reports
JD.com Announces Updates of Its Share Repurchase Program
JD.com Announces Updates of Its Share Repurchase Program BEIJING, April 18, 2024 (GLOBE NEWSWIRE) -- JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that, during the quarter ended March 31, 2024, the Company repurchased a total of 87.5 million Class A ordinary shares (equivalent of 43.8 million ADSs) for a total of US$1.2 billion. All of these shares were repurchased in the open markets from both NASDAQ and the Hong Kong Stock Exchange pursuant to the C...
JD.com Files Its Annual Report on Form 20-F
JD.com Files Its Annual Report on Form 20-F BEIJING, April 18, 2024 (GLOBE NEWSWIRE) -- JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on April 18, 2024 U.S. Eastern Time. The annual report can be accessed on the Company’s investor relations website at The Company will provide a copy of its annual report containing the ...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 1Q24 results preview: Focusing on three core strateg...
JD’s top-line growth is expected to be 6% yoy for 1Q24, while GMV growth is projected be exceed China’s 1Q24 retail growth of 4.7% yoy. In 2024, JD will have a clean base after reorganisation and targets to achieve high single-digit normalised GMV growth. Meanwhile, margin is expected to remain stable yoy due to ramped up investment in three major strategies including content ecosystem, open ecosystem and on-demand services. Maintain BUY. Target price: HK$127.00 (US$34.00).
- Jin Yoon
- Jin Yoon
Tencent: Updates on Gaming and Other Business Segments for 1Q24
What’s New: We up our 1Q24 and FY24 top-line estimates as online gaming could fare better than our initial expectations partly driven by positive progress on change in monetization strategy coupled with new game launches such as DnF Mobile in 2Q. In this note, we discuss key updates including near-term outlook for segments including games, ads, fintech and business services. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Rewarding shareholders in 2023; emerging strategic gro...
Given the stabilising revenue growth and abundant cash on hand, mega-cap internet companies have been focusing on offering generous shareholder returns. For 2024, we expect consumption behaviour to switch to service and experience, which will continue to benefit OTA players. We believe other China internet names will outperform with overseas expansion and SFV players will continue to gain market shares with potential for take rate increases. 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 PINDUODUO PDD US
02423 BAIDU INC
09961 KE HOLDINGS INC.
CTRIP.COM INTERNATIONAL
Tencent Holdings Limited: 1 director
A director at Tencent Holdings Limited sold after exercising options/sold 14,000 shares at 292.619HKD and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's d...
- Jin Yoon
Tencent 4Q23 Results: Domestic Games Could be Challenging in 1Q
What’s new: Tencent’s reported 4Q23 revs were below consensus and our expectations partly due to drag in gaming segment. Domestic games could remain challenging in 1Q partly due to tougher comps. Margins could further improve amid shift to high-quality revenue growth model, and continued cost controls. We maintain our PT at HKD450. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Tencent Holdings (700 HK): 4Q23: In-line results; lifting shareholder ...
Tencent’s 4Q23 results came in slightly below our expectation. Revenue grew 7.1% yoy to Rmb155.2b, in line with consensus estimate. Gross margin expanded 3ppt yoy to 50%, better than consensus forecast. Non-GAAP operating margin recovered to Rmb52b, while non-GAAP operating margin rose to 34.2%, beating our estimate. Non- IFRS net profit increased 43.7% yoy, 3% above consensus estimate on a positive revenue mix shift. Maintain BUY with a lower target price of HK$382.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, March 21, 2024
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$17.20/Target: HK$21.00) 2023: In line; all set to expand market share. CSPC Pharmaceutical Group (1093 HK/BUY/HK$6.41/Target: HK$7.80) 2023: Results in line; expects double-digit revenue and earnings growth in 2024. Geely Auto (175 HK/BUY/HK$8.83/Target: HK$11.00) 2023: Results beat on margins again; upgrade to BUY. Raise target price from HK$6.50 to HK$11.00. Innovent Biologics (1801 HK/BUY/HK$39.35/Target: HK$60.00) 2023: Results ...
PRU PRUDENTIAL PLC
02331 LI NING COMPANY LIMITED
00700 TENCENT HOLDINGS LTD.
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 CSPC PHARMACEUTICAL GROUP LTD
01024 KUAISHOU TECHNOLOGY CLASS B
- Julia Pan Mengyao
- Ming San Soong
China Internet: Looming US import ban amid encouraging growth trajecto...
