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Morningstar‘s Stock Analysis JD

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Is it the right time to buy or sell?

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Capital Allocation


Raising JD’s FVE by 2% on Stronger-Than-Expected Cost Rationalization

Chelsey Tam Senior Equity Analyst

Analyst Note

| Chelsey Tam |

We were slightly disappointed about wide-moat’s lower-than-industry sales growth in the second quarter, but were surprised by the stronger-than-expected margin improvement across all reported business segments. We raise our fair value estimate to USD 104 (HKD 403) from USD 102 (HKD 395), due to our forecast of greater cost rationalization efforts across all business lines than we had previously expected. We have raised our non-GAAP net margin forecast to 2.2% both this year and next year, up from our previous forecasts of 1.7% and 2.1%. continues to be our top pick in the general e-commerce sector. 

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Key Statistics JD

Company Profile JD

Business Description is China's second-largest e-commerce company after Alibaba in terms of gross merchandise volume, offering a wide selection of authentic products at competitive prices, with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace and omnichannel businesses.

No. 18 Kechuang 11 Street, 20th Floor, Building A
Beijing, 101111, China, People's Republic of
T +86 1089118888
Industry Internet Retail
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 390,000

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