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<Research>Citi Trims JD.com (JD.US)'s TP to USD37, Lowers Earnings Forecast to Reflect Challenging Comparison Base
Recommend 11 Positive 14 Negative 5 |
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Citi has released a report lowering its forecasts for JD-SW (09618.HK) given the steeper decline in home appliance sales shown in the November sales data from the National Bureau of Statistics and the broker's expectations of a further drop in December sales compared to November. This adjustment reflected weaker-than-expected 4Q25 retail sales and the challenging comparison base that may occur in 1H26 despite the recent extension of the trade-in program until 2026. Citi cut its adjusted net profit forecast for JD-SW for 4Q25 and the full year 2025 to RMB1.9 billion and RMB27.8 billion, reflecting declines in revenue and gross margins, as well as sustained high sales and marketing expenses during the Double 11 promotion period. Based on the updated forecast, Citi has reduced JD.com (JD.US)'s target price from USD44 to USD37 but kept the Buy rating unchanged, though recent catalysts would be limited. AAStocks Financial News |
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