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09618
JD-SW
HKD
108.4001.500
(1.40%)
1D
AI Analysis for 09618
AI Analysis
High
110.100
Open
109.800
VWAP
108.93
Vol
2.67M
Mkt Cap
370.07B
Low
108.400
Amount
290.67M
EV/EBITDA(TTM)
9.97
Total Shares
3.19B
EV
37.26B
EV/OCF(TTM)
11.63
P/S(TTM)
0.22
JD.Com Inc is a company principally engaged in the e-commerce business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, JD Platform). The Company operates its businesses through four segments. JD Retail segment, including JD Health, JD Industrials, and other components, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics segment includes both internal and external logistics businesses. Dada segment is a local on-demand delivery and retail platform in China. New Businesses segment mainly include JD Property, Jingxi and overseas businesses. The Company mainly conducts its businesses in the domestic market and overseas markets.
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News
5.0
02-06aastocksJD MALL to Launch Its First Home Appliances and Products Store in Hong Kong on June 18
JD MALL's Expansion: JD MALL, a physical store of JD-SW, has announced the opening of its first store in Hong Kong, set to launch on June 18 this year.
Store Details: The new store will be located in Wan Chai, covering approximately 30,000 square feet, and will focus on 3C products, home appliances, and home goods.
4.0
02-04aastocksBofAS Lowers JD-SW's Target Price to HKD141, Anticipates Reduced Losses in New Business for Last Quarter
BofA Securities Report: BofA Securities estimates JD-SW's 4Q25 revenue to rise by 2.6% YoY to RMB356 billion, aligning with market expectations despite a 3.1% YoY decline in direct sales due to a drop in home appliances and electronics.
New Business Losses: JD-SW's new business losses are projected to reach RMB14.9 billion, slightly lower than the previous quarter, with improvements in the food delivery sector offset by increased investments in Jingxi and overseas operations.
Rating and Target Price Adjustment: BofA Securities maintains a Buy rating on JD-SW but has reduced its target price from HKD149 to HKD141.
Market Activity: The stock is experiencing significant short selling, with a ratio of 30.96% and a total short selling amount of $363.92 million.
5.0
02-03aastocksJD-SW 7Fresh Kitchen Officially Recognized as Beijing's First Online Exclusive Meal Assistance Service for the Elderly
Elderly Meal Assistance Launch: JD-SW's 7Fresh Kitchen has become the first officially recognized provider in Beijing for online exclusive elderly meal assistance, introducing a 'senior section' in some stores for healthier dining options.
Innovative Service Model: In Beijing's Doncheng District, a full-chain elderly meal assistance service has been created using 7Fresh Kitchen, featuring online ordering, offline delivery, and financial payment, establishing a 15-minute service circle for the elderly.
Expansion Plans: 7Fresh Kitchen plans to gradually extend its elderly meal assistance services to all of its stores, enhancing accessibility for senior citizens.
Market Performance: JD-SW's stock has seen a short selling of $569.99M with a ratio of 37.243%, while CLSA has lowered JD.com's 2025/2026 adjusted net profit forecasts but maintains an outperform rating.
4.5
02-03aastocksHSI Initially Gains 350 Points, Then Drops Over 200 Points as Major Tech Stocks Weigh on Market; KUAISHOU, BIDU, and TENCENT Decline by 5-6%
Market Opening: Hong Kong stocks opened higher on the 3rd, initially gaining 350 points before closing down 203 points at 26,571, with a turnover of $111.427 billion.
Tech Sector Decline: Major technology stocks, including KUAISHOU-W, BIDU-SW, TENCENT, and BABA-W, experienced significant losses, contributing to the overall market downturn.
Short Selling Activity: High short selling ratios were noted for several stocks, with KUAISHOU-W and BIDU-SW showing particularly high short selling amounts of $476.78 million and $952.19 million, respectively.
Individual Stock Performance: KUAISHOU-W was the biggest loser among blue chips, down 6.36%, while TENCENT and BABA-W also saw declines of 5.1% and 4.1%, respectively.
7.5
02-02aastocksJD-SW and CBBC Establish Strategic Alliance; Joybuy Set to Debut in the UK in March
Strategic Cooperation Agreement: JD-SW has signed a strategic cooperation agreement with the China-Britain Business Council (CBBC) to enhance collaboration with UK brands and provide insights into the China market.
Launch of Joybuy in the UK: JD-SW's European online retail platform, Joybuy, is set to officially launch in the UK in March 2026, having already achieved same-day and next-day delivery during its trial period.
Money Flow
Over the past 66 trading days, overall net money flow is 316.57M, with retail investors contributing 1.25M and major investors adding 300.98M.
