Glonghui, May 17 | Bank of America Securities published a research report stating that JD Logistics's core business revenue and gross margin both achieved strong growth in the first quarter, reaffirming its “buy” rating. The Group's non-IFRS net profit was $663 million; the adjusted net profit margin was 1.6%, while the bank's forecast was only $119 million, which far exceeded expectations. The bank raised the Group's non-IFRS net profit forecast for the 2024-26 fiscal year by 3 to 4% and raised the target price by 16% from HK$9.8 to HK$11.4. The bank expects JD Logistics's express delivery volume to increase by 24% year-on-year in the first quarter. Due to the growing focus on high-end customers, express delivery revenue grew faster than volume growth. In addition, management maintained the full year's guidance, that is, a high single-digit percentage of revenue growth and an adjusted net profit margin of 1.7% to 2%, and the bank believes that the forecast is too conservative.
大行评级｜美銀：上调京东物流目标价至11.4港元 重申“买入”评级
Major Bank Ratings | Bank of America: Raising JD Logistics Target Price to HK$11.4 to Reiterate “Buy” Rating
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