Lyon: Maintains "outperform" rating for JD Logistics (02618), target price raised to HK$17.9
Lyon expects JD Logistics to maintain a strong gross profit margin in the fourth quarter.
Lyon released a research report stating that it maintains a "outperform" rating for JD LOGISTICS (02618), believing that the company will now focus more on scale expansion, which may lead to a slowdown in profit growth. The target price has been raised from HK$11.8 to HK$17.9.
The report mentioned that the company's third-quarter performance met expectations. Sales increased by 7% year-on-year, and the non-IFRS net profit margin reached a new high of 5.8%. The resilience of the profit margin indicates that JD LOGISTICS' cost savings plan is sustainable, and it is expected that the company will maintain a strong gross profit margin in the fourth quarter.
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