$JD.com(JD.US) dipped slightly. The recent trend has been this kind of grinding rhythm—the 6/18 sales report data is already out, and the next catalyst is waiting for the disclosure of the food delivery business structure in July. The major Chinese e-commerce stocks didn't show much movement today.
Is a forward PE of 9x really the valuation floor, or do we need to wait for the back-to-school season in September plus the Double 11 pre-sales for a real rebound? I think it's more like the latter—cheap valuation corresponds to a profit center that isn't rising. Without a new story, it's hard to move independently. Just wait for the Q3 earnings report.
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