"Major Bank Report" JD.com's latest rating and target price (Table)

JD.com Group-SW (09618.HK) will announce its third-quarter results for this year next Thursday (13th). Although it can benefit from the mainland's "trade-in" policy stimulus, the company has actively entered the food delivery market this year, engaged in massive subsidies, and invested in overseas businesses. The mainland e-commerce platforms recently underwent a "delivery war," which is expected to significantly drag down the new business's losses. Major instant retail platforms in the mainland promised to regulate promotional activities and resist unfair competition in early August, leading the market to anticipate a "relief" of related losses thereafter. According to a comprehensive analysis of 16 brokerages, JD.com's non-GAAP net profit attributable to ordinary shareholders for the third quarter is expected to be between RMB 3.35 billion and RMB 5 billion, down 62.1% to 74.8% from RMB 13.2 billion in the same period last year, with a median of RMB 4.353 billion, a year-on-year decline of 67%.

According to a comprehensive analysis of 3 brokerages, JD.com's net profit attributable to ordinary shareholders for the third quarter is expected to be between RMB 3.39 billion and RMB 3.994 billion, down 65.9% to 71% from RMB 11.7 billion in the same period last year. Investors will focus on JD.com's new business investments and the progress of narrowing losses, losses in instant retail business and operational strategies, expansion of Jingxi and overseas retail, and the progress of acquiring users in lower-tier cities, as well as operational guidance.

The table below lists the ratings and target prices from 8 brokerages for JD.com (09618.HK):

Brokerage│Investment Rating│Target Price

Jefferies│Buy│HKD 233

Huatai Securities│Buy│HKD 192.65

Goldman Sachs│Buy│HKD 174

UOB Kay Hian│Buy│HKD 167

CMB International│Buy│HKD 163

CITIC Securities│Outperform│HKD 159.6

Bank of America Securities│Buy│HKD 153

Puyin International│Buy│HKD 146

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The table below lists the investment ratings and target prices from 19 brokerages for JD.com in the US (JD.US):

Brokerage│Investment Rating│Target Price

Jefferies│Buy│USD 60

Daiwa│Buy│USD 52

CMB International│Buy│USD 50.5

Huatai Securities│Buy│USD 49.51

Goldman Sachs│Buy│USD 45

Haitong International│Outperform│USD 45

Barclays│Overweight│USD 45

Citi│Buy│USD 44

Nomura│Buy│USD 43

CMB International│Buy│USD 42

CICC│Outperform│USD 41

BOCI│Buy│USD 41

Citi│Buy│USD 41

CMB International│Outperform│USD 40.9

HSBC Global Research│Buy│USD 40

Bank of Communications International│Buy│USD 40

Bank of America Securities│Buy│USD 39 Ping An International │ Buy │ $38

Morgan Stanley │ In line with the market │ $28