JD's third-quarter report showed 25% revenue growth and fourth-quarter guidance of 18%-23%. A macro-driven slowdown is occurring, especially in big ticket durable goods.
Management was clear that margin expansion is coming. Core JD Mall margins are improving and JD Logistics margins should significantly improve.
JD appears extremely well-positioned to capitalize on China's multi-decade growth runway. Macro headwinds and Richard Liu's legal issues are providing a great entry point for long-term investors.
A resolution to the U.S.-China trade war would likely help improve macroeconomic conditions and confidence in China.