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09618
JD-SW
HKD
112.400-2.200
(-1.92%)
1D
AI Analysis for 09618
AI Analysis
High
114.200
Open
113.700
VWAP
113.00
Vol
16.00M
Mkt Cap
370.00B
Low
112.200
Amount
2.00B
EV/EBITDA(TTM)
11.00
Total Shares
3.00B
EV
40.00B
EV/OCF(TTM)
13.00
P/S(TTM)
0.00
JD.Com Inc is a company principally engaged in the e-commerce business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, JD Platform). The Company operates its businesses through four segments. JD Retail segment, including JD Health, JD Industrials, and other components, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics segment includes both internal and external logistics businesses. Dada segment is a local on-demand delivery and retail platform in China. New Businesses segment mainly include JD Property, Jingxi and overseas businesses. The Company mainly conducts its businesses in the domestic market and overseas markets.
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News
6.5
01-29aastocksBofAS Reduces JD-SW's Target Price to HKD141, Anticipates Consistent Performance for 4QFY25
BofA Securities Report: BofA Securities predicts JD-SW will announce its 4QFY25 results in March, with total revenue expected to grow by 2.6% YoY to RMB356 billion, aligning with market consensus.
Sales Performance: The report anticipates a 3.1% YoY decline in direct sales revenue, primarily due to a 13% drop in home appliances and electronics sales, although this will be partially offset by strong growth in general merchandise.
Target Price Adjustment: BofA has reduced JD-SW's target price from HKD149 to HKD141 but maintains a "Buy" rating, citing the company's strong retail position and attractive earnings forecast.
Shareholder Returns: The firm highlights JD-SW's commitment to shareholder returns, projecting a nearly 10% dividend yield in 2025.
5.0
01-29aastocksKai Bo Food Supermarket by JD-SW Introduces Week-Long 20% Discount Across All Items
Stock Performance: JD-SW (09618.HK) experienced a decline of 1.806%, with short selling amounting to $95.27 million and a ratio of 13.998%.
Promotional Event: Kai Bo Food Supermarket is hosting a seven-day storewide promotion offering 20% off from January 28 to February 3 to celebrate the Lunar New Year.
5.0
01-29aastocksJD Cloud Unveils Moltbot Cloud Service for Rapid Deployment of AI Assistants
JD Cloud Launches Moltbot: JD Cloud has fully launched the Moltbot cloud service, allowing users to activate it with a single click and enabling 24/7 deployment of AI assistants.
Features of Moltbot: The open-source AI agent can read documents, execute commands, write code, and manage systems, with capabilities like local long-term memory and cross-platform notifications.
8.0
01-28aastocksGuangzhou Plans to Distribute RMB50 Million in Dining Vouchers in Several Phases During Spring Festival
Government Dining Vouchers: Guangzhou will distribute RMB50 million in dining vouchers before and after the Spring Festival to promote local dining experiences.
Collaboration with Platforms: The initiative will utilize platforms like MEITUAN-W and Douyin to offer commercial discount coupons for residents and visitors.
E-commerce Mobilization: Guangzhou plans to engage e-commerce platforms and brand merchants such as Vipshop, JD-SW, and Alibaba to meet holiday demand.
Enhancing Shopping Experience: The city aims to boost online shopping by diversifying product categories, increasing discounts, and innovating consumption experiences.
3.5
01-28aastocksJD's Shen Jianguang: Rapid Growth of AI Infrastructure Enhances Hong Kong's Competitive Advantage
Hong Kong's AI Development Environment: Hong Kong is recognized as a vibrant and internationalized hub for AI companies, facilitating business expansion and innovation, according to Shen Jianguang, Vice President and Chief Economist of JD-SW.
Strategic Advantages in AI: The city is expected to leverage its rapid AI infrastructure development to enhance its position in data science, fintech, and intelligent manufacturing, serving as a bridge between mainland China and global markets.
