Morgan Stanley: JD Logistics (02618) target price of HKD 13, rating "neutral."

16:55 10/10/2025

JD Logistics is expected to contribute to revenue growth by over 10% after the acquisition, but the bank believes that its contribution to profitability in the short term will be minimal.

Morgan Stanley released a research report stating that JD LOGISTICS (02618) signed a business transfer agreement with JD-SW (09618) and plans to acquire its local instant delivery service business for approximately 270 million US dollars, including all the equity of Datang Network Technology (Shanghai) Co., Ltd. and Dasheng (Hong Kong) Investment Co., Ltd. The acquisition is considered slightly positive, considering the stable revenue growth of the target company and the attractive valuation compared to other on-demand delivery peers. JD LOGISTICS expects the revenue growth to contribute over 10% after the acquisition, but the bank believes that the short-term contribution to profits will be minimal. Morgan Stanley set JD LOGISTICS' target price at 13 Hong Kong dollars, giving it a "market perform" rating.

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