Nomura: Maintains JD HEALTH "Buy" Rating and Raises Target Price to HKD 41.5

Nomura released a research report stating that it maintains a "Buy" rating on JD HEALTH, raising the target price from HKD 31 to HKD 41.5, and increasing the revenue forecasts for JD HEALTH for the fiscal years 2025 and 2026 by 2% and 3% respectively. JD HEALTH's revenue in the second half of the fiscal year 2024 grew by 13% year-on-year, exceeding both market and the bank's forecasts by 1%; the non-International Financial Reporting Standards operating profit margin increased by 0.4 percentage points to 3.4%, surpassing the bank's forecast by 0.2 percentage points; the non-International Financial Reporting Standards net profit grew by 27% year-on-year, exceeding market and the bank's estimates by 15% and 6% respectively