Zhongtong Express-W (02057) rose more than 5%. As of press release, it had risen 4.76% to HK$195.8, with a turnover of HK$66.0837 million.
The Zhitong Finance App learned that Zhongtong Express-W (02057) rose by more than 5%. As of press release, it had risen 4.76% to HK$195.8, with a turnover of HK$66.0837 million.
According to the news, Zhongtong Express announced its results for the first quarter ended March 31, 2024, with revenue of 9.96 billion yuan, up 10.9% year on year; net profit of 1,448 billion yuan; adjusted net profit of 2,224 billion yuan, up 15.8% year on year; and package volume of 7.171 billion pieces, up 13.9% from 6.297 billion units in the same period in 2023.
HSBC said that the company lost market share in the first quarter, but compared to the increase in profitability in the same industry, the company maintained full-year business volume guidelines and focused on improving profitability and services. It believes that under economies of scale, the company has a good position and raised its earnings forecast per share by 4% to 5% from this year to 2026. CMB International said it is optimistic about Zhongtong's profit-led strategic changes. The bank expects that Zhongtong will continue to generate free cash flow in the next few years to support its semi-annual dividend payment and repurchase plans.