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<Research>Citi: Positive Impact from CB Issuance for Shr Buyback by JD (JD.US)
Recommend 17 Positive 23 Negative 6 |
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Citi Research was surprised by JD.com, Inc. (JD.US)'s convertible note issuance, believing that it reflects the Company's continued accelerated pace for share buybacks in the near term, Citi Research issued a research report saying. Management is confident on its business growth prospects, and might think that its current share price is attractive. The Company repurchased 49.2 million ADS for US$1.3 billion from January to May, with outstanding amount of US$2.3 billion under the existing buyback plan. Citi Research believed that JD's one-stop shopping mechanism is well-positioned. Together with the 618 shopping festival, Citi Research believed there is room for upside to its 2Q24 and full-year growth forecasts. Potential hedging activities related to the proposed issuance of convertible notes will provide a buying opportunity if it causes any share price correction. Citi Research kept rating at Buy, with a target price of US$43. AAStocks Financial News |
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