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Market NewsNomura downgraded the target price of JD.com Logistics (02618.HK) to 18 yuan as a "buy" rating in the big bank report.
Market NewsNomura downgraded the target price of JD.com Logistics (02618.HK) to 18 yuan as a "buy" rating in the big bank report.Nomura downgraded the target price of JD.com Logistics (02618.HK) to 18 yuan as a "buy" rating in the big bank report.
阿思達克 10-13 10:14
Nomura published a research report that JD.com Logistics (02618.HK) third-quarter revenue is expected to grow 37%, exceeding market growth expectations of 33%, mainly driven by the completion of the merger with freight logistics company Debang, profit margins may be in line with expectations, non-GAAP net profit margin is expected to reach negative 0.1%, gross profit margin is likely to increase 1.7%.
In the segment, internal revenue from parent JD.com Group (09618.HK) is expected to be flat in the third quarter, up 11 per cent from the second quarter. The bank also pointed out that the layoffs of Jingxi, a community group buying service, are expected to have a negative impact on internal income growth as low as a percentage of medium units in the third quarter, and it is estimated that excluding the impact of the Debon merger, revenue is expected to grow by 15% in the third quarter.
As the recovery in retail demand slowed, Nomura cut its revenue forecast by 2 per cent from 2022 to 2023, leaving the non-GAAP net profit margin forecast basically unchanged, the target price lowered from 20 yuan to 18 yuan, and the rating maintained "buy".
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