Goldman Sachs: Assigns JD-SW a "Buy" rating with a target price of HKD 187
Goldman Sachs released a research report stating that JD.com (09618) set a new sales record during the 22nd 618 Shopping Festival, with performance exceeding the bank's expectations (compared to Goldman Sachs' forecast, JD Retail's revenue is expected to grow by 13% year-on-year in Q2 2025/GMV is expected to grow by 13% year-on-year), maintaining a "Buy" rating with a 12-month target price of $48/187 HKD. The report indicates that JD's performance during 618 was strong, with the number of transacting users increasing by 100% year-on-year, far exceeding industry levels. JD announced a total order volume of 2.2 billion orders, averaging about 11.5 million orders per day (including JD Retail's online + offline orders, as well as peak delivery orders reaching 25 million), with good cross-selling performance between delivery and JD Retail products. JD's founder and chairman outlined the company's long-term strategic blueprint in domestic retail and six new businesses, including delivery, logistics, internationalization, and entering the travel accommodation booking industry, while launching a three-year zero-commission strategy. However, the bank expects JD to adopt a long-term gradual strategy in the local travel services sector
According to the Zhitong Finance APP, Goldman Sachs released a research report stating that JD.com (JD.US, 09618) set a new sales record during the 22nd 618 Shopping Festival, with performance exceeding the bank's expectations (compared to Goldman Sachs' forecast, JD Retail's revenue is expected to grow by 13% year-on-year in the second quarter of 2025 / GMV is expected to grow by 13% year-on-year), and has given a "Buy" rating with a 12-month target price of $48 / HKD 187.
The report indicated that JD's performance during the 618 festival was strong, with the number of active users increasing by 100% year-on-year, far exceeding the industry average. JD announced that the total order volume reached 2.2 billion orders, averaging about 11.5 million orders per day (including JD Retail's online and offline orders, as well as peak takeaway orders reaching 25 million), with good cross-selling performance between takeaway and JD Retail products.
JD's founder and chairman outlined the company's long-term strategic blueprint in domestic retail and six new business areas, including takeaway, logistics, internationalization, and entering the travel accommodation booking industry, while launching a three-year zero-commission strategy. However, the bank expects JD to adopt a long-term gradual strategy in the local travel services sector
