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SWHY: Initiated JD.com Logistics (02618) with a "Buy" rating. The integrated supply chain is迎来 expansion opportunities.
JD.com's Logistics industry reputation and brand can compete with SF Express.
JD Logistics Unveils International Business Development Roadmap to Enable 2-3 Day Delivery in Dozens of Overseas Markets in 2025
【Brokerage Focus】Industrial Securities maintains a "Shareholding" rating on JD.com Logistics (02618), indicating its potential to boost revenue growth through increased Transportation route density.
Jingu Financial News | Industrial Securities pointed out that JD.com Logistics (02618) will acquire the remaining 36.43% of shares in KuaYue for no more than 6.484 billion yuan. After this acquisition, JD.com Logistics will hold 100% of KuaYue Express. This acquisition will be paid in three phases, each consisting of a base consideration plus profit payment. The base consideration is calculated based on a price-to-earnings ratio of 15 times the base profit, with the base profit for 2023 being 0.83 billion Net income, for 2024 being 0.892 billion Net income, and for 2025 being 9.59.
Major banks rating | Citibank: The acquisition of the remaining equity of Kuaixun Logistics by jd.com is positive, maintaining a 'buy' rating.
Citibank published a research report indicating that jd.com's logistics announced an investment of up to 6.484 billion yuan to acquire the remaining 36.43% stake in Kuayue Express. The trade includes a price adjustment mechanism linked to performance, aiming for Kuayue Express to record profits of 2.15 billion and 2.35 billion yuan in the next two years. If the profits meet expectations, the pe will reach 8.3 and 7.6 times respectively. Citibank believes the trade valuation is reasonable, and the acquisition has a positive impact on jd.com’s logistics. The outlook for Kuayue Express's profitability is positive, which could also enhance jd.com’s logistics profitability and freight capacity. The recommendation for jd.com’s logistics is to "buy" with a target price of 19 Hong Kong dollars corresponding to the forecast of 20.
JD.com's Subsidiary to Acquire Further 36% Stake in Kuayue-Express Group
Frost & Sullivan: Gives jd.com logistics (02618) a "buy" rating with a target price of 18.5 Hong Kong dollars.
jd.com logistics maintains its financial guidance unchanged and does not expect to increase expenditure due to acquisitions, with capital expenditure percentage expected to remain around 3% to 4%.
