The Zhitong Finance App learned that Yamato released a research report saying that it raised the earnings forecast for JD Logistics (02618) by 11% to 14% from this year to 2026, based on first-quarter profitability over expectations, and confirming the “buy” investment rating to maintain a positive view of the company's potential profit trend this year. The target price was raised from HK$9.5 to HK$12, which is equivalent to predicting the consolidated price-earnings ratio for this year and next two years.
The bank pointed out that management had not changed the annual revenue increase in the year-on-year increase in the number of units, and the adjusted net profit margin increased by the lower number of units compared to the previous year, and reiterated that it is confident that it will meet the standards. Management also expects revenue and profit growth in the second quarter to be better than the full-year guidance. The bank believes that even though the company's first-quarter results beat expectations, the management's attitude was conservative, waiting for better business visibility before updating the full-year results guidelines, or announcing the second-quarter results when they were announced, which became a potential catalyst for stock prices. Furthermore, in addition to the company's business guidelines, it has also seen an increase in potential demand from integrating Debon Logistics, strengthening express delivery and freight services, and upgrading home appliances and cross-border logistics.
