Group profits back to positive trajectory

研报英文原文证据摘录

Group profits back to positive trajectory

Macquarie Equity Research JD.com

Alpha Model Decomposition Key Quant Findings

The quant model currently holds a neutral view on JD.com. The Macquarie Alpha is decomposed into its sector and

The strongest style exposure is Earnings Momentum, market relative factor & styles exposures (a higher/better

indicating this stock has received earnings upgrades and is percentile is coded in green, whilst lower in red).

well liked by sell side analysts. The weakest style exposure

is Price Momentum, indicating this stock has had weak relativePercentileto

medium to long term returns which often persist into the

sectors market

future. Factors / Styles (/556) (/263) Core factors in definition

ALPHA 44% 57% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 21% 26% Book, CF, Yield, Earnings Multiples

ANALYST 96% 95% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 25% 33% Price Momentum

multi-factor model based on a staple of quant factors such

as value, momentum, revisions, quality, and risk. GROWTH 97% 99% EPS, Sales (Forecast, Historic)

PROFITABILITY 27% 29% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Whole Universe China Retailing QUALITY 70% 80% Accruals, Earn Stability, Cash Conversion

Macquarie Alpha 9746/17459 112/263 310/556 CAPITAL 61% 61% Investment/Capex, Net share issuance Model

LIQUIDITY 98% 98% Size, Turnover, Analyst Coverage

Fundamental 3521/17459 60/263 81/556 (Consensus) * LOW RISK 13% 40% Beta, Volatility, Earn.Cert, Leverage

TECHNICAL 12% 11% MACD, RSI, Bollinger, Williams R, etc

* based on Total Shareholder Return = Consensus Price target / Current Price

Current and Historical Alpha Model Rank Factors driving the Alpha Model vs peers