In today’s briefing:
- [JD Logistics (2618 HK, SELL, TP HK$9.4) TP Change]: Premium Parcel Delivery Is Increasingly Crowded
[JD Logistics (2618 HK, SELL, TP HK$9.4) TP Change]: Premium Parcel Delivery Is Increasingly Crowded
- We expect JDL to report C2Q23 revenue and non-IFRS net profit margin (1.5%) and 0.4ppts vs. consensus. We expect 2Q revenue (excl. Deppon) to grow 5%~ YoY .
- JDL is facing increasing competition from (1) the recent launch of Cainiao’s high-end delivery service, (2) improved ZTO service, and (2) Douyin’s actions to increasingly in-source logistics.
- We maintain JDL’s SELL rating but raise its TP to HK$ 9.4, as we expect JDL will lower staffing costs, and by reducing staff redundancy.
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