Nomura released a research report cutting its target price on JD LOGISTICS (02618.HK) +0.210 (+2.476%) Short selling $9.83M; Ratio 23.704% from $10.4 to $9.4, and downgrading the Company from Buy to Neutral.
JD LOGISTICS' revenue growth outlook weakened, with no capital return and unattractive valuation, Nomura said.
Nomura also believed that JD LOGISTICS' freight delivery business will face unfavorable factors such as weak macro and intensified competition, and that the entry of other couriers such as ZTO EXPRESS-W (02057.HK) +2.100 (+1.330%) Short selling $8.80M; Ratio 6.019% (ZTO.US) into the reverse logistics market will depress JD LOGISTICS' express delivery business growth.
Nomura expected the company's other customer revenue growth to slow to 8% YoY in 2Q24, and the slowdown will continue in the future.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-12 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
