Core Viewpoint - Renowned investor Michael Burry has significantly increased his investment in Chinese markets, with Chinese stocks now comprising 45% of his portfolio, particularly highlighting the success of JD.com [1] Group 1: Investment Activity - Michael Burry's firm, Scion Asset Management, has been increasing exposure to Chinese markets since Q4 2023, continuing into Q1 and Q2 of 2024 [1] - JD.com has seen a stock price increase of 46.27% in 2024, currently priced at $39.79 [1] - Barclays and JPMorgan have both raised their price targets for JD.com from $40 to $50, indicating strong confidence in the stock's potential [2][3] Group 2: Market Sentiment - Despite JD.com's recent 5.53% decline over the past week, major investment firms remain bullish, expecting a recovery in demand and growth [1][3] - Barclays' Gregory Zhao anticipates a return to single-digit year-over-year growth and a positive impact from recent policy shifts [3] - JPMorgan previously labeled JD.com as "too cheap to ignore" when the stock was at $28.46, reflecting a significant upside potential [3] Group 3: Market Conditions - The Chinese market experienced a significant rally following a stimulus package announcement, with the Beijing Stock Exchange 50 Index gaining 22% in a single day [4] - However, the rally was halted due to disappointing measures announced by the National Development and Reform Commission, leading to a correction in major indices [5] - Institutional investors appear to remain optimistic about the long-term recovery of the Chinese market despite short-term volatility [5]

| --- | --- | --- | --- | --- | |-------------------------|--------------|---------------|----------|-------------------------------| | 交银国际研究 \n公司更新 | | | | | | 互联网 | 收盘价 | 目标价 | 潜在涨幅 | 2024 年 10 月 15 日 | | | 美元 44.14 | 美元 56.00↑ | +26.9% | | | | | | | | | 京东 (JD US) | | | | | | | | | | | 预计 3 季度业绩符合预期，以旧换新带动 9 月销售数据回暖 3 季度业绩预览：预计 3 季度公司总收入同比增 4.9%至 2598 亿元（人民 币，下同），符合我们和市场的此前预期。预计调整后净利润为 109 亿 元，同比增 2%，市场预期为 113 亿元。预计业务健康度提升，毛利润率 同比改善，营销费用持续投入，带动用户数保持双位数增长。 以旧换新拉动 9 月数据回暖：预计自营收入同比低个位数增长，其中带电 品类较 2 季度增速恢复， ...

上 市 公 司 互联网电商 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 报告原因：强调原有的投资评级 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 15 日 | | 收盘价（美元） | 40.16 | | 纳斯达克指数 | 18315.59 | | 52 周最高/最低（美元） | 47.82/20.24 | | 美股市值（亿美元） | 639 | | 流通股（亿股） | 28.60 | | 汇率（人民币 / 美元） | 7.12 | 一年内股价与基准指数对比走势： -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% JD.O IXIC.GI 资料来源：Bloomberg 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 2024 ...

Price to earnings (P/E) and price to sales (P/S) are the first ratios that come to an investor’s mind while narrowing down a list of undervalued stocks. However, the price-to-book ratio (P/B ratio), though underrated, is also an easy-to-use valuation tool for identifying low-priced stocks with high-growth prospects.What is P/B Ratio?P/B ratio is calculated as below:P/B ratio = market capitalization/book value of equity.The P/B ratio helps to identify low-priced stocks with high growth prospects. SSR Mining ...

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.However, the task of finding cutting-edge growth stocks i ...

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, October 16th:Okta, Inc. (OKTA) : This identity solutions company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.8% over the last 60 days.Okta has a PEG ratio of 1.30 compared with 3.27 for the industry. The company possesses a Growth Score  of B.JD.com (JD) : This company which operates as an online direct sales company in China carries a ...

Investment Rating - Maintains a **Buy** rating for JD com with a target price of **USD 53 50**, up 3% from the previous target of **USD 51 90** [1][10] Core Views - JD com is expected to achieve **5% YoY revenue growth** in Q3 2024, in line with Bloomberg consensus, driven by improved consumer sentiment and the nationwide appliance trade-in program [1] - Non-GAAP net profit is anticipated to exceed expectations, with a **7% YoY increase** to **RMB 11 4 billion**, supported by effective cost control and service revenue growth [1] - The company is shifting focus from investment returns and cost control to **GMV and revenue growth**, which is expected to drive further stock price appreciation [1] - JD Retail (JDR) is projected to achieve **RMB 223 6 billion in revenue**, a **5% YoY increase**, with non-GAAP operating profit rising **3% YoY** to **RMB 11 4 billion** [1] Revenue and Profit Forecasts - For Q3 2024, JD com is estimated to generate **RMB 260 billion in revenue**, with **4% YoY growth in net product revenue** and **8% YoY growth in net service revenue** [1] - Non-GAAP net profit for Q3 2024 is forecasted at **RMB 114 billion**, a **7% YoY increase**, surpassing market expectations by **1%** [1] - The 2024 full-year revenue forecast remains largely unchanged, but the non-GAAP net profit forecast is revised upward by **1 4%** due to better-than-expected cost control [2] Valuation and Shareholder Returns - The target price of **USD 53 50** is based on a DCF model with a WACC of **11 8%** and a terminal growth rate of **1 5%**, implying a **14x P/E ratio** for 2024 [10] - JD com announced a new **USD 5 billion share repurchase program**, effective from September 2024 to August 2027, representing **2 6% of the current market cap annually**, which is expected to support valuation [2] Segment Performance - JD Retail (JDR) is expected to see a **5% YoY revenue growth** in Q3 2024, driven by a rebound in the **Home Appliances and Home Goods (EH&A) segment** and steady growth in general merchandise [1] - The **Marketplace and Advertising revenue** is projected to grow **8% YoY**, benefiting from improved ad revenue and positive commission growth [1] Financial Metrics - JD com's **gross margin** is expected to improve slightly to **15 3%** in 2024, with non-GAAP net profit margin at **3 7%** [8][9] - The company's **ROE** is forecasted to rise to **14 9%** in 2024, reflecting improved profitability [16] Market and Industry Context - The report highlights JD com's ability to capitalize on **improved consumer sentiment** and government initiatives like the **appliance trade-in program**, which are expected to drive growth in the coming quarters [1]

15 Oct 2024 CMB International Global Markets | Equity Research | Company Update JD.com (JD US) Expecting inline 3Q revenue growth with upside coming from bottom line We expect JD to deliver inline-with-Bloomberg consensus revenue growth and a better-than-expected non-GAAP net profit for 3Q24, aided by efficient cost control, and a YoY increase in revenue contribution from services revenue. Amid improving consumption sentiment since September, and benefiting from the implementation of home appliance trade-in ...

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, October 14th:Okta, Inc. (OKTA) : This identity solutions company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 7.9% over the last 60 days.Okta has a PEG ratio of 1.30 compared with 4.06 for the industry. The company possesses a Growth Score  of B.JD.com (JD) : This company which operates as an online direct sales company in China carries a ...

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today October 10th:JD.com (JD) : This company which operates as an online direct sales company in China, carries a Zacks Rank #1 (Strong Buy), and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 17.1% over the last 60 days.JD.com has a PEG ratio of 0.61 compared with 3.28 for the industry. The company possesses a Growth Score of A.ZIM Integrated Shipping Services (ZIM) : This ...