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<Research>CLSA: JD LOGISTICS (02618.HK) Rating Kept at Outperform as 3Q Results in Line
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JD LOGISTICS (02618.HK) recorded a 24% increase in sales for 3Q25, CLSA published a research report saying. However, its non-IFRS net profit declined by 21% due to losses from Deppon, upfront investments, and a high base. Nevertheless, the broker forecasted the profit margin to recover QoQ in 4Q25, driven by higher capacity utilization, significant endogenous growth and revenue contributions from its food delivery business. In 2026, CLSA believed that JD LOGISTICS will focus more on enhancing the efficiency and utilization of existing resources, which is expected to gradually improve profit margins. The broker raised its 2025-2027 sales forecasts by 2%, and made limited changes in its EPS estimations. Therefore, CLSA kept its target price at $15.7 and rating at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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