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<Research>M Stanley Elevates JD.com (JD.US) TP to USD25, Expects 1Q26 New Biz Loss to Narrow QoQ
Recommend 16 Positive 23 Negative 9 |
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Morgan Stanley has issued a report expecting JD-SW (09618.HK)'s 1Q26 retail revenue to grow by 2% YoY. Among which, revenue from 3C and home appliances will fall 9% YoY, a decline narrowing from 4Q25. The broker also estimates department store revenue to increase by 15% YoY, while third-party platform revenue will grow by 16% YoY. As for JD LOGISTICS (02618.HK), its revenue is likely to surge 25% YoY. In terms of earnings, Morgan Stanley anticipates operating margins of JD Retail and JD LOGISTICS to improve modestly YoY. Specifically, new business losses should drop from RMB14.8 billion in 4Q25 to RMB10 billion in 1Q26, including RMB6-7 billion in losses from the food delivery business. As a result, non-GAAP net profit is estimated at RMB5.5 billion. Morgan Stanley has lifted its target price for JD.com (JD.US) from USD22 to USD25, with an Underweight rating remaining in place. Auto-translated by AI AASTOCKS Financial News |
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