0439 GMT - JD.com may benefit from China's multi-year trade-in subsidy program and improvements in supply chain efficiency, Morningstar analyst Chelsey Tam says in a research note. The Chinese e-commerce giant could be a key beneficiary of the consumption subsidy program due to its large revenue contribution from home appliances and electronics, which account for 47% of its revenue in 3Q, the analyst notes. With the program expanding to cover cell phones this year, it could further boost JD.com's revenue, the analyst says, adding that she expects the subsidy program this year to increase materially from the 35 billion yuan-40 billion yuan seen in 2024. Morningstar notes JD's shares are undervalued, naming the stock as its top pick in the China e-commerce space. Its H shares are last at HK$151.40. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 23:39 ET (04:39 GMT)
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