On Wednesday, shares of JD.com (JD.US) rose more than 6% to $33.61. The company's financial report for the first quarter showed revenue of 315.7 billion yuan (approximately $45.8 billion), surpassing market estimates of 311.43 billion yuan. Adjusted earnings per ADS reached 5.12 yuan, significantly exceeding the market expectation of 3.57 yuan. Adjusted EBITDA stood at 8.02 billion yuan, far above the estimated 4.46 billion yuan, highlighting robust profitability.

JPMorgan has maintained its price target for JD.com's U.S.-listed shares at $38, corresponding to a 9x price-to-earnings ratio based on 2027 earnings estimates (three-year average) or an 11x multiple based on 2026 earnings estimates. In comparison, most Chinese e-commerce peers currently trade at valuations below 10x. JPMorgan noted that JD.com's current 8x 2027 estimated P/E ratio implies the market is underappreciating the company's profit improvement trend. Both consensus market expectations and JPMorgan's own earnings forecasts carry upside risks, indicating potential for further stock price appreciation.