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Macquarie Trims JD-SW (09618.HK) TP to $119, Cuts FY2025/ FY2026 Earnings Forecasts
2025-04-25 10:39:25
JD-SW (09618.HK) (JD.US)'s recent surge in orders may have been triggered by aggressive promotions, but the current pace of operations is still a surprise to Macquarie, and may indicate a strong commitment from JD-SW and greater revenue impact ahead, Macquarie issued a research report saying.

Due to the high cost incurred in food delivery business, Macquarie lowered its FY2025/ FY2026 adjusted net profit forecasts for JD-SW by 10%/ 4% each, meanwhile trimming its target prices for JD-SW's US stock/ H-shares from US$35/ $132 to US$31/ $119, with rating kept at Neutral.
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