STOCKREPORTS+

JD.COM INC (JD-O)

Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
31.30 (USD) 16.8M 50.68 -- -- -1.1% 55.9% -12.7%
2018 August 31 Market Cap (Consol) 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NASDAQ Exchange
45.1B 30.52 47.7 -- 415.3B 54.7% -11.0%

AVERAGE SCORE
NEGATIVE OUTLOOK: JD's current score of 2 Score Averages
places it within the bottom 15% of stocks scored. Software & IT Services Group: 4.9 Large Market Cap: 6.7
Software & IT Services Sector: 4.9 S&P 500 Index: 6.8

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive BABA 8 8 7 6 5
EBAY 8 6 6 6 5
Neutral SHOP 6 7 4 4 5
MELI 4 3 4 4 3
Negative
JD 8 3 2 2 2
2015-09 2016-09 2017-09 2018-09

HIGHLIGHTS THOMSON REUTERS I/B/E/S MEAN

- The score for JD.com Inc last changed from 3 to 2 on 2018-08-
26. Buy Mean recommendation from all analysts covering
34 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to a
decline in the Earnings and Relative Valuation component
scores. Strong
Sell Reduce Hold Buy
Buy

PRICE AND VOLUME CHARTS

1-Year Return: -25.3% 5-Year Return: --

BUSINESS SUMMARY
JD.com, Inc. is an online direct sales company. The Company engages in the sale of electronics and home appliance products and general
merchandise products (including audio, video products and books) sourced from manufacturers, distributors and publishers in China on the Internet
through its Website, www.jd.com. It also offers an online marketplace that enables third-party sellers to sell their products to customers on the
Company's Website. The Company operates through the provision of a single class of services for accelerating and improving the delivery of its
products over the Internet. The Company also offers online and in-person payment options and customer services. The Company operates
approximately 210 warehouses with an aggregate gross floor area of approximately four million square meters in over 50 cities. It operates over 5,370
delivery stations and pickup stations in approximately 2,350 counties and districts across China.

Page 1 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

OPTIMIZED SCORE
Historically, companies with an optimized score
of 1 have tended to significantly underperform
the market over the following 12-month period.
PEER ANALYSIS
As an alternative approach to equally weighting each of the six factors, independent
research firm, Verus Analytics, conducted a backtest to empirically determine the
optimal factor blend. Results and weighting vary across four different market
capitalization categories. For large cap stocks, price momentum and insider trading
historically provided the most explanatory power among the six factors and are
weighted heavily in the current optimized score. Among the small cap universe, the
earnings and fundamental factors joined with insider trading and price momentum to
explain returns.
Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2018-08-31) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
5 BABA 175.01 -6.5% -11.6% 1.9% 453.7B 53.9 28.4 -- 25.6% 30.7% Buy 44
2 JD 31.30 -12.7% -11.0% -25.3% 37.7B -- 47.7 -- -0.1% 55.9% Buy 34
5 EBAY 34.61 3.5% -8.2% -4.2% 34.2B -- 14.2 -- -10.0% 14.2% Buy 36
3 MELI 342.41 -0.1% 17.7% 32.5% 15.1B 1105.0 389.1 0.2% -4.1% 29.8% Hold 16
5 SHOP 145.67 5.4% -1.6% 31.3% 13.7B -- 476.1 -- -6.1% 98.8% Buy 26
NR PDD 19.35 -14.3% -- -- 11.4B -- -- -- -16.8% -- Hold 1
5 TTD 141.88 68.3% 65.9% 167.8% 5.0B 114.4 63.6 -- 14.6% 22.3% Buy 13
4 SFIX 40.58 41.6% 113.8% -- 1.1B 457.0 196.0 -- 1.9% -- Buy 10
2 OSTK 29.20 -18.1% -12.6% 33.0% 847M -- -- -- -11.4% 5.0% Strong Buy 1
5 SECO 13.05 11.1% 38.7% -- 488M -- 15.8 -- 3.4% -- Strong Buy 1
NR JMEI 1.91 -5.4% -26.5% -43.7% 189M -- -- -- 10.5% -- -- --
4 Average 88.63 6.6% 16.4% 24.2% 52.1B 432.6 153.9 0.2% 0.7% 36.7% Buy 18.2

