I have been doing a deep dive on [JD.com](http://JD.com) lately and the numbers are honestly hard to ignore. They’re the biggest retailer in China by revenue ($159B), yet they're trading at 7.6x forward P/E. But here’s the kicker: they have $22B in net cash—that’s about 57% of their entire market cap. If you strip that out, you’re basically buying the core business for like 3 or 4 times earnings.
The fundamentals are actually looking strong: FCF is up 66%, EPS grew 40% last year, and management is finally getting aggressive with a $5B buyback program. Plus, you’re getting a solid 3.7% dividend yield while you wait for the thesis to play out. Their logistics moat is a beast, too—it took 20 years and $20B to build a warehouse network that handles same/next-day delivery. The lost money on their food delivery/business but overall it feels like the risk/reward is totally skewed in our favor. What do you guys think—is the China discount already fully baked in, or is this just a classic value trap?