Nomura Drops JD HEALTH TP to HKD67; 1Q Non-operating Income Decline Dents Net Profit
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Nomura has lowered its target price for JD HEALTH from HKD80 to HKD67, citing a decline in non-operating income that impacted net profit. Despite a 17% YoY revenue growth and a 48% increase in non-IFRS operating profit, non-IFRS net profit rose only 6% YoY due to fair value losses. Nomura maintains a Buy rating, viewing the current share price as attractive at 12x 2026E adjusted P/E.
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