Biomedical Technology Cooperation: Dai Hongbin, Vice Chairman of HENGRUI PHARMA, emphasized the importance of Hong Kong's strategic role in the international innovation ecosystem and expressed interest in collaborating with the Office for Attracting Strategic Enterprises to advance biomedical technology.
Market Activity: The article notes current short selling statistics for Hong Kong stocks, indicating significant market activity, with specific figures for JD-SW and HENGRUI PHARMA.
Money Flow
Over the past 66 trading days, overall net money flow is 565.00M, with retail investors contributing -5.00M and major investors adding 641.00M.
Net Buy $ Volume
Net Sell $ Volume
Citi
Buy
downgrade
$44 -> $37
2026-01-05
Reason
Citi lowered its forecasts for JD-SW due to a steeper decline in home appliance sales indicated by November sales data from the National Bureau of Statistics, with expectations of further drops in December. This adjustment reflects weaker-than-expected retail sales for 4Q25 and a challenging comparison base anticipated in 1H26, despite the extension of the trade-in program. Citi also cut its adjusted net profit forecast for JD-SW, citing declines in revenue and gross margins, along with high sales and marketing expenses during the Double 11 promotion period. Despite reducing the target price from USD44 to USD37, Citi maintained a Buy rating, indicating that while the outlook is cautious, they still see potential in the stock.
Citi
Buy
Price Target
$44 -> $37
2026-01-05
downgrade
Citi lowered its forecasts for JD-SW due to a steeper decline in home appliance sales indicated by November sales data from the National Bureau of Statistics, with expectations of further drops in December. This adjustment reflects weaker-than-expected retail sales for 4Q25 and a challenging comparison base anticipated in 1H26, despite the extension of the trade-in program. Citi also cut its adjusted net profit forecast for JD-SW, citing declines in revenue and gross margins, along with high sales and marketing expenses during the Double 11 promotion period. Despite reducing the target price from USD44 to USD37, Citi maintained a Buy rating, indicating that while the outlook is cautious, they still see potential in the stock.
Citi Research
downgrade
$144
2025-12-31
Reason
Citi Research's analyst rating is influenced by the belief that the continuation of the trade-in policy will positively impact e-commerce platforms by helping to mitigate the effects of a high base in the first half of 2026. Despite the first batch of subsidies being lower in amount and scope compared to the previous year, the report suggests that the policy can still enhance consumer sentiment. However, the analysts also note that the limited scale of the new subsidies and the higher base may restrict the overall benefits for JD-SW and other platforms, leading to a cautious outlook.
Citi Research
Price Target
$144
2025-12-31
downgrade
Citi Research's analyst rating is influenced by the belief that the continuation of the trade-in policy will positively impact e-commerce platforms by helping to mitigate the effects of a high base in the first half of 2026. Despite the first batch of subsidies being lower in amount and scope compared to the previous year, the report suggests that the policy can still enhance consumer sentiment. However, the analysts also note that the limited scale of the new subsidies and the higher base may restrict the overall benefits for JD-SW and other platforms, leading to a cautious outlook.
HSBC Research
downgrade
$144
2025-12-31
Reason
The analyst rating from JPMorgan is based on a lowered revenue growth forecast for JD-SW (09618.HK) for 4Q25, which has been adjusted from a year-over-year increase of 6% to just 1%. This revision is attributed to weak home appliance sales observed in October and November, which are not expected to recover in December. JPMorgan estimates that sales of electronics and home appliances for JD-SW will decline by more than 10% year-over-year, leading them to doubt that JD Retail's revenue growth will surpass the overall industry growth in online physical goods sales.
HSBC Research
Price Target
$144
2025-12-31
downgrade
The analyst rating from JPMorgan is based on a lowered revenue growth forecast for JD-SW (09618.HK) for 4Q25, which has been adjusted from a year-over-year increase of 6% to just 1%. This revision is attributed to weak home appliance sales observed in October and November, which are not expected to recover in December. JPMorgan estimates that sales of electronics and home appliances for JD-SW will decline by more than 10% year-over-year, leading them to doubt that JD Retail's revenue growth will surpass the overall industry growth in online physical goods sales.
