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<Research>BofAS Lowers JD-SW's TP to HKD141, Envisions in-Line Results for 4QFY25
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BofA Securities has released a research report predicting that JD-SW (09618.HK) will announce its 4QFY25 in March.

In the broker's estimate, JD-SW's total revenue will have grown by 2.6% YoY to RMB356 billion, broadly in line with market consensus. However, its direct sales revenue is expected to have declined by 3.1% YoY because of a 13% drop in sales of home appliances and electronics, though it will have partially been offset by continued double-digit growth in general merchandise sales.

BofA Securities has cut JD-SW's target price from HKD149 to HKD141 but reiterated its rating as Buy, given its solid core retail position, attractive 10x FY26 forecast non-GAAP EPS, and committed shareholder returns (nearly 10% dividend yield in 2025).
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