PEER COMPANIES
BABA Alibaba Group Holding TTD Trade Desk Inc
EBAY eBay Inc SFIX Stitch Fix Inc
MELI Mercadolibre Inc OSTK Overstock.com Inc
SHOP Shopify Inc SECO Secoo Holding
PDD Pinduoduo Inc JMEI Jumei International Holding

Page 2 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

EARNINGS Currency in CNY

NEGATIVE OUTLOOK: Weak earnings with Earnings Score Averages

recent analyst downgrades or a history of Software & IT Services Group: 6.2 Large Market Cap: 6.8
missing consensus estimates. Software & IT Services Sector: 6.2 S&P 500 Index: 6.9

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive EBAY 9 9 7 7 7
SHOP 7 8 5 5 7
Neutral MELI 1 1 3 5 4
BABA 7 6 8 4 3
Negative
JD 7 3 2 2 1
2015-09 2016-09 2017-09 2018-09

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

SHOP MELI

EBAY
EBAY
SHOP EBAY
BABA
MELI

JD BABA SHOP
MELI JD JD

BABA

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (> 2%) 1 # Up Revisions 0 # Broker Upgrades 0
# Negative Surprises (< -2%) 3 # Down Revisions 15 # Broker Downgrades 6
# In-Line Surprises (within 2%) 0 Avg Up Revisions 0.0%
Avg Surprise -11.1% Avg Down Revisions -44.1%

HIGHLIGHTS PRICE TARGET

- JD.com Inc currently has an Earnings Rating of 1, which is significantly The chart indicates where analysts predict the stock price will be within
more bearish than the Online Services industry average of 5.9. JD the next 12 months, as compared to the current price.
scores a bearish 4 or less for all three component ratings.
450 12-Month Price Target
- On 2018-08-16, the company announced quarterly earnings of 0.33 Mean (CNY) 287.00
400 HIGH
per share, a negative surprise of -51.0% below the consensus 0.67.
High 402.00
Over the past 4 quarters, the company has reported 1 positive, 3 350
negative, and 0 in-line surprises. The average surprise for this time Low 218.00
period has been -11.1%. 300 MEAN Target vs. Current 34.3%
250 213.77 # of Analysts 35
- JD's current quarter consensus estimate has decreased notably over
LOW
the past 90 days from 1.70 to 1.12, a loss of -34.0%. This trails the 200
average Online Services industry move of -3.0% during the same time Current Price Price Target
(CNY)
period.

Page 3 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

EARNINGS PER SHARE

Actuals Estimates
5.000

Earnings per share (EPS) is calculated 4.000 Quarterly 18-09 18-12

by dividing a company's earnings by the Mean 1.122 0.463
number of shares outstanding. Analysts 3.000
tend to interpret a pattern of increasing High 1.650 1.150
2.000 1.520
earnings as a sign of strength and flat Low 0.730 0.000
or falling earnings as a sign of 1.000
0.710 HIGH
0.310 0.330 # of Analysts 15 14
weakness. MEAN
0.000 LOW
The charts provide a comparison 17-09 17-12 18-03 18-06 18-09 18-12
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 10.000
HIGH
8.000 Annual 2018 2019
Mean 2.918 6.129
6.000 MEAN
High 4.190 9.110
3.410
4.000 LOW Low 2.161 3.870
2.000 0.740 # of Analysts 24 27

0.000
2016 2017 2018 2019

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price Thomson Reuters I/B/E/S Mean: Buy (34 Analysts)
18-09 18-12 2018 2019 Target
Current 1.122 0.463 2.918 6.129 287.00
Strong Buy 6
30 Days Ago 1.699 1.034 4.283 7.412 319.00 Buy 16
90 Days Ago 1.700 1.093 4.435 7.800 305.00 Hold 12
% Change (90 Days) -34.0% -57.6% -34.2% -21.4% -5.9%
Reduce 0
Current Fiscal Year End: 18-12
Next Expected Report Date: 2018-11-12 Sell 0

