In a report released yesterday, Lei Yang CFA from CGS International reiterated a Buy rating on JD.com, Inc. Class A, with a price target of HK$140.00.
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Lei Yang CFA has given his Buy rating due to a combination of factors that balance near-term pressure with improving profitability. Despite expecting a mid‑single‑digit revenue decline in 2Q26F, he anticipates a meaningful uplift in operating margin, supported by better gross margins and cost efficiencies, while JD Retail’s margin profile is projected to stay resilient.
Lei also highlights management’s progress in narrowing losses in new businesses, particularly food delivery, where unit economics are improving through more efficient subsidies and growing commission and advertising income. With expectations for stronger second‑half revenue growth driven by general merchandise, mix upgrades, and expansion of the third‑party ecosystem, he maintains a DCF‑based target price of HK$140 and sees upside potential that justifies a Buy recommendation.
In another report released on May 19, DBS also maintained a Buy rating on the stock with a HK$141.00 price target.