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<Research>Daiwa Cuts JD-SW's TP to HKD171 w/ Lower Earnings Forecast for 2026
Recommend 2 Positive 6 Negative 1 |
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Daiwa has released a research report predicting JD-SW (09618.HK)'s 4Q25 revenue growth to have slowed to 1% YoY and JD Retail's revenue to have declined by 3% YoY, given the weak performance in home appliance sales caused by the suspension of subsidies and a high base in the same period of the previous fiscal year. That said, Daiwa still believes that JD-SW can achieve its full-year target of double-digit YoY growth in group-level earnings, while JD Retail is likely to record a YoY increase of 20% in earnings. It also expects JD-SW's non-GAAP net profit for the last quarter to have reached RMB791 million, with new business losses trimmed by RMB1 billion QoQ. In light of the expected low home appliance revenue, however, Daiwa had to have its 2026 EPS forecast for JD-SW cut by 5%. The broker reiterated a Buy rating on JD-SW, with a target price reduced from HKD176 to HKD171. AAStocks Financial News |
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