Net Buy $ Volume
Net Sell $ Volume
BofA Securities
BofA Securities
Buy
to
Buy
downgrade
$149 -> $141
2026-02-04
New
Reason
BofA Securities has reiterated a Buy rating on JD-SW (09618.HK) due to its 4Q25 revenue estimate of RMB356 billion, which aligns with market expectations despite a projected decline in direct sales. The report highlights that while there was a 13% drop in home appliances and electronics sales, this was partially offset by strong growth in general merchandise sales. Additionally, the narrowing losses in the food delivery business and a decrease in new business losses contributed to the positive outlook, even as the target price was adjusted downwards from HKD149 to HKD141.
BofA Securities
Buy
to
Buy
Price Target
$149 -> $141
2026-02-04
downgrade
New
BofA Securities has reiterated a Buy rating on JD-SW (09618.HK) due to its 4Q25 revenue estimate of RMB356 billion, which aligns with market expectations despite a projected decline in direct sales. The report highlights that while there was a 13% drop in home appliances and electronics sales, this was partially offset by strong growth in general merchandise sales. Additionally, the narrowing losses in the food delivery business and a decrease in new business losses contributed to the positive outlook, even as the target price was adjusted downwards from HKD149 to HKD141.
Citi
Buy
downgrade
$44 -> $37
2026-01-05
Reason
Citi lowered its forecasts for JD-SW due to a steeper decline in home appliance sales indicated by November sales data from the National Bureau of Statistics, with expectations of further drops in December. This adjustment reflects weaker-than-expected retail sales for 4Q25 and a challenging comparison base anticipated in 1H26, despite the extension of the trade-in program. Citi also cut its adjusted net profit forecast for JD-SW, citing declines in revenue and gross margins, along with high sales and marketing expenses during the Double 11 promotion period. Despite reducing the target price from USD44 to USD37, Citi maintained a Buy rating, indicating that while the outlook is cautious, they still see potential in the stock.
Citi
Buy
Price Target
$44 -> $37
2026-01-05
downgrade
Citi lowered its forecasts for JD-SW due to a steeper decline in home appliance sales indicated by November sales data from the National Bureau of Statistics, with expectations of further drops in December. This adjustment reflects weaker-than-expected retail sales for 4Q25 and a challenging comparison base anticipated in 1H26, despite the extension of the trade-in program. Citi also cut its adjusted net profit forecast for JD-SW, citing declines in revenue and gross margins, along with high sales and marketing expenses during the Double 11 promotion period. Despite reducing the target price from USD44 to USD37, Citi maintained a Buy rating, indicating that while the outlook is cautious, they still see potential in the stock.
Citi Research
downgrade
$144
2025-12-31
Reason
Citi Research's analyst rating is influenced by the belief that the continuation of the trade-in policy will positively impact e-commerce platforms by helping to mitigate the effects of a high base in the first half of 2026. Despite the first batch of subsidies being lower in amount and scope compared to the previous year, the report suggests that the policy can still enhance consumer sentiment. However, the analysts also note that the limited scale of the new subsidies and the higher base may restrict the overall benefits for JD-SW and other platforms, leading to a cautious outlook.
Citi Research
Price Target
$144
2025-12-31
downgrade
Citi Research's analyst rating is influenced by the belief that the continuation of the trade-in policy will positively impact e-commerce platforms by helping to mitigate the effects of a high base in the first half of 2026. Despite the first batch of subsidies being lower in amount and scope compared to the previous year, the report suggests that the policy can still enhance consumer sentiment. However, the analysts also note that the limited scale of the new subsidies and the higher base may restrict the overall benefits for JD-SW and other platforms, leading to a cautious outlook.
HSBC Research
downgrade
$144
2025-12-31
Reason
The analyst rating from JPMorgan is based on a lowered revenue growth forecast for JD-SW (09618.HK) for 4Q25, which has been adjusted from a year-over-year increase of 6% to just 1%. This revision is attributed to weak home appliance sales observed in October and November, which are not expected to recover in December. JPMorgan estimates that sales of electronics and home appliances for JD-SW will decline by more than 10% year-over-year, leading them to doubt that JD Retail's revenue growth will surpass the overall industry growth in online physical goods sales.
HSBC Research
Price Target
$144
2025-12-31
downgrade
The analyst rating from JPMorgan is based on a lowered revenue growth forecast for JD-SW (09618.HK) for 4Q25, which has been adjusted from a year-over-year increase of 6% to just 1%. This revision is attributed to weak home appliance sales observed in October and November, which are not expected to recover in December. JPMorgan estimates that sales of electronics and home appliances for JD-SW will decline by more than 10% year-over-year, leading them to doubt that JD Retail's revenue growth will surpass the overall industry growth in online physical goods sales.
