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<Research>JPM Moves JD-SW (09618.HK) to Rating Overweight, TP $148
Recommend 9 Positive 19 Negative 6 |
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JPMorgan released a research report moving JD-SW (09618.HK) to a rating at Overweight and target prices of $148/ US$38 for its H-shares/ US stock. The broker believed that investors should focus on upside risks to earnings in 2026 rather than the downside risks faced by many Chinese internet peers. Its 4Q25 results and 2026 guidance demonstrated resilience in its core business, JPMorgan added. The most aggressive investment phase in quick commerce has passed, while international business expansion should be more prudent. The broker raised its 2026/ 2027 revenue forecasts for JD-SW by 1%/ 2%, and lifted its adjusted net profit forecasts by 13%/ 26%, 17%/ 7% ahead of market consensus, respectively, mainly reflecting lower-than-expected losses in quick commerce. Auto-translated by AI AASTOCKS Financial News |
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