Concerns over JD.com's intensifying competition appear overblown to Morningstar's Chelsey Tam despite the Chinese retailer facing a few challenges. The e-commerce company's gross merchandise volume share has dropped 400 bps over 2022-2025 due to gains by Douyin and PDD, which are attracting customers with content-driven shopping and value-for-money positioning, respectively. However, the analyst expects JD.com to cede only a further 300 bps of GMV share by 2035 as Douyin's and PDD's growth slows. While the fulfillment speed of on-demand platforms like Meituan beats JD.com's, its first-party logistics network can serve long-tail demand that many rivals can't, she says. Morningstar cuts its fair-value estimate by 20% to HK$138.00 but notes that JD.com's stock remains undervalued. Shares fall 0.6% to HK$98.45. (megan.cheah@wsj.com)