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<Research>BofAS Cuts JD-SW's TP to HKD141, Expects New Biz Losses to Have Narrowed Last Qtr
Recommend 12 Positive 16 Negative 9 |
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BofA Securities has issued a research report estimating JD-SW (09618.HK)'s 4Q25 revenue to have risen by 2.6% YoY to RMB356 billion, largely in line with market expectations. Specifically, JD-SW's direct sales, dragged by a 13% drop in sales of home appliances and electronics, are projected to have fallen by 3.1% YoY, though they will have been partially offset by a mid-double-digit growth in general merchandise sales. It is also expected that JD-SW's new business losses will have reached RMB14.9 billion, below the RMB15.7 billion seen in 3Q25. That said, the narrowing losses in the food delivery business will have been offset by increased investments in Jingxi and overseas operations. BofA Securities has reiterated a Buy rating on JD-SW but cut its target price from HKD149 to HKD141. AAStocks Financial News |
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