JD.com is a mispricing story, not a turnaround: the Amazon of China at a fraction of the valuation. It trades at about 0.2x sales versus about 3x for Amazon, holds $16B in net cash and has a $5B buyback. All 10 covering analysts rate it a buy with an average target near $38; the price target here is $68. x.com 

JD.com is one of the few China internet names whose 2026 earnings risk skews up, so its multiple can rerate on beats rather than a sentiment recovery. Its logistics-backed retail core has been resilient, quick-commerce losses should narrow as the 2025 investment cycle matures without needing a macro recovery, and international expansion is measured. Overweight with a $38 December 2026 target, 9x 2027 earnings. Risks: share loss to Pinduoduo and Alibaba, margin pressure, a weaker China. x.com 

JD.com's share price should follow its free cash flow, which jumped 599% last quarter, and it has completed a $1B share buyback. x.com 

Alibaba and JD.com have grown far beyond what their flat share prices reflect. Alibaba trades near its 2016 price of about $108 while annual revenue rose from $15.7B to $148.4B, almost 10x. JD.com is back at its 2019 price of about $26.5 while revenue grew from $67.2B to $187.2B, nearly 3x. With both charts finally starting to improve, 100%+ upside is absolutely on the table. x.com 

JD.com should reach $40 fairly fast once Chinese government stimulus, expected very soon, is announced and the stock breaks back above $30. Earnings were good, and the move down was not warranted. x.com  x.com 

Alibaba, JD.com, Nio and Baidu are criminally undervalued and could act as a hedge in the next broad market downtrend, over a 12-18 month horizon. Fundamentals explain the underperformance: retail sales turned negative year over year and new home sales are down 27%, showing years of PBoC easing have failed to reach the real economy. But that is exactly when the greatest buying opportunities form, much as with semiconductors like AMD in late 2024 and early 2025. x.com  x.com 

Alibaba at $110 is one of the most mispriced mega-caps because investors effectively get its AI and cloud business for free. The company is worth about $270B and holds around $70B in cash and liquid investments, while core e-commerce generated almost $5.9B of adjusted EBITA in one quarter, roughly $230B annualized at just 10x. AI and cloud may be Alibaba's most valuable part five years from now. x.com 

Baidu and Alibaba look primed with Trump visiting China, while JD.com is set up to break its long-term downtrend line. x.com 

Alibaba should be taken seriously within the next three months, trading at just 10 times 2028 earnings. x.com  x.com 

Alibaba offers opportunity at $123 as a front-runner in China's AI buildout, particularly if its AI spending shows real returns and it proves it can compete with the US. Over $56 billion of AI and cloud investment over three years has made current free cash flow negative, like US hyperscalers. Cloud growth is expected near 45%, AI products are already 30% of external cloud revenue, and it holds $38 billion of net cash. Cloud growth, capex and guidance will drive the earnings reaction. x.com