Nomura
Buy
downgrade
$150 -> $144
2025-11-24
Reason
The analyst rating from Nomura is a Buy for JD-SW (09618.HK), despite the reduction in forecasts for revenue and EPS for FY25/26. The reasons for the rating include the acknowledgment of JD Retail's current challenges, such as a slowdown in revenue growth and declining profit margins, as well as headwinds like high base effects, reduced trade-in subsidies, and advanced consumption of electronic goods. The target price was lowered from HKD150 to HKD144 to reflect these challenges, but the overall rating remains positive, indicating confidence in the company's long-term potential despite short-term difficulties.
Nomura
Buy
Price Target
$150 -> $144
2025-11-24
downgrade
The analyst rating from Nomura is a Buy for JD-SW (09618.HK), despite the reduction in forecasts for revenue and EPS for FY25/26. The reasons for the rating include the acknowledgment of JD Retail's current challenges, such as a slowdown in revenue growth and declining profit margins, as well as headwinds like high base effects, reduced trade-in subsidies, and advanced consumption of electronic goods. The target price was lowered from HKD150 to HKD144 to reflect these challenges, but the overall rating remains positive, indicating confidence in the company's long-term potential despite short-term difficulties.
CMSI
maintain
2025-11-17
Reason
The analyst rating for JD-SW (09618.HK) was maintained as Overweight despite a deteriorating outlook for JD Retail's margins and a deeper-than-expected operating loss from new businesses. The broker lowered its non-GAAP net profit forecasts for FY2025 and FY2026 and reduced the target prices for both US and H-shares. However, the strong growth in daily necessities and ad services revenue, along with contributions from JD Food Delivery, contributed to the decision to keep the Overweight rating, indicating a belief in the company's long-term potential despite short-term challenges.
CMSI
Price Target
2025-11-17
maintain
The analyst rating for JD-SW (09618.HK) was maintained as Overweight despite a deteriorating outlook for JD Retail's margins and a deeper-than-expected operating loss from new businesses. The broker lowered its non-GAAP net profit forecasts for FY2025 and FY2026 and reduced the target prices for both US and H-shares. However, the strong growth in daily necessities and ad services revenue, along with contributions from JD Food Delivery, contributed to the decision to keep the Overweight rating, indicating a belief in the company's long-term potential despite short-term challenges.
Nomura
Nomura
maintain
$43
2025-11-14
Reason
The analyst rating for JD-SW (09618.HK) is "Buy" based on several key factors highlighted in the report by Nomura. The reasons for this rating include:
1. Strong Revenue Growth: JD's 3Q25 results showed a revenue increase of 15% year-over-year to RMB299 billion, which exceeded market expectations by 2%.
2. Profit Performance: Despite increased investments in the food delivery business, JD's non-GAAP net profit significantly surpassed market expectations, primarily due to the robust performance of JD Retail.
3. Growth in New Business Segment: The new business segment, particularly JD Food Delivery, reported a revenue increase of 214% year-over-year, reaching RMB15.6 billion, indicating strong growth potential.
4. Target Price Maintenance: Nomura maintained its target price for JD-SW's US stock at US$43, reflecting confidence in the company's future performance.
Overall, the combination of strong revenue growth, better-than-expected profit performance, and significant growth in new business segments contributed to the positive analyst rating.
Nomura
Price Target
$43
2025-11-14
maintain
The analyst rating for JD-SW (09618.HK) is "Buy" based on several key factors highlighted in the report by Nomura. The reasons for this rating include:
1. Strong Revenue Growth: JD's 3Q25 results showed a revenue increase of 15% year-over-year to RMB299 billion, which exceeded market expectations by 2%.
