＜Research＞HSBC Global Research Drops TP of JD-SW (09618.HK) to HK$148, Rates Buy

　　HSBC Global Research noted that JD-SW (09618.HK) -4.600 (-4.107%) Short selling $144.84M; Ratio 10.053% (JD.US) 's short-term revenue growth is under pressure, but non-GAAP net margin would beat expectations due to gross margin and prudent user subsidy strategy.

　　HSBC expected high base of air-conditioner sales, macro conditions and increased competition in 2Q24 to weigh on electronics and home appliances sales performance and revenue per user. Even if the base effect recedes in 2H24, competition and consumer sentiment are unlikely to improve significantly in the near term. The broker lowered its forecast for JD's revenue growth by 2% for 2024-26, even after taking into account healthy FMCG growth in 2H24.

　　Related NewsDaiwa Cuts JD-SW (09618.HK) 2Q24 Income Growth Forecast to 1%, But Raises 2024-26 EPS by 8-10%

　　On average, HSBC upgraded its profit forecast for 2024 to 2026 by 4%. The broker however lowered its H-share target price from HK$160 to HK$148 and reduced the target price for its US ADRs from US$41 to US$38, while maintaining a Buy rating on the company.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-12 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

　　AAStocks Financial News