line; revenue growth to accelerate in 2025. Maintain BUY. INDONESIA Initiate Coverage Harum...
JD.com Announces Fourth Quarter and Full Year 2024 Results, and Annual...
JD.com Announces Fourth Quarter and Full Year 2024 Results, and Annual Dividend BEIJING, March 06, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months and the full year ended December 31, 2024 and an annual cash dividend for the year ended December 31, 2024. Fourth Quarter and Full Year 2024 Highlights Net revenues were RMB347.0 billion (US$147.5 billion) for the fourth quarter o...
- Greater China Research Team
Greater China Strategy: Alpha Picks -- March Conviction Calls
The HSI and MSCI China index rose 13.4% mom and 11.5% mom respectively in February, riding the wave of optimism on China’s tech sector. Sino-US tensions look set to rise in March, as higher tariffs take effect and should lead to greater market volatility. Hence, we will be quick to take profit and will only add names with less demanding valuations. New additions to our BUY list are Geely, JD, SHKP and Zijin Mining.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
01299 AIA GROUP LIMITED
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
06690 HAIER SMART HOME CO. LTD. CLASS H
- Julia Pan Mengyao
- Ming San Soong
China Internet: Potential implications from implementation of social s...
JD and Meituan announced plans to gradually begin providing social security coverage for full-time and stable part-time riders nationwide starting 2Q25. Despite JD’s strategic implementation on zero commission and full social security coverage, we opine that this will have a limited impact on the company on competitive landscape and cost level, on the back of Meituan’s dominant market share, extensive restaurant coverage and 1P rider network scale advantages. Maintain MARKET WEIGHT.
JD.com to Report Fourth Quarter and Full Year 2024 Financial Results o...
JD.com to Report Fourth Quarter and Full Year 2024 Financial Results on March 6, 2025 BEIJING, Feb. 20, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited fourth quarter and full year 2024 financial results on Thursday, March 6, 2025, before the U.S. market opens. JD.com’s management will hold a conference call at 7:00 am, Eastern Time on March 6, 2025, (8:00 pm, Beijing/Hong Kong Time on March 6, 2025) to discuss the...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q24 preview: Strong growth outlook; JD to lead in 2...
JD lifted 4Q24 top-line growth guidance to 9% yoy from 6% yoy, better than our expectations. JD also saw strong user growth and GMV growth in 4Q24 as it is well positioned to capture the continuation of the trade-in programme. This bodes well with JD’s continuous ROI-focused investment in its user-centric strategy and supply chain efficiency to boost earnings growth. Maintain BUY with a higher target price of HK$200.00 (US$52.00).
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Monday, January 20, 2025
KEY HIGHLIGHTS Economics Economic Activity China grew at a faster clip of 5.4% yoy in 4Q24 as recently-announced macro policies gained traction. Industrial production growth (6.2% yoy, +0.8ppt) and retail sales growth (3.7% yoy, +0.7ppt) both saw meaningful increases in December. Only FAI growth slowed to 2.1% yoy, dragged by continued weakness in property investment, while the unemployment rate was a little higher at 5.1%. We keep our 2025 growth forecast at 4.2% yoy, expecting Sino-US tensio...
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kate Luang
- Kong Ho Meng
- Malaysia Research Team
- Ming San Soong
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, January 20, 2025
GREATER CHINA Economics Economic Activity: Right on the mark – China hits 5% growth in 2024. Update JD.com (9618 HK/BUY/HK$146.70/Target: HK$200.00): 4Q24 preview: Strong growth outlook; JD to lead in 2025 trade-in programme. Sun Hung Kai & Co (86 HK/BUY/HK$2.68/Target: HK$5.24): 2024 preview: Capturing opportunities from market dislocations. MALAYSIA Strategy Trading Opportunity Knocks: The FBMKLCI’s ytd decline of 5.3%, markedly worse than anticipated, drives compelling trading activities par...
- Jin Yoon
JD 4Q24 Preview: Upside in 4Q Estimates Partly Driven by the Trade-in ...
What’s New: We up our 4Q24 top and bottom-line estimates as the expanded trade-in program since late Aug could continue to drive resiliency in key categories such as home appliances. In this note, we highlight the latest updates on the business. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: 1H25 outlook shaped by implications of fiscal stimuli ...