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Negative 2018-08-16 2018-06-30 0.330 0.674 -51.0%
Negative 2018-05-08 2018-03-31 0.710 0.816 -13.0%
Surprise Type Amount Percent
Negative 2018-03-02 2017-12-31 0.310 0.453 -31.6%
Positive Quarters (> 2%) 6 50.0%
Positive 2017-11-13 2017-09-30 1.520 0.678 124.2%
Negative Quarters (< -2%) 6 50.0%
Positive 2017-08-14 2017-06-30 0.670 0.564 18.8%
In-Line Quarters (within 2%) 0 --
Positive 2017-05-08 2017-03-31 1.010 0.098 930.6%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 640B HIGH
MEAN 2018 2019
flat or falling sales and faltering 560B LOW
earnings may explain a sell Mean 469.7B 588.3B
recommendation. A rising EPS with flat 480B High 478.5B 620.8B
or falling sales may result from
increased cost efficiency and margins, 400B 362.3B Low 458.2B 563.0B
rather than market expansion. This Forecasted Growth 29.6% 62.4%
chart shows the sales forecast trend of 320B 260.2B # of Analysts 32 34
all analysts and the highest and lowest
projections for the current and next 240B
2016 2017 2018 2019
fiscal year.

Page 4 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

FUNDAMENTAL
NEGATIVE OUTLOOK: Weak fundamentals Fundamental Score Averages
such as low profit margins, high debt levels, or Software & IT Services Group: 5.5 Large Market Cap: 6.3
falling dividends. Software & IT Services Sector: 5.5 S&P 500 Index: 6.1

Q3 Q4 Q1 Q2
Fundamental Score Trend Peers 2017 2017 2018 2018 Current 3Y Trend
BABA 10 10 10 10 9
Positive
SHOP 9 9 9 9 9
Neutral EBAY 10 9 9 8 7

Negative MELI 9 5 4 4 5

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 JD 7 3 7 7 1
2016 2017

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

EBAY
BABA SHOP
MELI

EBAY BABA
BABA
JD SHOP MELI
EBAY
SHOP JD

MELI
MELI
JD

BABA
EBAY
JD
SHOP

Revenue Growth 36.8% Current Ratio 1.0 Oper. Cash Yield 494.1% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2018-03 ending 2018-06 ending 2018-06 ending --
Gross Margin 13.2% Debt-to-Capital 17.3% Accruals 34.4% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2018-06 ending 2017-12 ending 2017-12 ending --
Return On Equity -1.1% Interest Funding 15.9% Days Sales In Inv. 41.7 Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2018-06 ending 2017-12 ending 2017-12 ending --
Net Margin -0.1% Interest Coverage -7.8 Days Sales In Rec. 31.3 Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2018-06 ending 2018-06 ending 2017-12 ending --

HIGHLIGHTS
- The Fundamental Rating for JD.com Inc declined significantly over the
last quarter from 7 to 1. The current rating is considerably more
bearish than the Online Services industry average of 6.8.
- The company's revenue growth has been higher than its industry
average for each of the past five years.
- The company's interest funding has been higher than its industry
average for each of the past five years.
- The company's operating cash yield has been higher than its industry
average for each of the past five years.
- JD.com Inc does not currently pay a dividend. Of 76 firms within the
Online Services industry, it is among the 70 companies without a
dividend.

