BABA.N-Morgan Stanley-China E-CommerceEducationOnline Verticals Where Are We Tr...-107695197

MApril19,202405:09AMGMTUpdateChinaE-Commerce/Education/OnlineVerticalsMorganStanleyAsiaLimited++8522239-7339AsiaPacific+8523963-2618EddyWang,CFA+8522848-6918WhereAreWeTradingNow#26:JDPreview/RTI,BABAEquityAnalystMarketingTool,Temu,NBS,IOSEddy.Wang@morganstanley.comGrossingKathyZhuWepublisheda1Q24PreviewandRTIonJDonthebackofitsannouncementofsharebuybackprogress.AlimamalaunchesitsResearchAssociatesite-widemarketingtooltoimprovemerchants'marketingKathy.Zhu@morganstanley.comefficiency.Temuexpandsitsfully/semi-entrustedmodelinmorecountries.BZ'sIOSgrossingmaintainedstrongmomentum.GaryYuJD1Q24Preview:WemodelJD's1Q24total/JDRrevenuetogrow6.7%/6.1%yoy;EquityAnalystandwemodel1Q24JDROPMat4.40%(-24bpyoy)andgroup-levelnon-GAAPNPMGary.Yu@morganstanley.comat2.86%(-26bpyoy).JDmaintainsits2024full-yearguidanceoftotalGMV/revenueandJDRrevenuetooutpaceChina'stotalretailsalesin2024(6%yoy,perChinaInternetandOtherServicesBloombergconsensus),andaimstoatleastmaintaintheabsoluteamountofJDROPandgroup-levelnon-GAAPNPflattishyoyin2024.AsiaPacificIn-LineIndustryViewJDRTI:JDannouncedthatitrepurchasedatotalof43.8mnADSinMar.Basedonourcalculations,JD'ssharerepurchaseamountaccountedfor~11%ofJD'stradingChinaEducationvolume(ADR+H-share)duringMarch8-31,whichsupporteditssharepriceoutperformance(up14.2%fromMarch8-31vs.-0.2%forBABAand-0.8%forPDD).As...