2. Profit Performance: Despite increased investments in the food delivery business, JD's non-GAAP net profit significantly surpassed market expectations, primarily due to the robust performance of JD Retail.
3. Growth in New Business Segment: The new business segment, particularly JD Food Delivery, reported a revenue increase of 214% year-over-year, reaching RMB15.6 billion, indicating strong growth potential.
4. Target Price Maintenance: Nomura maintained its target price for JD-SW's US stock at US$43, reflecting confidence in the company's future performance.
Overall, the combination of strong revenue growth, better-than-expected profit performance, and significant growth in new business segments contributed to the positive analyst rating.
M Stanley
M Stanley
downgrade
2025-11-12
Reason
The analyst rating from Citi Research appears to be influenced by the positive performance metrics reported by JD-SW during the 2025 Double 11 shopping festival. Key highlights include a record high GMV, a 40% increase in the number of buyers, and a 60% growth in order volume. Additionally, the strong sales performance of AI-related digital electronic products and a significant surge in food delivery service orders further support a favorable outlook. The anticipation of management's insights on these results and the 4Q25 outlook also contributes to the positive sentiment. However, it's important to note that M Stanley has downgraded JD.com to Underweight, citing concerns over the aftereffects of trade-in subsidies, which may reflect a more cautious view in the broader context.
M Stanley
Price Target
2025-11-12
downgrade
The analyst rating from Citi Research appears to be influenced by the positive performance metrics reported by JD-SW during the 2025 Double 11 shopping festival. Key highlights include a record high GMV, a 40% increase in the number of buyers, and a 60% growth in order volume. Additionally, the strong sales performance of AI-related digital electronic products and a significant surge in food delivery service orders further support a favorable outlook. The anticipation of management's insights on these results and the 4Q25 outlook also contributes to the positive sentiment. However, it's important to note that M Stanley has downgraded JD.com to Underweight, citing concerns over the aftereffects of trade-in subsidies, which may reflect a more cautious view in the broader context.
UOB Kay Hian
Buy
maintain
$166 -> $167
2025-10-15
Reason
UOB Kay Hian maintained a Buy rating for JD-SW due to the expectation of steady revenue growth in 3Q25, despite a projected slowdown in the growth rate. The firm noted that management guidance indicates a reduction in investment intensity in the food delivery business, while order volume is expected to increase. Additionally, the anticipated Double Eleven promotional activities in 4Q25 are expected to enhance cross-channel synergy between retail and delivery services, further supporting the company's growth outlook. The target price was mildly raised from HKD166 to HKD167, reflecting confidence in JD-SW's performance.
UOB Kay Hian
Buy
Price Target
$166 -> $167
2025-10-15
maintain
UOB Kay Hian maintained a Buy rating for JD-SW due to the expectation of steady revenue growth in 3Q25, despite a projected slowdown in the growth rate. The firm noted that management guidance indicates a reduction in investment intensity in the food delivery business, while order volume is expected to increase. Additionally, the anticipated Double Eleven promotional activities in 4Q25 are expected to enhance cross-channel synergy between retail and delivery services, further supporting the company's growth outlook. The target price was mildly raised from HKD166 to HKD167, reflecting confidence in JD-SW's performance.
Daiwa
Daiwa
Buy
maintain
$191 -> $205
2025-10-14
Reason
Daiwa's analyst rating for JD-SW (09618.HK) is based on several key factors:
1. Rational Approach to Investments: The expectation that JD-SW will adopt a more rational approach to food delivery investments in 3Q25, following a peak in 2Q25, suggests a strategic shift that could lead to improved financial performance.
2. Optimism about Operating Profit Margin: Daiwa expressed optimism regarding the operating profit margin (OPM) of JD Retail and JD Group in 3Q25, indicating confidence in the company's ability to manage costs and enhance profitability.
