Author Topic: JD - JD.COM  (Read 47075 times)

Spekulatius

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Re: JD - JD.COM
« Reply #130 on: December 06, 2018, 08:30:00 PM »
Is there any significant difference between the VIEs JD uses versus the ones BABA uses?

Are there any more thorough resources on the legal structures that members of the board have come across?

BABA has more of them. BABA has the most Byzantine structure that I have seen.
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Aqul

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Re: JD - JD.COM
« Reply #131 on: December 06, 2018, 09:57:51 PM »
But at the end of the day it will always be priced at a discount to BABA and for good reason. Better off just paying for quality...


Oh the irony! Sounds like someone doesn't really understand either business. Perhaps you'd like to read this:
https://deep-throat-ipo.blogspot.com/search?q=baba

And what are those good reasons? Perhaps you'd like to see this:

just search back two years and you see JD taking search share from Taoabao/Tmall

http://index.sogou.com/index/searchHeat?kwdNamesStr=京东,天猫,淘宝网&timePeriodType=MONTH&dataType=SEARCH_ALL&queryType=INPUT

Why did Walmart and Google and Tencent invest in JD and not BABA? Oh because they didn't take your advice, right?

Really well said.

Liberty

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Liberty

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Re: JD - JD.COM
« Reply #133 on: December 21, 2018, 11:47:46 AM »
https://twitter.com/CNBCnow/status/1076202167286022144

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JD.com  shares jump sharply higher after Minnesota prosecutor says that the company's founder Liu Qiangdong will not be chared in sexual assault case brought against him in August.
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Liberty

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Re: JD - JD.COM
« Reply #134 on: January 30, 2019, 08:08:41 AM »
https://seekingalpha.com/article/4236331-market-value-jd-coms-non-consolidated-equity-stakes-reveals-extreme-mispricing

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JD's non-consolidated equity stakes are worth about $13.0 billion at current market prices.

That suggests core JD including 81% of JD Logistics is being valued in the market at $14.9 billion. That is 0.2x this year's revenue.

Further backing out the $10.9 billion value of 81% of JD Logistics reveals that the core online retail business, with its ~300 million customers, is being valued at $4 billion.

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Aqul

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Re: JD - JD.COM
« Reply #135 on: January 30, 2019, 08:40:00 AM »
https://seekingalpha.com/article/4236331-market-value-jd-coms-non-consolidated-equity-stakes-reveals-extreme-mispricing

Quote
JD's non-consolidated equity stakes are worth about $13.0 billion at current market prices.

That suggests core JD including 81% of JD Logistics is being valued in the market at $14.9 billion. That is 0.2x this year's revenue.

Further backing out the $10.9 billion value of 81% of JD Logistics reveals that the core online retail business, with its ~300 million customers, is being valued at $4 billion.



Good points. I would say it's tough to separate the value of JD's Logistics and Finance assets from the core JD Mall asset. A better framework might be to look to buy JD Mall at a fair price (which the current price likely is), and receive the other assets for free.

Liberty

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Re: JD - JD.COM
« Reply #136 on: January 30, 2019, 08:47:44 AM »
Good points. I would say it's tough to separate the value of JD's Logistics and Finance assets from the core JD Mall asset. A better framework might be to look to buy JD Mall at a fair price (which the current price likely is), and receive the other assets for free.

You can't separate it if you're doing a thought-experiment of a runoff/bankruptcy, but if you're thinking of it as an ongoing operating business, I think you can think of them that way.
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Broeb22

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Re: JD - JD.COM
« Reply #137 on: January 30, 2019, 08:53:50 AM »
Why can't you separate the logistics business from the JD Mall business? Amazon and Fedex/UPS are separate companies. Alibaba and Cainiao are separate companies. While they share a lot of volume with one another, JD Logistics is now sending non-JD orders across China. Over time, JD Logistics will likely have much lower customer concentration than it currently does, and will be able to function as a stand alone company.

Aqul

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Re: JD - JD.COM
« Reply #138 on: January 30, 2019, 08:56:23 AM »
Good points. I would say it's tough to separate the value of JD's Logistics and Finance assets from the core JD Mall asset. A better framework might be to look to buy JD Mall at a fair price (which the current price likely is), and receive the other assets for free.

You can't separate it if you're doing a thought-experiment of a runoff/bankruptcy, but if you're thinking of it as an ongoing operating business, I think you can think of them that way.

Sorry if that was unclear. JD Finance and Logistics definitely have value independently of Mall. It's probably tougher to determine that value, and I'm not sure that relying on inflated private market valuations is necessarily the best method.

Either way, I think we both agree that this is pretty cheap even after the recent move.

Liberty

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Re: JD - JD.COM
« Reply #139 on: February 28, 2019, 04:36:40 AM »
Q4:

http://ir.jd.com/node/8101/pdf

Stock up 13.25% pre-market.
« Last Edit: February 28, 2019, 04:57:30 AM by Liberty »
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