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Undervalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 31.17 Fair value 35.98 One-star price 41.53
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (31.17) to the one-star price (41.53).
| Ratios |
|---|
| Currency (Price/reporting): USD/CNY |
| Exchange Rate: 0.1499 |
| Price - closing or last bid | 26.91 |
| Price - 12 month high | 34.29 |
| Price - 12 month low | 24.51 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 8.25 |
| Market capitalization | 33,412.92 |
| 12 Month High price date | 13 MAY 2026 |
| 12 Month Low price date | 5 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 7.49 |
| Price - 1 Day % Change | 2.32% |
| Price - 13 week price percent change | -18.50% |
| Price - 26 week price percent change | -10.18% |
| Price - 5 Day % Change | 5.24% |
| Price - 52 week price percent change | -17.91% |
| Price - YTD price percent change | -6.27% |
| Price % Change Month To Date | 4.38% |
| EPS excluding extraordinary items - most recent fiscal year | 12.900 |
| EPS excluding extraordinary items - trailing 12 month | 10.040 |
| EPS Normalized - most recent fiscal year | 17.820 |
| Revenue/share - most recent fiscal year | 879.160 |
| Revenue/share - trailing 12 month | 906.746 |
| Book value per share - most recent fiscal year | 164.152 |
| Book value per share - most recent quarter | 162.250 |
| Book value (tangible) per share - most recent fiscal year | 162.585 |
| Book value (tangible) per share - most recent quarter | 155.590 |
| Cash per share - most recent fiscal year | 100.289 |
| Cash per share - most recent quarter | 65.952 |
| Cash Flow per share - most recent fiscal year | 17.484 |
| Cash Flow per share - trailing 12 month | 35.289 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 1.000 |
| EBITD per share - trailing 12 month | 11.687 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 13.780 |
| EPS Basic excluding extraordinary items - trailing 12 month | 10.880 |
| EPS including extraordinary items - most recent fiscal year | 13.780 |
| EPS including extraordinary items - trailing 12 month | 10.780 |
| Free Cash Flow per share - trailing 12 month | 35.289 |
| P/E excluding extraordinary items, most recent fiscal year | 19.33 |
| P/E Normalized, most recent fiscal year | 12.34 |
| Price to sales - most recent fiscal year | 0.21 |
| Price to Tangible Book - most fiscal year | 1.73 |
| Price to Free Cash Flow per Share - most recent fiscal year | 5.50 |
| Price to Cash Flow per share - trailing 12 month | 5.50 |
| Price to Book - most recent fiscal year | 1.16 |
| P/E excluding extraordinary items high, trailing 12 months | 26.14 |
| P/E excluding extraordinary items low, trailing 12 months | 8.62 |
| Net Debt, LFI | -116,354.00 |
| Net Debt, LFY | -106,127.00 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | 3.80% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 3.61% |
| Free Cash Flow - most recent fiscal year | 11,850.00 |
| LT debt/equity - most recent fiscal year | 29.33% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 36.46% |
| LT debt/equity - most recent quarter | 27.68% |
| Total debt/total equity - most recent quarter | 37.29% |
| Free Cash Flow - trailing 12 month | 51,117.00 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,309,085.00 |
| Revenue - trailing 12 month | 1,313,438.00 |
| EBITD - most recent fiscal year | 28,817.00 |
| EBITD - trailing 12 month | 16,929.00 |
| Earnings before taxes - most recent fiscal year | 25,323.00 |
| Earnings before taxes - trailing 12 month | 23,031.00 |
| Net Income available to common - most recent fiscal year | 19,631.00 |
| Net Income available to common - trailing 12 months | 14,794.00 |
| Earnings before taxes Normalized - most recent fiscal year | 32,627.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 27,032.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 15.72 |
| Net Profit Margin % - 1st historical fiscal year | 1.77% |
| Net Profit Margin % - trailing 12 month | 1.50% |
| Operating margin - 1st historical fiscal year | 0.28% |
| Operating margin - trailing 12 month | 0.17% |
| Pretax margin - trailing 12 month | 1.75% |
| Pretax margin - 1st historical fiscal year | 1.93% |
| Operating Margin - 5 year average | 1.75% |
| Pretax Margin - 5 year average | 2.07% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 3.65% |
| Free Operating Cash Flow/Revenue, TTM | 3.89% |
| Net Profit Margin - 5 year average | 1.64% |
| Return on average assets - most recent fiscal year | 3.31% |
| Return on average assets - trailing 12 month | 2.79% |
| Return on average equity - most recent fiscal year | 9.99% |
| Return on average equity - trailing 12 month | 8.78% |
| Return on average assets - 5 year average | 3.36% |
| Return on average equity - 5 year average | 9.47% |
| Net Income/employee - most recent fiscal year | 25,713.33 |
| Revenue/employee - most recent fiscal year | 1,454,538.89 |
| Revenue growth rate, 5 year | 11.91% |
| EPS growth rate, 5 year | -16.45% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 12.88% |
| Growth rate% - Revenue, 3 year | 7.76% |
| Growth rate% - EPS, 3 year | 26.19% |
| Book value per share growth rate, 5 year | 6.31% |
| Capital Spending growth rate, 5 year | 2.63% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -12.21% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (CNY, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
JD.com delivered a better-than-expected second quarter, with profit comfortably ahead of consensus despite softer revenue. The key positive was a clear improvement in earnings quality, helped by solid profitability in the core retail business and continued narrowing of losses in food delivery.
