$JD-SW(09618.HK)

I view JD.com as an attractive investment given its strong balance sheet and aggressive shareholder returns.

The company’s conservative financial structure is highlighted by a cash-to-equity ratio of 0.65 and a low debt-to-equity ratio of 26.5%. It provides meaningful downside protection, balance sheet flexibility, and resilience across economic cycles. Its investment-grade credit rating from S&P further reinforces its financial strength.

JD.com is also actively returning capital to shareholders through a $5.0 billion share repurchase program running through August 2027, signaling strong confidence in intrinsic value.

At a price-to-earnings multiple of around 7, the stock appears deeply undervalued, offering a compelling risk-reward profile for long-term value investors.