Page 5 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

RELATIVE VALUATION
POSITIVE OUTLOOK: Multiples significantly Relative Valuation Score Averages
below the market or the stock's historic norms. Software & IT Services Group: 3.6 Large Market Cap: 5.3
Software & IT Services Sector: 3.6 S&P 500 Index: 5.4

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive EBAY 4 7 9 9 8
JD 9 6 5 8 8
Neutral BABA 5 4 4 5 5
MELI 1 1 1 1 1
Negative
SHOP 1 1 1 1 1
2015-09 2016-09 2017-09 2018-09

RELATIVE VALUATION INDICATORS

Forward PEG Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)

JD
EBAY

BABA EBAY

BABA
SHOP BABA JD
MELI MELI MELI
SHOP
EBAY
JD
SHOP

Forward PEG 0.9 Trailing PE -- Forward PE 47.7

5-Yr Average 2.2 5-Yr Average -- 5-Yr Average 85.7
Rel. to 5-Yr Avg. 62% Discount Rel. to 5-Yr Avg. -- Rel. to 5-Yr Avg. 44% Discount
S&P 500 Index 1.1 S&P 500 Index 24.1 S&P 500 Index 17.5
Rel. to S&P 500 23% Discount Rel. to S&P 500 -- Rel. to S&P 500 >100% Premium

HIGHLIGHTS
- JD.com Inc currently has a Relative Valuation Rating of 8 which is
significantly above the S&P 500 index average rating of 5.4.
- JD's Forward P/E and Forward PEG are both significantly below (less
expensive than) their 5-year averages.
- JD's current Forward PEG of 0.9 represents a 24% Discount to its
Online Services industry average.
- JD's current Forward P/E of 47.7 represents a 56% Premium to its
Online Services industry average.

Page 6 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 0.6 Trailing PE: --
5-Year Average: 1.1 5-Year Average: --
S&P 500 Index Average: 2.1 S&P 500 Index Average: 24.1
Online Services Industry Average: 5.3 Online Services Industry Average: 52.9
3.0 >50
2.7 45
2.4 40
2.1 35
1.8 30
1.5 25
1.2 5-Yr Average
20
0.9 15
0.6 10
0.3 5
0.0 0
2014 2015 2016 2017 2018 SEP NOV JAN MAR MAY JUL SEP
2017 2017 2018 2018 2018 2018 2018

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 47.7 Forward PEG: 0.9
5-Year Average: 85.7 5-Year Average: 2.2
S&P 500 Index Average: 17.5 S&P 500 Index Average: 1.1
Online Services Industry Average: 30.6 Online Services Industry Average: 1.1
>50 >5.0
45 4.5
40 4.0
35 3.5
30 3.0
25 2.5
5-Yr Average
20 2.0
15 1.5
10 1.0
5 0.5
0 0.0
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Page 7 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

RISK
NEUTRAL OUTLOOK: Moderate risk (medium Risk Score Averages
volatility). Software & IT Services Group: 4.7 Large Market Cap: 7.8
Software & IT Services Sector: 4.7 S&P 500 Index: 8.1

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive EBAY 7 8 8 8 8
JD 7 8 7 7 7
Neutral BABA 6 6 6 6 6
SHOP 4 3 5 4 5
Negative
MELI 5 5 5 4 4
2015-09 2016-09 2017-09 2018-09

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

BABA
EBAY
EBAY JD
MELI
SHOP

JD
BABA
BABA
JD
EBAY EBAY
SHOP
SHOP
MELI
MELI

JD
BABA
MELI
SHOP

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.36 Correlation vs. S&P 500
Best 6.1% Last 90 Days 2.29 Positive Days Only 0.89 Last 90 Days 59%
Worst -4.5% Last 60 Months 9.56 Negative Days Only 1.11 Last 60 Months 46%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.06 Correlation vs. Group
Best 18.9% Average 3.1% Positive Days Only 0.59 Last 90 Days 60%
Worst -21.7% Largest 6.5% Negative Days Only 0.97 Last 60 Months 47%

