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<Research>Nomura: JD HEALTH Last Qtr Results Beat; FY26 Profit Margin Guidance Conservative
Recommend 6 Positive 5 Negative 1 |
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According to Nomura's research report, JD HEALTH (06618.HK) saw a 28% YoY increase in 2H25 revenue, surpassing the market's and the broker's forecasts by 4% and 2%, respectively. Its non-IFRS operating profit margin also rose by 1.6 ppts to 5%, beating the broker's forecast by 0.3 ppts. In Nomura's calculations, JD HEALTH's revenue for 4Q25 increased by 27% YoY, 4% higher than the broker's forecast. As per JD HEALTH's management guidance, it is expected that FY26 revenue may record a high double-digit to 20% growth. Regarding earnings, the adjusted operating profit margin may at least remain flat YoY due to gross margin expansion and rising operating expenses, which the broker believes falls short of market expectations for continuous expansion of the operating profit margin in FY26. From Nomura's perspective, this guidance is below expectations, reflecting a cautious approach by JD HEALTH's management, which has contributed to the company's consistent outperformance against market expectations over the past few quarters. Nomura has kept its target price for JD HEALTH at HKD80, with an unchanged Buy rating. AAStocks Financial News |
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