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Bull of the Day: JD.com (JD)

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When I think of the current Chinese market, I think of legendary investor George Soros quote:

“When I see a bubble forming, I rush in to buy, adding fuel to the fire."

Another one that comes to mind is Stan Druckenmillers liquidity quote:

“Earnings don't move the overall market; it's the Federal Reserve Board... focus on the central banks, and focus on the movement of liquidity... most people in the market are looking for earnings and conventional measures. It's liquidity that moves markets.”

This chart of China’s money supply says it all.

Zacks Investment Research
Image Source: TradingView

As billionaire investing legend David Tepper explained in a recent interview, “When China wants to boost their stock market, the government will stop at nothing.” By the way, Tepper has more than 20% of his massive portfolio allocated to China.

JD Company Overview

Zacks Rank #1 (Strong Buy) stock JD.com ((JD - Free Report) ) is an e-commerce juggernaut and can be viewed as investors as the “Amazon ((AMZN - Free Report) ) of China.” The company sells a diverse suite of online products, from electronics to clothes and groceries. Like Amazon, JD.com separates itself from its competitors with its lightning-fast delivery services and reliable logistical operations (more on that later). JD.com enjoys a massive following among Chinese e-commerce shoppers seeking convenient and efficient online shopping experiences. The company achieves its best-in-class efficiency and customer experience by leveraging technology like artificial intelligence and self-driving deliveries. JD.com has also expanded its reach beyond its core e-commerce business with its cloud computing and financial services offerings.

JD.com Leverages AI for Juicy Profits

When investors envision an artificial intelligence play, products like OpenAI and Microsoft’s ((MSFT - Free Report) ) ChatGPT or Alphabet’s ((GOOGL - Free Report) ) Gemini are probably top of mind. Though these large language models (LLMs) have gained users at a rapid pace and are starting to generate excess revenue for these tech juggernauts, they have yet to have a significant impact on overall earnings.

On the other hand, though JD.com is not a pure-play AI company, the company is leveraging the next generation technology, and the results are already becoming evident. JD.com is capitalizing on the AI revolution in its e-commerce business in various ways, including:

·      Tailor customer experience: AI can help e-commerce companies like JD by helping customers. For example, if you are buying a table, the AI algorithm may suggest chairs to go with it.

·      Improve logistics: Logistics are absolutely paramount in the e-commerce business. AI helps with efficiency, which is important because, more than ever, customers demand rapid delivery.

·      Inventory management: In the past, massive e-commerce warehouses have required tons of human capital to organize. However, AI is taking over the tasks, increasing efficiency and slashing the number of employees needed.

Exploding Profit Margins

JD recently reported a 92% explosion in net income which the company attributes to increases in efficiency and cost cutting, not revenue. Management chalked up the increase in margins to “economies of scale and procurement efficiencies.” Gross profit margins are trending higher and the continued increases in efficiency are likely to be a bullish catalyst.

JD is Crushing Wall Street Estimates

Wall Street is a game of expectations. It’s no secret on Wall Street that the Chinese economy has struggled dramatically over the past few years. That said, Wall Street is often too slow to pivot. As a result, JD has crushed Wall Street estimates over the past four quarters with an average beat of 25.23%.

Zacks Investment Research
Image Source: Zacks Investment Research

JD Valuation is at Historic Lows

Though JD shares have doubled since the 2024 lows, the company’s valuation is dirt cheap. JD’s price-to-sales ratio of 0.39x is near all-time lows, well off the high of more than 2.5x.

Zacks Investment Research
Image Source: Zacks Investment Research

China’s Massive Stimulus Package Will Boost Growth

The Chinese government completed a full 180 degree turn in 2024 and delivered a massive stimulus package. As if slashing interest rates and loosening restrictions weren’t enough, Chinese government officials promise to do more moving forward. People’s Bank of China Governor Pan said that the reserve requirement ratio could be reduced again this year and that the loan prime rate will likely be lowered. Meanwhile, China recently reported more robust growth numbers, and retail sales impressed investors. A flood of liquidity and a more robust economy bode well for Chinese stocks like JD. Also, understand that the Chinese economy is coming from such a trough that even a reversion to the mean would result in a massive move for these stocks.

High Probability Technical Zone

JD shares are carving out the right hand side of a multi-month base structure as they find support at the rising 10-week moving average - a bullish sign.

Robust Market and Industry Group

Investing is much simpler when you have the wind at your back. Currently, the iShares China LC ETF ((FXI - Free Report) ) is up 25% year-to-date, outperforming most markets globally. In addition, industry group peers like Alibaba ((BABA - Free Report) ) act well, lending more credence to JD's strength.

Bottom Line

The Chinese market, fueled by government stimulus and increased liqudity, presents a compelling investment opportunity, particularly with companies like Jd.com. JD is leveraging AI to enhance efficiency and profitability, leading to more signficant growth. In addition, the company continues to smash Wall Street expectations while trading at historically low valuations.

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