DBS: JD.com Inc – Buy Target Price HKD181; US$46.00

Marketplace expansion driving future growth

• Expect revenue to increase by 3%/6%/7% in FY23/FY24/FY25F driven by marketplace expansion and 3C demand recovery 
• Cut non-GAAP net profit by 5%/7%/6% for FY23-25F due to higher traffic acquisition costs associated with marketing initiatives 
• Expect FY23F/FY24F/FY25F non-GAAP earnings to grow by 18%/13%/12% 
• Maintain BUY with lower TPs of HK$181/US$46; we expect growth momentum to pick up in FY24 post-business adjustment