9618.HK · Intrinsic value
Is JD.com, Inc. (9618.HK) overvalued or undervalued?
JD.com, Inc. (9618.HK) trades at the delayed market price of HK$106.10 a share. That price already implies revenue growth of −24.9% a year for 5 years. TickerWorth's fair value is HK$192.48 a share (priced within our range of HK$97.82 – HK$252.01). We do not call it over- or undervalued from inside our range.
Model by Miraaj Patel · generated from market data · Updated Oct 19, 2026 · How these pages are made
Is 9618.HK fairly valued?
- Fair value
- HK$192.48
- Market price
- HK$106.10
- Upside to fair value
- +81.4%
- Verdict
- Priced within our range of HK$97.82 – HK$252.01
Reverse DCF: Today's price implies revenue growth of −24.9% a year for 5 years; our model assumes 0.5% a year on average over the same horizon.
What is 9618.HK's TickerWorth Score?
Cheap against our estimate — but a weaker business
Compared with Consumer Cyclical companies in Hong Kong
Its strongest point: trades below our estimate of what it's worth. Its weakest: profitability is weak.
- Value · 66 of 100
Cheaper than 66% of Consumer Cyclical companies worldwide
- Price vs worth · 100 of 100
- Quality · 16 of 100
More profitable than 16% of Consumer Cyclical companies worldwide
- Financial health · 74 of 100
Financially stronger than 74% of Consumer Cyclical companies worldwide
- Growth · 57 of 100
Growing faster than 57% of Consumer Cyclical companies worldwide
- Momentum · 29 of 100
Outperformed 29% of Consumer Cyclical companies worldwide over the past year
Confidence: Medium confidence · Scored
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9618.HK DCF valuation, input by input
TickerWorth's fair value for JD.com, Inc. (9618.HK) is HK$192.48 a share, against the delayed market price of HK$106.10 (priced within our range of HK$97.82 – HK$252.01). We do not call it over- or undervalued from inside our range. It is a model estimate, and every input behind it is sourced below. This is an educational model, not a price target or a recommendation.
Read the full reasoning
One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values 9618.HK at about 252.01 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.
The valuation discounts JD.com, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 6.6%, with a long-run terminal growth rate of 2.5%. About 82% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly -24.9% annual revenue growth for 9618.HK. Our base case instead compounds to about 0.5% a year over the same forecast, so the market is pricing in slower growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, 9618.HK's modeled DCF value ranges from about 179.95 to 546.96 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what JD.com, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of 9618.HK's intrinsic value. Figures update as new filings and prices come in.
Every input behind 9618.HK's DCF
| Input | Value |
|---|---|
| Base-year revenueLive feed — totalRevenue (TTM) | 1,541,450,830,000 |
| Base EBIT marginComputed — trailing operatingMargins, held roughly flat | 2.0% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | -3% → -1% → 1% → 2% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.1% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 0.40 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesLive feed — sharesOutstanding | 2,732M |
| Market priceLast known price · as of 2026-10-19 19:28 UTC | 106.10 |
Change 9618.HK's assumptions
The discount-rate dial and the editable model
ProChange growth, margin and WACC yourself — Pro (7-day free trial, card required).
What does JD.com, Inc. do?
What does it do?
JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China and Europe. It operates in the Internet Retail industry (Consumer Cyclical sector), headquartered in China. The company employs roughly 900,000 people.
How does it make money?
The business turns $1.3T in annual revenue into profit. Out of every $100 of sales, about $1 is left as operating profit (operating margin of 1.2%), after a 9% gross margin on the products/services it sells. After all costs, taxes and interest, 1.1% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks solid: carries modest debt (0.4× equity), can just cover its short-term bills (1.1× current ratio), and is currently profitable.
9618.HK insider trading
Insider filings are available for US-listed companies only.
Common questions
What is 9618.HK's intrinsic value?
TickerWorth's blended fair value for JD.com, Inc. (9618.HK) is HK$192.48 per share, versus a market price of HK$106.10 (priced within our range of HK$97.82 – HK$252.01).
Is 9618.HK overvalued or undervalued?
Priced within our range of HK$97.82 – HK$252.01 at HK$106.10. We don't call 9618.HK overvalued or undervalued from a range. This is an educational estimate, not advice.
What discount rate is used for 9618.HK?
A WACC of 6.6% and a terminal growth rate of 2.5%.
Is JD.com stock undervalued?
TickerWorth's fair value for JD.com, Inc. (9618.HK) is HK$192.48 against a market price of HK$106.10. Our read: Priced within our range of HK$97.82 – HK$252.01. This is a model estimate, not investment advice.
JD.com (9618.HK) DCF valuation and fair value
Our fair value for JD.com, Inc. (9618.HK) is HK$192.48, built on a 6.6% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into JD.com stock?
Today's price implies revenue growth of −24.9% a year for 5 years; our model assumes 0.5% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of HK$106.10. A model estimate, not investment advice.
JD.com (9618.HK) insider trading
We have no recent SEC Form 4 insider filings on file for JD.com, Inc. (9618.HK). Form 4 covers US-listed companies only.
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.