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<Research>UBS Chops JD-SW (09618.HK) TP to $187 on Higher Base in 4Q
Recommend 10 Positive 10 Negative 4 |
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JD-SW (09618.HK)'s 3Q25 results beat expectations, with solid performance from its core JD Retail (JDR), but was dragged down by new businesses, according to UBS' research report. Revenue grew by 15% YoY, surpassing UBS' forecast by 2%. Adjusted operating profit missed estimation, but quarterly adjusted net profit beat forecast, benefiting from other income. Despite JD-SW's undemanding valuation, concerns about intense competition in the rapid retail sector, relatively mild share buybacks in 3Q25, and a higher base in 4Q25 and 1H26 may limit JD-SW's near-term upside potential, UBS added. Following JD-SW's results announcement, UBS lowered its 2025/ 2026 adjusted operating profit forecasts by 2-4%, and chopped its target prices for JD-SW's US stock/ H-shares from US$50/ $195 to US$48/ $187, with ratings at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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