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<Research>Daiwa Tweaks Up JD-SW's TP to HKD172; Quarterly Results in Line
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JD-SW (09618.HK)'s 4Q25 results were largely in line with expectations, Daiwa said in its research report.

Following the adjustment of the subsidy program, sales of electronics and home appliances saw a QoQ rebound in 1Q26. JD-SW's guidance for revenue growth and earnings recovery in 2026 is better than Daiwa's initial concerns. Capital returns remain strong, including cash dividends and a USD3 billion share buyback plan.

Related NewsCLSA: JD-SW (09618.HK) 4Q25 Results Miss; Firm to Face High Base in 1Q w/ Adj. EBIT Expected to Drop 65%
Daiwa has reiterated a Buy rating for JD-SW and slightly raised the TP from HKD171 to HKD172.
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