Company Overview: JD. Com Inc (NASDAQ: JD) is a company principally engaged in the e-commerce business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, JD Platform). The Company operates its businesses through four segments. JD Retail segment, including JD Health, JD Industrials, and other components, mainly engage in online retail, online marketplace and marketing services in China.  

As per our previous US Earning Hunter Report published on ‘JD’ on 17^th February 2025, Kalkine provided an ‘Attractive’ stance on the stock at USD 41.38, based on “Earning Hunter score and other technical and fundamental metrics”.

Current Macro and company specific rationales:

• S. Tariff Policies and Trade Tensions: U.S. tariffs, mirrored by China’s 34% tariff on all imports from the United States as announced by the official Xinhua News Agency, have intensified trade tensions, disrupting global supply chains and increasing operational costs for JD.com, which relies heavily on consumer electronics and international trade. This escalating tariff war between the two nations further dampens demand in key markets, putting significant downward pressure on the company’s stock price.
• Fears of a U.S. Recession: Concerns over a potential U.S. recession have reduced consumer spending on discretionary items like electronics, a core segment for JD.com. This economic slowdown, coupled with a broader tech sector sell-off, negatively impacts investor confidence in the stock.
• Intensified Competition in China’s E-commerce Market: com faces growing competition from rivals like Pinduoduo and Douyin, which are capturing market share with discount-focused models. The company’s asset-heavy model makes it more vulnerable to cost pressures, risking further market share loss and affecting its stock valuation.
• Global Inflation and Interest Rate Uncertainty: Rising global inflation erodes consumer purchasing power, while high interest rates make safer investments more appealing, leading investors to de-risk. This shift away from growth stocks like JD.com contributes to the decline in its stock price.

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

JD’s Daily Chart

Considering the current trading levels, volatile macro environment, tariffs increased both by US and China, breaking of key important support of USD 40, and risks associated, an ‘Unattractive’ rating is assigned to the “JD” at the closing market price of USD 39.90, as of April 03, 2025.

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

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 April 03, 2025. 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 that 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 scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, 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.’