JD.com stays a strong buy with solid Q1 growth and promising European expansion despite risks.

JD.com remains a strong buy due to resilient Q1 2026 revenue growth, margin expansion, and strong cash positions enabling buybacks and dividends. Its European expansion through Joybuy and diverse growth drivers support long-term upside, even as risks from regulatory scrutiny and competition persist. The company's conservative valuation and improving fundamentals suggest significant potential for re-rating, making it attractive despite macro and country-specific challenges.