3. Projected Growth in Operating Profit: The anticipated 17% year-over-year growth in JD Retail's operating profit to RMB13.6 billion in 3Q25, which is expected to outpace revenue growth, reinforces the positive outlook.
4. Improvement in Net Profit: The forecasted increase in the group's net profit to RMB4.2 billion for 3Q25, driven by improvements in JD Retail's OPM, further supports the Buy rating.
5. Target Price Increase: The increase in the 12-month target price from HKD191 to HKD205 reflects Daiwa's confidence in the company's future performance.
Overall, these factors contribute to Daiwa's reaffirmation of a Buy rating for JD-SW, highlighting expectations of improved profitability and strategic management of investments.
Daiwa
Buy
Price Target
$191 -> $205
2025-10-14
maintain
Daiwa's analyst rating for JD-SW (09618.HK) is based on several key factors:
1. Rational Approach to Investments: The expectation that JD-SW will adopt a more rational approach to food delivery investments in 3Q25, following a peak in 2Q25, suggests a strategic shift that could lead to improved financial performance.
2. Optimism about Operating Profit Margin: Daiwa expressed optimism regarding the operating profit margin (OPM) of JD Retail and JD Group in 3Q25, indicating confidence in the company's ability to manage costs and enhance profitability.
3. Projected Growth in Operating Profit: The anticipated 17% year-over-year growth in JD Retail's operating profit to RMB13.6 billion in 3Q25, which is expected to outpace revenue growth, reinforces the positive outlook.
4. Improvement in Net Profit: The forecasted increase in the group's net profit to RMB4.2 billion for 3Q25, driven by improvements in JD Retail's OPM, further supports the Buy rating.
5. Target Price Increase: The increase in the 12-month target price from HKD191 to HKD205 reflects Daiwa's confidence in the company's future performance.
Overall, these factors contribute to Daiwa's reaffirmation of a Buy rating for JD-SW, highlighting expectations of improved profitability and strategic management of investments.
Haitong International
Haitong International
maintain
$167
2025-08-22
Reason
The analyst rating for JD-SW (09618.HK) is kept at "Outperform" due to several factors highlighted in the article. The company experienced a significant revenue increase of 22.4% year-over-year in 2Q25, marking its highest growth rate in three years. Additionally, there was a slight improvement in the gross profit margin, which reflects enhanced operational efficiency, and the retail gross profit margin has shown consistent growth over 13 consecutive quarters. Despite a substantial decline in non-GAAP net profit primarily attributed to investments in the food delivery business, the broker anticipates an increase in order volume and believes that the peak season for food delivery in 3Q25 could lead to improved performance. Although the profit forecasts for 2025-2027 were lowered, the overall positive outlook on revenue growth and operational improvements supports the "Outperform" rating.
Haitong International
Price Target
$167
2025-08-22
maintain
The analyst rating for JD-SW (09618.HK) is kept at "Outperform" due to several factors highlighted in the article. The company experienced a significant revenue increase of 22.4% year-over-year in 2Q25, marking its highest growth rate in three years. Additionally, there was a slight improvement in the gross profit margin, which reflects enhanced operational efficiency, and the retail gross profit margin has shown consistent growth over 13 consecutive quarters. Despite a substantial decline in non-GAAP net profit primarily attributed to investments in the food delivery business, the broker anticipates an increase in order volume and believes that the peak season for food delivery in 3Q25 could lead to improved performance. Although the profit forecasts for 2025-2027 were lowered, the overall positive outlook on revenue growth and operational improvements supports the "Outperform" rating.
Valuation Metrics
Forward PE
5Y Average PE
20.82
Current PE
9.49
Overvalued PE
36.70
Undervalued PE
4.95
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
13.70
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
25.13
Undervalued EV/EBITDA
2.27
Forward PS
N/A
5Y Average PS
0.44
Current PS
0.00
Overvalued PS
0.65
Undervalued PS
0.24
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