HIGHLIGHTS RISK ANALYSIS

- JD.com Inc currently has a Risk Rating of 7 while the S&P 500 Last 90 Days Last 60 Months
index has an average rating of 8.1. Best Worst # # Largest Best Worst
- On days when the market is up, JD tends to underperform Daily Daily Days Days Intra-Day Monthly Monthly
versus the S&P 500 index. Also, on days when the market is Peers Return Return Up Down Swing Return Return
down, the shares generally decrease more than the index. JD 6.1% -4.5% 26 38 6.5% 18.9% -21.7%
- In both short-term and long-term periods, JD has shown high
correlation (>= 0.4) with the S&P 500 index. Thus, this stock BABA 4.8% -5.3% 30 35 8.5% 42.2% -19.5%
would provide only low levels of diversification to a portfolio EBAY 2.5% -10.1% 35 30 5.0% 33.7% -15.9%
similar to the broader market.
- Over the last 90 days, JD shares have been more volatile than MELI 11.6% -9.9% 34 31 15.0% 26.4% -19.1%
the overall market, as the stock's daily price fluctuations have SHOP 5.5% -7.5% 38 26 8.8% 27.8% -26.3%
exceeded that of 94% of S&P 500 index firms.
S&P 500 1.1% -1.4% 38 26 1.7% 8.3% -6.3%

Page 8 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

PRICE MOMENTUM Currency in USD

NEGATIVE OUTLOOK: Weak recent price Price Momentum Score Averages

performance or entering historically poor Software & IT Services Group: 6.7 Large Market Cap: 6.3
seasonal period. Software & IT Services Sector: 6.7 S&P 500 Index: 6.3

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive MELI 10 4 7 7 5
SHOP 9 10 5 5 5
Neutral BABA 7 9 5 4 4
EBAY 9 4 2 3 2
Negative
JD 7 2 2 1 1
2015-09 2016-09 2017-09 2018-09

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)

BABA
MELI
MELI
EBAY
SHOP
JD
SHOP

BABA
EBAY
JD

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
JD Industry Avg SEP OCT NOV
Last 1 Month 36 51 Company Avg -5.6% -1.0% 2.3%
Last 3 Months 42 51 Industry Avg 0.8% 0.1% 0.6%
Last 6 Months 46 52 Industry Rank 39 of 121 59 of 122 70 of 122

PRICE PERFORMANCE
Daily close prices are used to calculate the JD JD NASDAQ 100
performance of the stock as compared to a
NASDAQ 100 Close Price (2018-08-31) 31.30 7,655
relevant index over five time periods.
52-Week High 50.68 7,660
-0.3%
1-Week 52-Week Low 30.52 5,867
2.3%

-12.7% - The Price Momentum Rating for JD.com Inc is at its 3-year low
1-Month
5.8% of 1.
- On 2018-08-31, JD closed at 31.30, 38.2% below its 52-week
-11%
3-Month high and 2.6% above its 52-week low.
9.9%
- JD shares are currently trading 12.7% below their 50-day
-24.4% moving average of 35.87, and 22.1% below their 200-day
YTD moving average of 40.20.
19.7%

-25.3%
1-Year
27.8%

Page 9 of 12
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

INSIDER TRADING Currency in USD

This company does not currently meet the data Insider Trading Score Averages
requirements to calculate a score for this Software & IT Services Group: 3.7 Large Market Cap: 4.0
component. Software & IT Services Sector: 3.7 S&P 500 Index: 4.0

Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive MELI 6 9 7 6 6
EBAY 1 1 2 1 1
Neutral BABA NR NR NR NR NR
JD NR NR NR NR NR
Negative
SHOP NR NR NR NR NR
2015-09 2016-09 2017-09 2018-09

INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)

EBAY

MELI MELI

EBAY

BABA BABA
JD JD
SHOP SHOP

Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired --
Total Shares Disposed --
There are no insider transactions during this time period. Net Shares --
Sector Average 1,151,150

HIGHLIGHTS MONTHLY BUYS AND SELLS

- There is no significant insider activity for this company. BUYS $ Market Value
100
No insider activity during the past year
50
Excludes
0 derivative
and option
50 exercises
100
SELLS
O N D J F M A M J J A S

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
Walmart Inc Strategic 12.0% 145M 2016-12-31
Tiger Global Management Inv Mgmt 3.4% 40.8M 2018-06-30 There is no available holdings information.
Fidelity Management Inv Mgmt 2.6% 31.7M 2018-06-30
The Vanguard Group Inc Inv Mgmt 2.2% 26.8M 2018-06-30
Dodge & Cox Inv Mgmt 2.2% 26.6M 2018-06-30
Updated daily as of 2018-09-01

Page 10 of 12
© 2018 Thomson Reuters. All rights reserved.

JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT TIPS
The Thomson Reuters Stock Report is a comprehensive, company-specific analysis
that includes a proprietary Stock Rating along with underlying component indicators
and supportive data elements. The report is updated daily, although some of the
data elements and the ratings are updated weekly.
Average Score
The Average Score combines a quantitative analysis of six widely-used investment
decision making tools - Earnings, Fundamental, Relative Valuation, Risk, Price
Momentum, and Insider Trading. First, a simple average of the six underlying
component ratings is calculated. Then, a normal distribution is used to rank each
stock across the market on a scale of 1 to 10, with 10 being most favorable. A
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. These
six factors may be evaluated differently using alternative methodologies, and the
importance of individual factors varies across groups, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock.
A company must have sufficient data available for at least four of the six component
indicators in order to receive an overall Average Score. Approximately 85% of the
stocks within the coverage universe meet the criteria to generate a score.
Optimized Score
As an alternative to the average score, the Stock Report includes an Optimized Score
generated by independent research firm, Verus Analytics. It uses the same six
component ratings, but rather than equally weighting each of the factors, the
weighting varies by market capitalization of the underlying security based on
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned
monthly by ranking the market capitalization and assigning the appropriate category
as follows:
Large - Top 5.55%
Mid - Next 13.87%
Small - Next 34.68%
Micro - Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive
an ‘NR’ for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
● The Thomson Reuters Business Classification (TRBC) system is used for
industry comparisons. It is designed to track and display the primary business of
a corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
● The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The Thomson Reuters proprietary automated text-generation system creates
highlights summarizing the most noteworthy data. The bullets will vary by company
and will change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
Page 11 of 12
© 2018 Thomson Reuters. All rights reserved.
STOCKREPORTS+
DETAILED STOCK REPORT
Report Date: 2018 September 02
● Earnings Surprises - The number of positive and negative surprises within the
last 4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
● Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Analyst Recommendations
The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
as provided by Thomson Reuters I/B/E/S (Institutional Brokers Estimate System).
The recommendations are presented on a five-point standardized scale: strong buy,
buy, hold, reduce, and sell.
Earnings Surprises
● The surprise summary includes the total number of quarters (and percentage) in
the past 12 quarters in which earnings surprises were positive, negative, or in-
line. In order to be recognized as a positive or negative surprise, the percent
must be greater than 2% above or 2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least two of the four fundamental factors present for a given
fiscal quarter in order to receive a score.
● Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
● Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
- Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Debt + Preferred Cash Dividends)
● Earnings Quality is comprised of four data elements.
- Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
- Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Average Net Operating Assets
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales / Receivables)
● Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Payout: Dividends per Share / Earnings per Share
- Dividend Coverage: Funds from Operations / Cash Dividends
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
 STOCKREPORTS+
JD.COM INC (JD-O)
Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 September 02