JD.com delivered a better-than-expected March quarter result overnight, with revenue and profit ahead of expectations, while the key positive was evidence that losses in its newer businesses, particularly food delivery, are narrowing. We own JD.com in the International Equities Portfolio, and while the stock has been weighed down by concerns around China’s consumer backdrop and aggressive food-delivery competition, this result should help rebuild some confidence that the core retail business remains profitable and management is getting better control of investment spend.
JD.com remains one of China’s key e-commerce players, combining a direct retail model with a third‑party marketplace and underpinned by a logistics network that continues to be a major competitive advantage. Alongside the core business, JD is building out several adjacencies, including JD Logistics, JD Health and JD Industrials, while also investing more heavily into on‑demand retail and food delivery. These newer areas are absorbing capital and weighing on near‑term earnings, but management is positioning them as longer-term growth engines.
The China-based online marketplace reported its second-quarter results on Thursday, beating at the revenue line and showing solid growth, though margins remain a challenge—impacting overall earnings.
We haven’t owned JD.com long however there’s been a lot thrown at the position since we entered in early February around ~US$40. A leading player in Chinese e-commerce, JD has been in the cross hairs of sentiment swings around China facing equities; however, operationally, they’ve been performing, overnight reporting the fastest pace of sales growth since 2022, thanks in part to consumer-targeted stimulus that subsidises purchases of electronics and household appliances.
JD.com is one of China's largest e-commerce platforms and generates most of its revenue from its core retail business, which sells goods across various categories, including electronics, home appliances, clothing, and lots more. Like Amazon, this is split between direct sales (where JD.com buys goods and sells them directly to consumers) and marketplace sales (where third-party sellers use JD.com’s platform to reach consumers).
We are trimming an overweight position and adding a new position in the International Equities Portfolio.
We are cutting JD.com (JD US). This is our least preferred holding in the portfolio and we want to increase cash to improve portfolio flexibility.
The MM International Equities Portfolio had a strong week up by 6.04% while cash sits at 2%. For the month of July, the portfolio was 7.35% higher. Some big moves played out in the 5 trading sessions since our last update, mostly on the upside with Chipotle (CMG US) rallying 18.29% on a better-than-feared earnings report, Paypal (PYPL US) +16.89% plus they have just...
The MM International Equities Portfolio had a positive week up by +0.41% including the impact of a stronger AUD which took a significant 2.13% away from portfolio returns. Cash sits at 4% having added HCA Healthcare (HCA US) to the portfolio last week with the position rallying ~6% since purchase. Elsewhere, Wells Fargo (WFC US) +5.89% had a solid week on a good...
MM remains long & bullish JD
MM remains long & bullish JD ~$US31
MM remains long & bullish JD US ~$US27
MM remains patiently long & bullish JD US
MM remains long and bullish JD US
MM are buying JD US in the International Equities Portfolio, allocating 4% around $42
MM added JD.com to the International Equities Portfolio overnight
MM are selling JD US in the International Equities Portfolio, taking a loss around $57
MM is looking for 20-25% upside from JD in coming weeks/months
MM likes JD.com around $US65
JD.com is the third-largest Chinese e-commerce platform by gross merchandise volume in 2025. It offers a wide selection of authentic products with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace, and omnichannel businesses.
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