Investors of JD.Com Inc. (NASDAQ:JD) are somewhat frustrated at the moment JD shares have not moved in six months now.

JD revenue grew 39% year-over-year, while adjusted income per ADS did declines. Thanks to investments in the business.

Besides the numbers, the performance looks strong as well. Gross merchandise value rose in the 30s on a percentage basis, according to the Q3 conference call. Adjusted gross margin hit an all-time record. Marketing spend rose as well, which the company attributed to efforts to reach smaller cities on the mainland.

As for free cash-flow, the company attributes the negative number to its investment in the future, such as a new headquarters and warehouses. Meanwhile, Q4 guidance of revenue growth of 35-39% suggests the growth story should remain intact for at least the remainder of the year.

Yet, JD shares is more than cheap enough below $40, and a price closer to $30 would be a gift. There’s a lot to like here and more than enough reward to take on potential risk.

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