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<Research>G Sachs Expects JD-SW 2H Results to Recover, Maintains Buy
Recommend 5 Positive 9 Negative 4 |
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Goldman Sachs expressed optimism that JD-SW (09618.HK) will see accelerated revenue growth and a YoY recovery in earnings starting from 2H26, supporting a valuation re-rating. Given the high base in 2Q25 for electronics and home appliances, the broker expected JD Retail revenue to record a mid- to high-single-digit YoY decline in 2Q26. However, it noted that such negative factors have been largely priced in by investors. As sales of electronics and home appliances normalize, coupled with double-digit growth in general merchandise, Goldman Sachs estimated JD Retail growth to accelerate in 2H26. The broker maintained its Buy rating on JD-SW, with a TP of HKD169 and a TP of USD43 for JD.com, Inc. (JD.US). Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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