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<Research>M Stanley Rates JD.com as Underweight, Estimates 4Q Non-GAAP Operating Loss RMB807M
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JD-SW (09618.HK)'s 3Q25 operating profit was far lower than expectations, which could be a negative sign for JD Retail's revenue and earnings in 4Q25 due to tougher comparisons in electronics and home appliances, Morgan Stanley penned in its report. In Morgan Stanley's estimate, JD Retail's 4Q25 revenue will grow by 3.1% YoY, while JD's total revenue will rise by 5.8% YoY. JD Retail and JD Logistics are likely to see their operating profit margins decrease by 10 bps and 2.2 ppts YoY to 3.17% and 1.3%, respectively. Losses from new businesses are expected to equal revenue, amounting to RMB11.7 billion. Accordingly, the broker predicted the group-level non-GAAP operating loss for 4Q25 to reach RMB807 million. JD.com (JD.US)'s rating was kept as Underweight, with a target price of USD28. AAStocks Financial News |
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