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<Research>Nomura Expects JD LOGISTICS (02618.HK) to Record Profit Growth in 4Q, Keeps Rating Buy
Recommend 10 Positive 17 Negative 11 |
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JD LOGISTICS (02618.HK) recorded a 24% YoY revenue growth last quarter, surpassing both market and Nomura's forecasts by 4%, according to Nomura's research report. This growth is believed to be driven by internal revenue increases, offsetting the slowdown in external revenue. JD LOGISTICS' 3Q25 non-IFRS net profit fell by 22% YoY, 6% higher than the estimations of both the market and broker. Nomura predicted that the strong growth trend in internal revenue will continue in 4Q25. With endogenous growth and service revenue related to JD-SW (09618.HK)'s food delivery business, JD LOGISTICS' 4Q25 internal revenue is expected to grow by 33%, driving a projected total revenue incline of 13% YoY. Nomura anticipated that, with improved utilization of front-loaded investments, JD-SW's 4Q25 adjusted operating profit could record positive growth, with an increase of 41%. The adjusted net profit is al projected to grow by 31% YoY to RMB2.9 billion. Therefore, Nomura kept rating at Buy, with a target price of $17. AASTOCKS Financial News Website: www.aastocks.com |
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