＜Research＞JPM Adds JD-SW (09618.HK) TP to $130, Rating Neutral

　　JD-SW (09618.HK) -4.700 (-4.196%) Short selling $144.84M; Ratio 10.053% has tumbled nearly 20% since its 1Q24 results were released in mid-May, underperforming all of its major listed e-commerce peers, JPMorgan released a research report saying.

　　This is believed to be mainly due to increased concerns about China's consumption market, resulting in valuation de-rating.

　　Related NewsCiti Cuts JD.com, Inc. (JD.US) TP to US$42, Forecasts 2Q Non-GAAP NP to Be RMB9.5B

　　With its valuation back to about 8-9x of its 2024 forecasted PE ratio, JPMorgan expected JD-SW's share price to have more limited further downside room, according to the report. However, at the same time, the Group's growth outlook still faced greater challenges.

　　JD-SW's e-commerce platform was more reliant on goods with higher average price, and its business model was quality-driven, rather than price-driven, which is expected to drag down the revenue growth pace, JPMorgan said.

　　JPMorgan reiterated rating at Neutral, and added its target price to $130 from $129.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-12 16:25.)

　　Related NewsNomura Cuts TP of JD-SW (09618.HK) to $150, Rates Buy

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