Home Business Nomura: maintain JD Logistics (2618.HK) buy rating target price raised to 38 Hong Kong dollars

Nomura: maintain JD Logistics (2618.HK) buy rating target price raised to 38 Hong Kong dollars

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[Nomura: Raise the target price of JD Logistics (02618.HK) to HK$38. Buy rating]Nomura published a research report stating that JD Logistics (02618.HK) benefited from the substantial growth in retail sales of JD (09618.HK) and the expansion of third-party business. HK) revenue in the third quarter increased by 43% year-on-year, which was higher than the bank’s expectations of about 11%. Driven by the integrated supply chain (ISC) logistics service business, third-party revenue increased by 69%, 17% higher than Nomura’s forecast; and JD-related revenue also increased by 19% year-on-year, which was approximately 3% higher than the bank’s forecast. The operating profit margin in the third quarter was roughly in line with forecasts, reaching -2.8%, which was narrower than the -13.1% in the second quarter. Nomura believes that this is mainly due to an increase in capacity utilization. Taking into account the better-than-expected performance in the third quarter, Nomura raised the target price of JD Logistics from 33 Hong Kong dollars to 38 Hong Kong dollars, maintaining a buy rating.


Nomura announcementresearch reportMeans to benefit fromJingdong(9618.HK) Substantial growth in retail sales and third-party business expansion,JD Logistics(2618.HK) Revenue in the third quarter increased by 43% year-on-year, which was higher than the bank’s expectations of about 11%.

Driven by the integrated supply chain (ISC) logistics service business, third-party revenue increased by 69%, 17% higher than Nomura’s forecast; andJingdongGroup-related revenue also increased by 19% year-on-year, which was about 3% higher than the bank’s forecast.

Operating spillover in the third quarterinterest rateIt was roughly in line with the forecast, reaching -2.8%, which was narrower than the -13.1% in the second quarter. Nomura believes that this is mainly due to an increase in capacity utilization.Considering the better-than-expected performance in the third quarter, Nomura willJD LogisticsThe target price is raised from 33 Hong Kong dollars to 38 Hong Kong dollars, and the “Buy” rating is maintained.

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(Source: Gelonghui)

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