JD.com (JD): Undervalued, Ignored, and Ready to Run

With China’s rally broadening, JD looks like the next big catch-up trade.

China is in a bull market. That much is obvious now. Alibaba has run. Tencent has run. Even Baidu, long treated like dead money, finally caught a bid once people remembered it had free AI and robotaxi options buried in the business.

The narrative has shifted, and in a rising market like this, the laggards eventually get their turn. JD hasn’t moved yet. I think it will.

JD is not my favorite company in China. The marketplace model of Pinduoduo and the ecosystem of Alibaba are arguably stronger businesses. But JD is cheap—way too cheap for what it actually is.