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<Research>G Sachs Keeps Buy on JD-SW w/ TP Cut to HKD169
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JD-SW (09618.HK) achieved a solid 15% YoY revenue growth in 3Q25, with retail business profit margins reaching a record high of 5.9%, according to a report from Goldman Sachs.

The company's stock price, however, demonstrated weak performance, which might reflect investor concerns about the high base in the home appliance category and the aggressive investment strategy in new growth areas such as food delivery, Jingxi, and international business.

Related NewsDaiwa Cuts JD-SW's TP to HKD176, Predicts Retail Biz to Face High Base Challenges
Goldman Sachs lowered its target price for JD-SW from HKD174 to HKD169 but kept the Buy rating unchanged. It also maintained a Buy rating and a target price of HKD17.7 for JD LOGISTICS (02618.HK).
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