Relative Valuation ● Long-Term Insider – Looks at buying, selling and option exercise decisions over
The Relative Valuation Rating is based on a combination of three factors: Forward the past six months relative to other stocks within the same business sector. The
PEG (50% weight), Trailing P/E (25% weight), and Forward P/E (25% weight). After net shares are presented alongside the business sector average as a means of
the weightings are considered to combine individual factors, equal deciles are used comparison.
to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. These common valuation metrics are evaluated against the overall Monthly Buys and Sells
market, the index, and the company's own historic 5-year averages. A stock needs The total market value of open-market buying and selling is displayed by month in
to have at least one of the three relative valuation factors in order to receive a score. the chart for easy comparison. Transactions by trusts and corporations are
excluded, along with buys greater than $10 million and sales greater than $50
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings million. Transactions for the exercise of derivatives and option exercises are
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings excluded from the totals.
● Forward PEG: Forward P/E / Long-Term Forecasted Growth Rate
Institutional Holders
Valuation Averages The top five institutional holders of the company are listed in descending order,
Negative values are excluded when calculating the averages. A maximum value of based on their total share holdings. Possible values for the institution type include
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on Brokerage, Funds, Inv Mgmt, or Strategic.
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the Executive Holders
averages. The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
Valuation Multiples holdings are excluded, as the owner may not actually have investment discretion
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and over these shares. This table is updated monthly. Insiders who have not filed any
Price to Sales for the company and the S&P 500 index average. In addition, a transactions or holdings over the past two years are excluded as this may indicate
comparison of the current company’s values to its 5-year average and an industry that the individual is no longer associated with the company. Additionally, direct
average are presented. A discount occurs when the company’s ratio is valued more shares held must be greater than 1,000 to be considered.
favorably (lower) than that to which it is compared.
Insider Roles
Risk These role codes may appear in the data for recent insider buys and sells or top
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the executive holders:
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of AF - Affiliate IA - Investment Advisor
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles AI - Affiliate of Advisor MC - Member of Committee
are used to rank each stock across the market. A stock needs to have at least two B - Beneficial Owner MD - Managing Director
of the four risk factors in order to receive a score. C - Controller O - Officer
CB - Chairman OB - Officer / Beneficial Owner
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the CEO - Chief Executive Officer OD - Officer / Director
best / worst monthly returns in the past 60 months. CFO - Chief Financial Officer OE - Other Executive
● Volatility – The standard deviation of the stock price over the last 90 days and CI - Chief Investment Officer OS - Officer of Subsidiary
last 60 months, along with the average and largest intra-day stock swing. CO - Chief Operating Officer OT - Officer / Treasurer
● Beta – Measures the tendency of a security’s returns to respond to swings in the CT - Chief Technology Officer OX - Divisional Officer
market, based on the beta of the company versus the relevant index. D - Director P - President
● Correlation – Determines how closely the returns of the stock and the relevant DO - Director / Beneficial Owner R - Retired
index move together, measured over the last 90 days and last 60 months. DS - Indirect Shareholder S - Secretary
EC - Member of Exec Committee SH - Shareholder
Risk Analysis EVP - Exec Vice President SVP - Senior Vice President
Price analysis for the company and the S&P 500 is provided over two time periods. FO - Former T - Trustee
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GC - General Counsel UT - Unknown
for the last 60 months. GP - General Partner VC - Vice Chairman
H - Officer / Director / Owner VP - Vice President
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
DISCLAIMER
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to Republication or redistribution of Thomson Reuters content, including by framing
receive a score. or similar means, is prohibited without the prior written consent of Thomson
Reuters. All information in this report is assumed to be accurate to the best of our
● Relative Strength – The relative strength of the company for the last 1 month, 3 ability. Thomson Reuters is not liable for any errors or delays in Thomson
months, and 6 months on a scale of 1 to 100. Reuters content, or for any actions taken in reliance on such content.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years. Any forward-looking statements included in the Thomson Reuters content are based
A lower industry rank indicates a higher return. on certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
Price Performance assurance that any forward-looking statements will materialize.
Daily close prices are used to calculate the price performance of the stock. The
performance of the S&P 500 is also displayed as a means of comparison. The content in this Thomson Reuters report does not constitute investment advice
or a recommendation to buy or sell securities of any kind. Past performance is not a
Insider Trading guarantee of future results. Investors should consider this report as only a single
The Insider Trading Rating is based on short-term (70% weight) and long-term (30% factor when making an investment decision.
weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.

● Short-Term Insider – Uses insider buy and sell transactions within the past 90
days. This factor is based on the Thomson Reuters quantitative insider trading
model that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following trades
by the given insider.

Page 12 of 12
© 2018 Thomson Reuters. All rights reserved.