JD.com's HK shares hit near 2-month peak on Q4 rev beat, buyback plan

JD Logistics

07/03/2024 03:09

** Hong Kong shares of China's online retailer JD.com
 9618.HK  jump as much as 9.7% to HK$97.85, their highest since
Jan. 12
    ** Stock on course for the second session of gains; biggest
pct gainer in Hang Seng Index  .HIS , Hang Seng Tech Index
 .HSTECH  and second biggest in Hang Seng China Enterprises
Index  .HSCE  
    ** U.S.-listed stock  JD.O  jumped 16.2% on Wednesday
    ** JD.com reported Q4 revenue above estimates and announced
it would increase the size of its share repurchase program,
repurchasing up to $3 bln worth of shares, including U.S.-listed
shares, over the next 36 months through March 2027
    ** Citi maintains "buy" on the stock given undemanding
valuation, improving shareholder return and initial sign of
turning around JD Retail growth prospect
    ** Jefferies keeps "buy" on the stock, expecting JD Retail
revenue to outpace industry growth 
    ** Co's unit JD Logistics  2618.HK  jumps 12.9% to HK$8.68,
highest since Jan. 16, after it posted a yearly profit of 616.2
mln yuan compared to a 1.4 bln yuan loss in 2022
    ** Hang Seng Composite Index  .HSCI  climbs 0.6%, while Hang
Seng Tech Index  .HSTECH  and Hang Seng Index  .HIS  both add
0.1%
    ** JD.com's Hong Kong stock falls 14.9% YTD, U.S.-listed
shares down 13.8% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))