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<Research>Citi Expects JD LOGISTICS (02618.HK) to Sustain Organic Growth, Keeps TP $18 w/ Rating Buy
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JD LOGISTICS (02618.HK) recorded a better-than-expected 3Q25 revenue, with adjusted profit being in line with market consensus, Citi Research issued a research report saying. However, gross profit margin and adjusted operating margin missed the broker's projections, primarily due to weak performance as its Deppon Logistics faced intensified competition and business restructuring. Excluding the newly consolidated food delivery business, Citi Research believed that the Company's integrated supply chain (ISC) segment maintains decent revenue momentum in 3Q25. As for 2026, the broker believed that, following completion of capacity investments, the Company's organic growth can still reach satisfactory levels. Excluding Deppon Logistics, profit margins are also expected to improve as utilisation rates increase. Therefore, Citi Research kept its target price unchanged at $18, with rating at Buy. AAStocks Financial News Website: www.aastocks.com |
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