What’s the reasoning behind $JD and $BABA to have approximately equal revenue, but much different valuations?

In Q3 2020, JD recorded a revenue of 25.7 billion USD whereas Alibaba recorded 22.8 billion USD. Meanwhile, JD is valued at P/S = 1.3 with Alibaba at 7.3. How come?

Well, $JD does not generated the same amounts of profits. For Q3 2020, $BABA had an EBIT margin at 38% of revenue for ecommerce. Contrary to this, JD were at 4%.

But.. the profitability of JD is growing rapidly, doubling their FCF on YoY basis

If we assume that $JD has a FCF of 4.4 billion USD, as in Q3 2020, for each quarter in eternity, a simple DCF valuation would argue an upside of +78%.

In my view, this is quite conservative

Assumptions: WACC = 8%, g = 1%

Conclusion: I see much more than a 78% upside

The path of profitability has just begun for $JD. It is already significantly undervalued. They're increasing revenue at around 30% YoY, meanwhile their margins are improving greatly. Great low-risk/high-reward case

What do you think, @FromValue?