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<Research>CLSA Lowers JD.com (JD.US) 2025/ 2026 Adj. NP Forecasts, Keeps Outperform Rating
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CLSA published a research report forecasting that JD-SW (09618.HK) may be significantly impacted by reduced trade-in subsidies and intense competition in the Chinese market.

The broker currently estimated a moderate growth of 1.7% in the Group's total revenue for 4Q25, amounting to approx. RMB352.8 billion, and expected adjusted net profit to decline by 96% YoY to RMB481 million.

Related NewsBofAS Lowers JD-SW's TP to HKD141, Envisions in-Line Results for 4QFY25
CLSA lowered its 2025/ 2026 adjusted net profit forecasts for JD-SW by 6%/ 5% each, reflecting ongoing operational challenges persisting into 1H26, and kept rating at Outperform for JD.com (JD.US).
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