The Zhitong Finance App learned that Yamato released a research report saying that JD Group-SW (09618)'s adjusted net profit for the second quarter was 12% higher than expected, maintaining a “holding” rating. The target price was raised from HK$108 to HK$120, mainly based on the classification plus valuation method. In response to improved growth prospects, the target valuation multiplier for JD Retail was raised from 3 times to 3.5 times, and included in the market value of JD Logistics (02618). The bank believes that the improvement or weakening of consumption is a key factor affecting the sales growth of its own business, and the new business is believed to be a long-term growth engine for the Group.

Management said that sales momentum has improved in June, and Daiwa expects a significant improvement in year-on-year revenue growth starting in the third quarter. Management expects Joybuy's investment to increase in an orderly manner over the next few quarters, which is expected to drive growth in the long run.

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