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<Research>Nomura: JD HEALTH (06618.HK) Revenue Outlook Positive; Buy Kept with TP of HKD80
Recommend 4 Positive 5 Negative 0 |
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JD HEALTH (06618.HK) experienced a YoY revenue growth of 28% in 2H25, driven by accelerated sales growth of pharmaceuticals and healthcare products, Nomura's research report indicated. This performance topped market's and Nomura's expectations by 4% and 2%, respectively. From this it was estimated that the 4Q25 revenue should have grown 27% YoY. In 2H25, JD Health's non-IFRS operating profit (OP) leaped by 88% YoY to RMB1.9 billion, with an OPM expanding by 1.6 ppts YoY to 5%, which was 0.3 ppts higher than Nomura's expectations. This was mainly due to GM expansion on improved supply chain capabilities and robust growth in high-margin ads revenue, offsetting the rise in opex ratio. Looking ahead to 2026, JD Health expects revenue to keep growing steadily, but due to a high base, the growth rate will ease from 26% in 2025 to a high single-digit to 20%. The Buy rating and target price of HKD80 were maintained. AASTOCKS Financial News |
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