Goldman Sachs: expects JD-SW (09618) to rebound in the second half of the year and maintains a "buy" rating.

Goldman Sachs Group, Inc. released a research report stating that it is optimistic about JD-SW (09618) accelerating revenue and profit growth from the second half of this year, supporting its valuation recovery. Due to the high base in the second quarter of last year for electronic products and home appliances, the bank expects JD.com, Inc. Sponsored ADR Class A's retail revenue for the second quarter of this year to decline by a high single-digit to high unit-digit percentage compared to last year. However, the negative factors have already been fully anticipated by investors. With the normalization of sales of electronic products and home appliances, as well as double-digit growth in general merchandise, Goldman Sachs Group, Inc. expects the retail growth of JD.com, Inc. Sponsored ADR Class A to accelerate in the second half of the year. They maintain a "buy" rating on the company with a target price of 169 Hong Kong dollars, while the target price for JD.com, Inc. Sponsored ADR Class A (JD.US) is $43.