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JPM Cuts 2023E Rev. & EPS for JD.com, Still Prefers Alibaba, PDD
JD's revenue growth was anticipated to rebound to above 10% over 2Q23-4Q23, as the company's efforts on enhancing pricing competitiveness should drive up third-party GMV and sales volume, $JPMorgan (JPM.US)$ remarked.
Also, the progressively reduced dependence on lower-margin products and non-core businesses, coupled with the prudent approach when implementing the RMB10 billion subsidy program, should also provide support to $JD-SW (09618.HK)$ 's adjusted net profit margin growth in 2023.
That said, JPMorgan acknowledged that, while the adjustments on existing operating strategies could resolve the fundamental issues behind the enervated growth, execution of such adjustments might be a difficult and laborious process. As such, the broker maintained the Neutral rating for the stock, and chopped the 2023E revenue and adjusted EPS for the company by 1% and 4%, respectively.
The H-share and US stock target prices for $JD-SW (09618.HK)$ $JD.com (JD.US)$ were set at $165 and USD42, respectively. JPMorgan also emphasized its preference for $BABA-W (09988.HK)$ and $PDD Holdings (PDD.US)$ within the e-commerce sector.
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