Nomura
Buy
downgrade
$150 -> $144
2025-11-24
Reason
The analyst rating from Nomura is a Buy for JD-SW (09618.HK), despite the reduction in forecasts for revenue and EPS for FY25/26. The reasons for the rating include the acknowledgment of JD Retail's current challenges, such as a slowdown in revenue growth and declining profit margins, as well as headwinds like high base effects, reduced trade-in subsidies, and advanced consumption of electronic goods. The target price was lowered from HKD150 to HKD144 to reflect these challenges, but the overall rating remains positive, indicating confidence in the company's long-term potential despite short-term difficulties.
Nomura
Buy
Price Target
$150 -> $144
2025-11-24
downgrade
The analyst rating from Nomura is a Buy for JD-SW (09618.HK), despite the reduction in forecasts for revenue and EPS for FY25/26. The reasons for the rating include the acknowledgment of JD Retail's current challenges, such as a slowdown in revenue growth and declining profit margins, as well as headwinds like high base effects, reduced trade-in subsidies, and advanced consumption of electronic goods. The target price was lowered from HKD150 to HKD144 to reflect these challenges, but the overall rating remains positive, indicating confidence in the company's long-term potential despite short-term difficulties.
CMSI
maintain
2025-11-17
Reason
The analyst rating for JD-SW (09618.HK) was maintained as Overweight despite a deteriorating outlook for JD Retail's margins and a deeper-than-expected operating loss from new businesses. The broker lowered its non-GAAP net profit forecasts for FY2025 and FY2026 and reduced the target prices for both US and H-shares. However, the strong growth in daily necessities and ad services revenue, along with contributions from JD Food Delivery, contributed to the decision to keep the Overweight rating, indicating a belief in the company's long-term potential despite short-term challenges.
CMSI
Price Target
2025-11-17
maintain
The analyst rating for JD-SW (09618.HK) was maintained as Overweight despite a deteriorating outlook for JD Retail's margins and a deeper-than-expected operating loss from new businesses. The broker lowered its non-GAAP net profit forecasts for FY2025 and FY2026 and reduced the target prices for both US and H-shares. However, the strong growth in daily necessities and ad services revenue, along with contributions from JD Food Delivery, contributed to the decision to keep the Overweight rating, indicating a belief in the company's long-term potential despite short-term challenges.
Nomura
Nomura
maintain
$43
2025-11-14
Reason
The analyst rating for JD-SW (09618.HK) is "Buy" based on several key factors highlighted in the report by Nomura. The reasons for this rating include:
1. Strong Revenue Growth: JD's 3Q25 results showed a revenue increase of 15% year-over-year to RMB299 billion, which exceeded market expectations by 2%.
2. Profit Performance: Despite increased investments in the food delivery business, JD's non-GAAP net profit significantly surpassed market expectations, primarily due to the robust performance of JD Retail.
3. Growth in New Business Segment: The new business segment, particularly JD Food Delivery, reported a revenue increase of 214% year-over-year, reaching RMB15.6 billion, indicating strong growth potential.
4. Target Price Maintenance: Nomura maintained its target price for JD-SW's US stock at US$43, reflecting confidence in the company's future performance.
Overall, the combination of strong revenue growth, better-than-expected profit performance, and significant growth in new business segments contributed to the positive analyst rating.
Nomura
Price Target
$43
2025-11-14
maintain
The analyst rating for JD-SW (09618.HK) is "Buy" based on several key factors highlighted in the report by Nomura. The reasons for this rating include:
1. Strong Revenue Growth: JD's 3Q25 results showed a revenue increase of 15% year-over-year to RMB299 billion, which exceeded market expectations by 2%.
2. Profit Performance: Despite increased investments in the food delivery business, JD's non-GAAP net profit significantly surpassed market expectations, primarily due to the robust performance of JD Retail.
3. Growth in New Business Segment: The new business segment, particularly JD Food Delivery, reported a revenue increase of 214% year-over-year, reaching RMB15.6 billion, indicating strong growth potential.
4. Target Price Maintenance: Nomura maintained its target price for JD-SW's US stock at US$43, reflecting confidence in the company's future performance.
Overall, the combination of strong revenue growth, better-than-expected profit performance, and significant growth in new business segments contributed to the positive analyst rating.
M Stanley
M Stanley
downgrade
2025-11-12
Reason
The analyst rating from Citi Research appears to be influenced by the positive performance metrics reported by JD-SW during the 2025 Double 11 shopping festival. Key highlights include a record high GMV, a 40% increase in the number of buyers, and a 60% growth in order volume. Additionally, the strong sales performance of AI-related digital electronic products and a significant surge in food delivery service orders further support a favorable outlook. The anticipation of management's insights on these results and the 4Q25 outlook also contributes to the positive sentiment. However, it's important to note that M Stanley has downgraded JD.com to Underweight, citing concerns over the aftereffects of trade-in subsidies, which may reflect a more cautious view in the broader context.
