Jefferies Financial stated in a research report that JD.com's solid execution in terms of investment return drives the bank to raise its forecast for JD Retail's operating profit and the group's earning ability. The bank expects JD's quarterly active users to maintain strong growth in the second quarter of this year, with the total transaction volume (GMV) of supermarket commodities maintaining double-digit year-on-year growth. Meanwhile, the bank predicts that total revenue will grow approximately 1% year-on-year. Divided into specific businesses, the bank expects JD's retail revenue to grow approximately 1% year-on-year, and non-GAAP operating profit margin will also increase year-on-year. At the group level, the bank predicts that non-GAAP net income will increase by approximately 17% year-on-year.
The bank maintains a target price of HKD 41 for JD.com H shares and gives it a "buy" rating.