Major Bank Ratings | BOC International: JD.com's first quarter results beat expectations, target price raised to $38

```htmlGolden Ten Data May 13 | BOC International released a report stating that JD.com’s first quarter performance exceeded expectations, with total revenue growing by 5% year-on-year and adjusted net profit reaching 7.4 billion yuan, beating market expectations by 1% and 38%, respectively. The bank believes that the company’s certainty in sustainable profit growth is strengthened by healthy profit momentum in its core retail sector, accelerated income diversification from three newly focused core businesses, prudent long-term investment leading to optimized cost efficiency, and consequently improved UE. Combined with JD.com’s firm implementation of shareholder feedback measures, the bank has raised its target price for JD.com’s US-listed shares from $34 to $38 and maintains a “buy” rating.```