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<Research>M Stanley Cuts JD HEALTH's TP to HKD66, Lowers EPS Forecast
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After factoring in JD HEALTH (06618.HK)'s 2025 results data, Morgan Stanley has raised its 2026-28 revenue forecasts for JD HEALTH (06618.HK) by 5%/ 6%/ 7% to reflect the continued growth momentum in online pharmaceutical sales.

In Morgan Stanley's estimate, JD HEALTH's 2026 revenue growth will rise by 18%, in which pharmaceutical sales, non-pharmaceutical sales, and service income will increase by 25%, 12%, and 19% YoY.

Related NewsNomura: JD HEALTH Last Qtr Results Beat; FY26 Profit Margin Guidance Conservative
In terms of earnings, Morgan Stanley predicts JD HEALTH's 2026 adjusted operating profit to remain flat. It has cut the 2026-28 adjusted EPS forecasts by 4%/ 5%/ 6%.

Morgan Stanley's target price for JD HEALTH has fallen from HKD70 to HKD66.
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