reports
- Jin Yoon
VIPS 2Q25 Results: Improving Outlook
What’s new: Vipshop’s reported 2Q25 results that were largely in line with consensus and our expectations. Guidance implies continued recovery in apparel, while standardized category could face further pressure amid intense competition. Margins could remain stable due to continued cost control. We up our PT from US$13 to US$15.5 on improving outlook. Our updated PT of US$15.5 implies 6.2x FY26E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- Jin Yoon
JD 2Q25 Results: JD Retail Remains Resilient; Food Delivery to Continu...
What’s new: JD’s reported 2Q25 results that were above consensus and our expectations. JD Retail could remain resilient while food delivery could remain a meaningful drag to margins in the near term. We lower our PT from US$70 to US$42 on lowered margin outlook. Our updated PT of US$42 implies a 15.0x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 2Q25: Revenue beat; viable cross-selling from FD but...
JD’s 2Q25 results came in above expectations. Revenue increased 22% yoy to Rmb356.7b, 6% above our and consensus estimates. Non-GAAP operating profit slumped 90% yoy to Rmb1.1b, translating to a non-GAAP operating margin of 0.3%. Non-GAAP net profit was down 49% yoy to Rmb7.4b. Adjusted net margin shrank 3ppt yoy to 2%. Maintain BUY with a higher target price of HK$166.00 (US$42.00).
JD.com Announces Second Quarter and Interim 2025 Results
JD.com Announces Second Quarter and Interim 2025 Results BEIJING, Aug. 14, 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 and six months ended June 30, 2025. Second Quarter 2025 Highlights Net revenues were RMB356.7 billion (US$149.8 billion) for the second quarter of 2025, an increase of 22.4% from the second quarter of 2024.Net income attributable to the Company’s ordinary shareh...
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Pierre FerraguÊ
- Felix Fischer
- Filipe Botelho
- Haidje Rustau
- Si Yong Ng
- Trung Nguyen
- Felix Fischer
Asia Monthly – July 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in July 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on deve...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
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JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
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9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
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00656 VISTA LAND & LIFESCAPES INC.
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ADANITRANS TATA MOTORS LIMITED
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01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
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RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
JD.com to Report Second Quarter and Interim 2025 Financial Results on ...
JD.com to Report Second Quarter and Interim 2025 Financial Results on August 14, 2025 BEIJING, July 31, 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 financial results for the three months and six months ended June 30, 2025 on Thursday, August 14, 2025, before the U.S. market opens. JD.com’s management will hold a conference call at 8:00 am, Eastern Time on August 14, 2025, (8:00 pm, Beijing/Hong Kong Time on A...
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Trivium, Applus, Altice France (SFR), Casino Guichard-Perrachon, International Personal Finance, TeamSystem, Aston Martin, Virgin Media O2, Liberty Global, TalkTalk, Recordati, Tata Motors, Nexans, Italmatch Chemicals, Itelyum Group, Teva
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
NEX NEXANS SA
IPF INTERNATIONAL PERSONAL FINANCE PLC
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
JD.com Announces Decision to Make a Voluntary Public Takeover Offer an...
JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY BEIJING, July 30, 2025 (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 decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading Europea...
- James Ratzer
TalkTalk (1st Lien - Overweight) New capital injection a mixed blessi...
TalkTalk has announced a new funding arrangement of up to £100m of extra liquidity. They have also provided new guidance and we run though our take on the new funding and the new guidance. We then provide an update to our forecasts and what this might mean for M&A possibilities
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Trung Nguyen
- Leonard Law
- Tanvi Arora
- Trung Nguyen
- James Ratzer
TalkTalk (Overweight 1st lien) Deeper dive on customer trends and est...
There is a lot of focus (quite rightly) on TalkTalk’s customer trends as a longer-term indicator of their growth trajectory but the initial Q1 results suggested a wide range of outcomes.However, we now have more detail on this from the company and in this note, we take a deeper dive into the precise customer trends and provide an updated set of forecasts. For BT, we then also assess the potential impact that this might be having on Openreach.
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
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