We saw largely in-line top-line growth across companies in 3Q24, mainly pressured by a lukewarm macro environment, but with earnings beat thanks to enhanced efficiency from AI integration. Alongside pending visibility on further domestic supportive policies, we believe the key 2025 highlights are: a) re-acceleration of e-commerce GMV growth, b) potential upside in ad take rate monetisation, c) rejuvenation of online games grossing, and d) sustained travel enthusiasm. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Jin Yoon
JD 3Q24 Results: Outlook Remains Intact
What’s new: JD’s reported 3Q24 revs that were largely in-line with consensus and our estimates, while margins exceed expectations. FY24 outlook remains intact where rev and GMV growth could continue to outpace total retail sales. Non-GAAP net profit could also grow over 20% YoY in FY24 partly driven by continued GM improvement. We maintain our PT at USD70. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q24: Solid earnings beat; key proxy for benefits fr...
JD’s 3Q24 revenue rose 5% yoy to Rmb260.4b, in line with our and consensus estimates. Gross profit margin improved 1.7ppt yoy to 17.3% in 3Q24. Non-GAAP operating profit rose 17% yoy to Rmb13b, translating to a non-GAAP operating profit margin of 5%. Non-GAAP net profit grew 24% yoy to Rmb13.2b and EPS increased 30% yoy, beating our and consensus estimates by 17%. Adjusted net margin jumped 1ppt yoy to 5%. Maintain BUY with a target price of HK$197.00 (US$52.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, November 15, 2024
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 27% yoy but fell 17% mom and 11% wow during 4-10 Nov 24. Major carmakers saw a dip in insurance registrations in China last week. PEVs’ market share rose 1.8ppt wow to 54.1%. We conducted a detailed assessment of the impact of US tariffs on the companies under our coverage, as shown in the last page. We believe auto part manufacturers are more vulnerable than OEMs. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao, and...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, November 15, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales dip wow while PEV market share increases. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Alibaba Health Information Technology (241 HK/BUY/HK$4.04/Target: HK$5.00): 1HFY25: Results in line; expect strong earnings growth momentum in FY25-26. Geely Auto (175 HK/BUY/HK$13.90/Target: HK$23.00): 3Q24: Core earnings up 81% yoy and 29% qoq, beating estimates. Maintain BUY. Raise target price from HK$21.50 to HK$23.00. J...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
CPN-R CENTRAL PATTANA PCL NVDR
MRDIY MR DIY GROUP M BHD
09999 NETEASE INC
09618 JD.COM INC. CLASS A
HUME HUME CEMENT INDUSTRIES BHD
JD.com Announces Third Quarter 2024 Results
JD.com Announces Third Quarter 2024 Results BEIJING, Nov. 14, 2024 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months ended September 30, 2024. Third Quarter 2024 Highlights Net revenues were RMB260.4 billion (US$137.1 billion) for the third quarter of 2024, an increase of 5.1% from the third quarter of 2023.Income from operations was RMB12.0 billion (US$1.7 billion) for the thir...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Revitalising momentum evident in initial phase of 11.1...
Data from the initial phase of the 11.11 campaign set a compelling prelude to a high single-digit GMV growth in 2024. We expect the combination of government trade-in subsidies and 11.11 discounts to stimulate consumer demand, particularly with home appliances and 3C digital products taking the spotlight. We anticipate stabilised competition between traditional and livestreaming e-commerce with a strong emphasis on shelf-based e-commerce. Maintain MARKET WEIGHT.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, November 07, 2024
GREATER CHINA Sector Internet - China Revitalising momentum evident in initial phase of 11.11 campaign. Results LINK REIT (823 HK/BUY/HK$38.05/Target: HK$45.08) 1HFY25: DPU rises 3.7% yoy, meeting expectations; enhancing resilience amid macro headwinds. Update Prudential (2378 HK/BUY/HK$65.50/Target: HK$126.00) Solid NBP growth on improved sales and margins across few mar...
00823 LINK REAL ESTATE INVESTMENT TRUST
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
AMATA AMATA CORP
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIE SIA ENGINEERING CO LTD
SPOST SINGAPORE POST LTD
FNH FRASER & NEAVE HOLDINGS BHD
BANPU TB BANPU
WHA TB WHA CORP PCL
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
9CI CAPITALAND INVESTMENT LTD
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
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