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<Research>Macquarie Upgrades JD LOGISTICS (02618.HK) to Outperform, Raises TP to $9.9
Recommend 9 Positive 13 Negative 9 |
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Macquarie commented in a report that it now has a more optimistic view on JD LOGISTICS (02618.HK), as JD Retail finally bottomed out after a year-long restructuring. As JD-SW (09618.HK) lowered its free shipping threshold, conversion rates and orders are already showing positive signs, benefiting JD LOGISTICS' internal orders. The broker expected JD LOGISTICS' self-operated platform (1P) revenue to grow 16% YoY in both 2QFY24 and full-year FY24, accelerating from 4% growth in the same period last year. Third-party sales platform (3P) revenue is also estimated to grow rapidly due to a more favourable customer mix, supporting higher gross profit. Macquarie raised its net profit forecast for JD LOGISTICS by 3% each for FY24 and FY25, elevated its target price from $9.6 to $9.9, and upgraded its rating from Neutral to Outperform. AAStocks Financial News |
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