UOB Kay Hian Keeps Buy Rating on JD-SW with HK$148 Target Price

Deep News10-15

UOB Kay Hian has released a research report stating that JD-SW (09618) is expected to announce its third-quarter results in mid-November, with revenue forecast to rise 3.5% year-on-year to RMB 309.6 billion, broadly in line with market expectations, mainly supported by JD Retail returning to positive growth.

The broker maintains a "Buy" rating on JD's H-shares with a target price of HK$148, and a target price of US$38 for JD.com (JD.US) American depositary shares.

The report estimates that JD Retail revenue will grow 3% year-on-year to RMB 258.1 billion, while general merchandise revenue is expected to rise 8% year-on-year to RMB 105.3 billion.

The broker has largely kept its full-year revenue forecast for JD unchanged, expecting a year-on-year increase of 2.8%.

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