Temu achieved strong user engagement growth after sponsoring the Super Bowl in the US in February. We lift our global 2024 GMV forecast for Temu to US$38b from US$34b previously in view of the strong sales growth in Jan-Feb 24 boosted by the Super Bowl. We expect the launch of the new semi-entrusted model in March to further contribute to GMV growth in 2024. To defend against the potential US policy risks, Temu is expected to pivot its focus on Europe, Latin America, and the Middle East.
- Jin Yoon
JD 4Q23 Results: Aiming for Continued Market Share Gains in 2024
What’s new: JD’s reported 4Q23 results top consensus and our expectations. Improving user experience and market share gains are the key priorities for JD in 2024. JD could continue to outgrow overall online retail sales, while profit could remain stable despite continued investments to enhance user experience in 2024. We maintain our PT at USD70. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q23: Earnings beat; US$3b buyback plan. Vague visib...
JD’s 4Q23 revenue edged up 3.6% yoy to Rmb306b, slightly better than our and consensus estimates. Gross margin improved 15bp yoy to 14.2% in 4Q23. Non-GAAP operating profit rose 7% yoy to Rmb7.8b, translating to non-GAAP operating margin of 2.5%. Non-GAAP net profit came in at Rmb8.4b, 16% above consensus estimate, as a result of streamlining of operations. Adjusted net margin was 2.7%, better than the street’s expectation. Maintain BUY with a lower target price of HK$116.00 (US$31.00).
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
Greater China Daily: Thursday, March 7, 2024
KEY HIGHLIGHTS Sector Healthcare ICL: Twin giants continue to stay ahead of the competition. Results JD.com (9618 HK/BUY/HK$89.20/Target: HK$116.00) 4Q23: Earnings beat; US$3b buyback plan. Vague visibility on 2024 outlook and 3P monetisation. TRADERS’ CORNER Yihai International Holding Ltd. (1579 HK): Trading Buy range: HK$12.00-12.50 Xinyi Glass Holdings Limited (868 HK): Trading Buy range: HK$8.30-8.50
JD.com Announces Fourth Quarter and Full Year 2023 Results, Annual Div...
JD.com Announces Fourth Quarter and Full Year 2023 Results, Annual Dividend and Share Repurchase Program BEIJING, March 06, 2024 (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 its unaudited financial results for the three months and the full year ended December 31, 2023 and an annual cash dividend for the year ended December 31, 2023. The company also announced the adoption of a new share repurchase program under which the company may repurchase up to US$3.0 b...
JD.com to Report Fourth Quarter and Full Year 2023 Financial Results o...
JD.com to Report Fourth Quarter and Full Year 2023 Financial Results on March 6, 2024 BEIJING, Feb. 22, 2024 (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 2023 financial results on Wednesday, March 6, 2024, before the U.S. market opens. JD.com’s management will hold a conference call at 7:00 am, Eastern Time on March 6, 2024, (8:00 pm, Beijing/Hong Kong Time on March 6, 2024) to disc...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): Resilient user growth and normalised revenue growth ...
JD is expected to see a low single-digit top-line yoy growth in 4Q23 given the adverse impact from restructuring, but partially supported by a stable recovery in the macro backdrop. Meanwhile, JD’s 4Q23 GMV growth is projected to be solid at 6% despite the impact from its reorganisation. As the adverse impact from reorganisation will be eliminated in 2024, JD targets to achieve a high single-digit normalised GMV growth. Maintain BUY with a lower target price of HK$135.00 (US$36.00).
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Friday, January 26, 2024
KEY HIGHLIGHTS Sector Automobile Weekly: EV sales rebounded in the third week of 2024 on price cuts, implying lower margins. Top SELLs: BYD, XPeng and Li Auto. Update JD.com (9618 HK/BUY/HK$90.40/Target: HK$135.00) Resilient user growth and normalised revenue growth fostering solid recovery in 2024. TRADERS’ CORNER PetroChina Company Limited (857 HK): Trading Buy range: HK$5.60-5.67 China Telecom Corporation Limited (728 HK): Trading Buy range: HK$3.90-4.00
- Jin Yoon
JD 4Q23 Preview: Estimates Remain Intact
What’s New: We maintain our 4Q23 estimates as overall business could trend in-line with our expectations. Group-level margins could improve YoY on a FY basis despite the competition. In this note, we highlight the latest updates on the business. Analysts: Jin Yoon
- Jin Yoon
Tencent: Key Metrics from Weixin Open Class Pro 2024
What’s New: Tencent held a closed-door Weixin Open Class Pro event this year. We highlight some of the key metrics shared from segments including video accounts and mini games. We also updated our online game revenue estimates for 4Q23. Analysts: Jin Yoon
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