Yamato: JD Group's quarterly results meet expectations, target price raised slightly to 172 HKD.

Nomura Research Institute stated that it reiterates its "buy" rating on JD.com-SW and has raised its target price from HK$171 to HK$172. JD's fourth-quarter performance in 2025 roughly met expectations. After the subsidy plan was adjusted, sales of electronics and home appliances showed a sequential rebound in the first quarter of 2026. The company's guidance for revenue growth and profit recovery in 2026 performed better than the concerns originally held by the bank. Capital returns remain strong, including cash dividends and a $3 billion share buyback plan.