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<Research>Daiwa Lifts JD LOGISTICS (02618.HK) TP to $18, Expects 3Q Earnings to Beat Forecasts
Recommend 21 Positive 32 Negative 5 |
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Daiwa issued a research report expecting JD LOGISTICS (02618.HK)'s intact margin expansion to support better-than-expected 3Q24 earnings, with several positives forecasted to materialize in 2025. The broker extended the valuation basis to 2025. Based on the projected PE ratio of 16x, and after taking into account the latest market capitalization of DEPPON(603056.SH), Daiwa lifted its target price for JD LOGISTICS from $12 to $18, with rating reiterated at Buy as its top pick in China's express delivery sector. Daiwa raised its 2024-2026 EPS forecasts for JD LOGISTICS by 21-66% to reflect improving economies of scale, leading to net margin expansion to 3-4% (originally expected to be between 2.5% and 2.6%), as well as revenue contribution from BABA-W (09988.HK). AAStocks Financial News |
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