Broker Name: DBS
Date of Report: Inferred to be early 2025 (based on references to 4Q25 preview and FY25/FY26 projections; exact date not provided, inferred from context).

Excerpt from DBS report.

Report Summary

• DBS expects JD Retail revenue to decline around 4% year-on-year in 4Q25, reflecting weaker electronics and home appliance sales as the impact from previous trade-in subsidies fades.
• The report lowers JD’s adjusted earnings forecasts for FY25, FY26, and FY27 due to weaker subsidy-driven demand, but notes continued improvement in food delivery losses and highlights attractive capital returns and an undemanding valuation, maintaining a BUY rating with a trimmed target price.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com