M Stanley
Price Target
2025-11-12
downgrade
The analyst rating from Citi Research appears to be influenced by the positive performance metrics reported by JD-SW during the 2025 Double 11 shopping festival. Key highlights include a record high GMV, a 40% increase in the number of buyers, and a 60% growth in order volume. Additionally, the strong sales performance of AI-related digital electronic products and a significant surge in food delivery service orders further support a favorable outlook. The anticipation of management's insights on these results and the 4Q25 outlook also contributes to the positive sentiment. However, it's important to note that M Stanley has downgraded JD.com to Underweight, citing concerns over the aftereffects of trade-in subsidies, which may reflect a more cautious view in the broader context.
UOB Kay Hian
Buy
maintain
$166 -> $167
2025-10-15
Reason
UOB Kay Hian maintained a Buy rating for JD-SW due to the expectation of steady revenue growth in 3Q25, despite a projected slowdown in the growth rate. The firm noted that management guidance indicates a reduction in investment intensity in the food delivery business, while order volume is expected to increase. Additionally, the anticipated Double Eleven promotional activities in 4Q25 are expected to enhance cross-channel synergy between retail and delivery services, further supporting the company's growth outlook. The target price was mildly raised from HKD166 to HKD167, reflecting confidence in JD-SW's performance.
UOB Kay Hian
Buy
Price Target
$166 -> $167
2025-10-15
maintain
UOB Kay Hian maintained a Buy rating for JD-SW due to the expectation of steady revenue growth in 3Q25, despite a projected slowdown in the growth rate. The firm noted that management guidance indicates a reduction in investment intensity in the food delivery business, while order volume is expected to increase. Additionally, the anticipated Double Eleven promotional activities in 4Q25 are expected to enhance cross-channel synergy between retail and delivery services, further supporting the company's growth outlook. The target price was mildly raised from HKD166 to HKD167, reflecting confidence in JD-SW's performance.
Daiwa
Daiwa
Buy
maintain
$191 -> $205
2025-10-14
Reason
Daiwa's analyst rating for JD-SW (09618.HK) is based on several key factors:
1. Rational Approach to Investments: The expectation that JD-SW will adopt a more rational approach to food delivery investments in 3Q25, following a peak in 2Q25, suggests a strategic shift that could lead to improved financial performance.
2. Optimism about Operating Profit Margin: Daiwa expressed optimism regarding the operating profit margin (OPM) of JD Retail and JD Group in 3Q25, indicating confidence in the company's ability to manage costs and enhance profitability.
3. Projected Growth in Operating Profit: The anticipated 17% year-over-year growth in JD Retail's operating profit to RMB13.6 billion in 3Q25, which is expected to outpace revenue growth, reinforces the positive outlook.
4. Improvement in Net Profit: The forecasted increase in the group's net profit to RMB4.2 billion for 3Q25, driven by improvements in JD Retail's OPM, further supports the Buy rating.
5. Target Price Increase: The increase in the 12-month target price from HKD191 to HKD205 reflects Daiwa's confidence in the company's future performance.
Overall, these factors contribute to Daiwa's reaffirmation of a Buy rating for JD-SW, highlighting expectations of improved profitability and strategic management of investments.
Daiwa
Buy
Price Target
$191 -> $205
2025-10-14
maintain
Daiwa's analyst rating for JD-SW (09618.HK) is based on several key factors:
1. Rational Approach to Investments: The expectation that JD-SW will adopt a more rational approach to food delivery investments in 3Q25, following a peak in 2Q25, suggests a strategic shift that could lead to improved financial performance.
2. Optimism about Operating Profit Margin: Daiwa expressed optimism regarding the operating profit margin (OPM) of JD Retail and JD Group in 3Q25, indicating confidence in the company's ability to manage costs and enhance profitability.
3. Projected Growth in Operating Profit: The anticipated 17% year-over-year growth in JD Retail's operating profit to RMB13.6 billion in 3Q25, which is expected to outpace revenue growth, reinforces the positive outlook.
4. Improvement in Net Profit: The forecasted increase in the group's net profit to RMB4.2 billion for 3Q25, driven by improvements in JD Retail's OPM, further supports the Buy rating.
5. Target Price Increase: The increase in the 12-month target price from HKD191 to HKD205 reflects Daiwa's confidence in the company's future performance.
Overall, these factors contribute to Daiwa's reaffirmation of a Buy rating for JD-SW, highlighting expectations of improved profitability and strategic management of investments.
Valuation Metrics
Forward PE
5Y Average PE
20.64
Current PE
9.49
Overvalued PE
36.32
Undervalued PE
4.95
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
13.52
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
24.65
Undervalued EV/EBITDA
2.38
Forward PS
N/A
5Y Average PS
0.44
Current PS
0.00
Overvalued PS
0.64
Undervalued PS
0.24
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