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<Research>Daiwa Hikes JD-SW (09618.HK) TP to $205, Reaffirms Buy Rating
Recommend 2 Positive 6 Negative 1 |
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Daiwa, in its report, wrote that JD-SW (09618.HK)(JD.US) is likely to adopt a more rational approach to food delivery (FD) investments in 3Q25 following the peak in 2Q25. Daiwa was optimistic about the operating profit margin (OPM) of JD Retail and JD-SW in 3Q25. Daiwa reaffirmed its Buy rating for JD-SW and raised the 12-month target price from HKD191 to HKD205. Daiwa anticipated JD Retail's operating profit to grow by 17% YoY to RMB13.6 billion in 3Q25, consistently surpassing its revenue growth rate. Despite the narrowing losses in the FD business, the company's total new business losses were projected to slightly increase to over RMB15 billion QoQ in wake of deeper losses in Jingxi and international businesses. Propelled by the improvement in JD Retail's OPM, the group's net profit for 3Q25 was correspondingly raised to RMB4.2 billion. AASTOCKS Financial News Website: www.aastocks.com |
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