Macquarie published a research report indicating that jd.com (09618.HK) had a positive performance in the third quarter, primarily supported by robust supply chain capabilities and economies of scale, with revenue increasing by 5% year-on-year, in line with expectations. The adjusted net profit recorded was 13.2 billion yuan, which was 15% higher than market and the bank's forecasts.

Macquarie believes that jd.com is the main beneficiary of the national consumer support policy for trade-ins, driving sales of home appliances and electronic products, while daily necessities also recorded healthy growth momentum. Looking ahead, due to a better-than-expected performance during the november 11 shopping festival-related, jd.com's management holds an optimistic view on the overall consumer recovery in china. Macquarie has accordingly raised its profit forecasts for this year and next year by 3% and 1%, respectively, while the target price has been lowered from 232 yuan to 217 yuan.