0958 GMT - JD.com's earnings are likely to improve in 2H following 2Q's results beat, according to Citi analysts. The Chinese e-commerce company could post stronger retail profit as gross margins improve on better supply-chain efficiency, the analysts say in a research note. Its food-delivery business is also expected to continue narrowing losses, they add. Investment in Joybuy, the international online-shopping brand of JD.com, will likely be "higher but within disciplined and manageable spend," they write. Citi keeps a buy rating, citing an attractive valuation, earnings-growth recovery, solid execution and generous shareholder returns. The bank maintain a $39 target price on ADRs, which last closed at $29.30.