• JD2017-11-06

    JD: Expect In Line 3Q17 Results, No Upside Surprises from GMV Growth; Maintain BUY

    JD will report 3Q17 results on Monday, November 13th before the market opens with a 7:30am EST conference call. Based on our data, JD’s 3Q net revenue is likely to be in line with consensus at RMB83.6B and higher than the mid-point of 3Q17 topline guidance of RMB81.8B – RMB84.2B (36% - 40% Y/Y growth). ……

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  • JD2016-08-09

    JD.com, Inc.:New Uncertainties in Growth and Margins; Downgrade from BUY to Hold

    JD will report 2Q16 results on Wednesday, August 10th before the market open with a 7:30am EST conference call. We are expecting both 2Q16 revenue and 3Q16 top line guidance to be slightly below consensus expectation. In addition, we believe the company’s margin may be under pressure from the newly acquired Yihaodian, an online company in China formerly owned by Walmart. Both growth and margin issues may last for a while. As such, we downgrade the stock from BUY to HOLD and wait for signs of imp……

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  • JD2016-03-24

    T. H. Data Flash – JD.com, Inc. (JD) – January & February 2016: GMVs and Commissions in January & February 2016

    January 1 – February 29, 2016 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology. Please contact us for detailed information.•Direct sales GMV increased Y/Y in 1Q16 – For 1Q16, total GMV reached RMB143.0B, an increase of 62.9% Y/Y and down 0.1% Q/Q (Figure 1). Based on our proprietary data, net revenue is likely to grow 51.5% Y/Y (1.7% Q/Q) to reach RMB55.5B in 1Q16 (Figure 1).……

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  • JD2016-02-26

    JD: Data Suggest Better 4Q15 Revenue; 1Q16 Consensus Seems High; Maintain BUY and PT

    JD will report 4Q15 results on Tuesday, March 1st before the market open with a 7:30am EST conference call. We are expecting 4Q revenue results to be better than consensus driven by strong growth in mobile phones, household appliances and digital. For 1Q16, we believe consensus expectation for JD’s revenue seems high. However, we do believe the company is steadily executing its strategy toward high growth and profitability. We maintain our Buy rating and PT of $39.00.……

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  • JD2015-11-14

    JD: Expect In Line 3Q15 Revenue, but 4Q15 Guidance Can Be Better; Maintain BUY and PT

    JD will report 3Q15 results on Monday, November 16th before the market open with a 7:30am EST conference call. We are expecting in line 3Q revenue results, but the bottom line is likely to be better than consensus due to lower marketing activities. For 4Q, our analysis and data suggest that JD is highly likely to guide revenue above consensus expectation due to strong GMV growth in Nov. due to its 11 days of promotions for “11.11 Singles Day”. As such, we maintain our Buy rating and PT of $39.00……

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  • JD2015-08-04

    JD: Profitability is Foreseeable and Strong Growth in 2Q15 is Driven by “6.18” Sale; Initiate with a Buy and PT of $39

    We are initiating on JD with a BUY rating due to its foreseeable growth and profitability outlook as well as its upcoming 2Q15 results. The company will report 2Q15 results on Friday, August 7th before the markets open with a 7:30am EST conference call. JD’s 2Q results are highly likely to be better than consensus driven mainly by its June 18th Anniversary Sale promotion as well as ongoing expansion in general merchandise. Longer term-wise, new category expansion in general merchandise can serve……

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  • JD2015-05-01

    T. H. Data Flash – JD.com, Inc. (JD) – March 2015: Late CNY May Constrain GMV Growth in 1Q15

    •Y/Y growth of direct sales GMV may decelerate in 1Q15 due to late CNY – Our proprietary data showed that JD’s GMV of online direct sales may reach RMB49.0B or 56.8% Y/Y and 1.1% Q/Q growth in 1Q15 (Figure 1). Of that, GMV for electronics and home appliance may grow 58.1% Y/Y to RMB 42.5B, while general merchandise and others grew 49.5% Y/Y to RMB6.4B. The deceleration in the GMV growth we believe was due to a later Chinese New Year in 2015, which negatively led to no Valentine’s Day promotions ……

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  • JD2015-02-18

    T. H. Data Flash – JD.com, Inc. – 4Q14 and January 2015: Strong GMV Growth in 4Q14 and January of 2015

    October 1, 2014 – January 31, 2015 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology. Please contact us for detailed information.•Y/Y growth of direct sales GMV may accelerate in 4Q14 – Our proprietary data showed that JD’s GMV of online direct sales may grow 82.3% Y/Y in 4Q14 to RMB 50.1B (Figure 1). Of that, GMV for electronics and home appliance may grow 87.9% Y/Y to RMB 44.2B, while general merchandise an……

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  • JD2014-11-05

    T. H. Data Flash – JD.com, Inc. – September 2014: Growth of Gross Orders Unlikely to Accelerate in 3Q14; GMV Was Up M/M in September

    July 1 – September 30, 2014 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology. Please contact us for detailed information.•Orders fulfilled unlikely to have upbeat surprise in 3Q14 – Historically, there has been a close correlation between the number of gross orders and the number of fulfilled orders. According to our proprietary data, the Y/Y growth for the number of gross orders in 3Q14 declined to 118% fro……

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