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<Research>HSBC Research Raises JD-SW (09618.HK) TP to HKD144 as JD Retail Margin Expansion Drives LT Upside
HSBC Global Investment Research said in a report that JD-SW (09618.HK) reported 1Q26 net profit above expectations, on the back of improved supply chain efficiency at its core JD R...
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<Research>HSBC Research Raises JD-SW (09618.HK) TP to HKD144 as JD Retail Margin Expansion Drives LT Upside
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HSBC Global Investment Research said in a report that JD-SW (09618.HK)  -2.200 (-1.691%)    Short selling $300.40M; Ratio 20.530%   reported 1Q26 net profit above expectations, on the back of improved supply chain efficiency at its core JD Retail segment and increased contribution from third-party merchant revenue.

The broker expected narrowing losses in the food delivery business to enhance visibility of earnings recovery in 2026, while margin expansion in JD Retail will drive long-term upside. It maintained a Buy rating on the group.

Related News Summary of Latest Ratings, TPs and Views on JD-SW (09618.HK) (JD.US) from Brokers
The report noted that revenue growth in 2Q26 may come under pressure owing to a high base effect from last year's government subsidies for electronics products and smartphone price hikes.

However, performance is expected to recover in 2H26 as the base effect eases and businesses such as daily necessities and healthcare show more resilient growth. The broker left its revenue forecasts for the group largely unchanged, but raised its earnings forecasts for 2026-28 by 2-5% on higher gross margin assumptions.

Taking into account RMB appreciation, HSBC Global Investment Research lifted its TP for JD-SW H shares to HKD144 from HKD137. The US share TP for JD.com, Inc. (JD.US)      was raised to USD37 from USD35.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

Related News Citi Raises JD.com, Inc. (JD.US) TP to USD39 on Narrowing Food Delivery Losses and Retail Growth Recovery in 2H26

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