0632 GMT - JD.com's losses from its food-delivery segment will likely narrow from 4Q, supported by efforts to drive the business's efficiency, DBS analysts say in a note. The business should be able to utilize subsidies better and improve operating leverage, even as losses remain sizable, they write. Early-stage monetization of food-delivery services is also growing through commissions and ads, helping JD.com narrow losses in new businesses despite increased investments for overseas expansion, they add. DBS cuts its 2025 earnings estimate by 11% to reflect softer 4Q retail profitability. It is also more cautious about the Chinese e-commerce company's trajectory in 2026. The bank reiterates the stock's buy rating, citing expectations of continued narrowing of new-business losses and meaningful capital returns through dividends and buybacks. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

January 14, 2026 01:34 ET (06:34 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.