JD.com Inc

JD.com Inc. (NASDAQ: JD) is primarily engaged in the e-commerce sector, operating online retail and marketplace platforms through its mobile applications and website, collectively referred to as the JD Platform. The Company conducts its operations across four segments, with the JD Retail segment—comprising JD Health, JD Industrials, and other units—focused on online retail, marketplace services, and marketing activities within China.

As per Kalkine’s Dividend Income Report published on ‘JD’ on Sep 10, 2025, Kalkine provided an ‘Buy’ stance on the stock at USD 33.87 based on fundamental analysis.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

JD.com’s recent developments reflect a mixed outlook, where balance sheet strengthening through its CNY10 billion notes issuance and continued capital market activity, including property and potential REIT monetisation, are offset by rising regulatory scrutiny, execution risks in international expansion such as the delayed Ceconomy acquisition, and ongoing losses in newer segments like food delivery. While its supply chain capabilities and capital markets tailwinds provide structural support, increasing compliance requirements, uneven profitability across segments, and dependence on external growth drivers suggest that recent gains may already reflect much of the near-term upside, leaving limited room for further re-rating.

Valuation (Using Price/Earnings Per Share Multiple)

Share Price Chart  

Conclusion

Based on increasing regulatory scrutiny and uncertainties around international expansion, a "Sell" is recommendation on JD.com Inc. (NASDAQ: JD) has been given at the current market price of USD 28.93 as on 10 April 2026.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 10 April 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.