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<Research>Nomura Sets TP at HKD15.3 for JD LOGISTICS; 2Q Results Beat
Recommend 11 Positive 17 Negative 9 |
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According to Nomura's research report, JD LOGISTICS (02618.HK)'s 2Q25 results beat expectations, with total revenue growing by 16.6% YoY, 4% and 3% higher than the market's and the broker's expectations, mainly due to increased revenue from Integrated Supply Chain (ISC). In contrast, the company's non-IFRS operating profit margin, declined by 1.1 ppts YoY to 3.8% (around 0.7 ppts lower than the broker's estimate), as its GPM dropped by 1.3 ppts YoY. In JD LOGISTICS' estimate, its 3Q25 revenue guidance will grow by 20% on increased revenue contribution from the food delivery business to JD-SW (09618.HK), higher than the market expectation of 15.6%. However, management predicted the company's non-IFRS net profit to be slightly below RMB2 billion YoY, around 21% lower than the market expectation of RMB2.5 billion. Nomura kept a Buy rating on JD LOGISTICS with a target price of HKD15.3. AAStocks Financial News |
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