CLSA issued a research report stating that the "anti-involution" measures in Chinas express delivery industry have begun to show results. Industry leader ZTO EXPRESS-W (02057.HK) -0.900 (-0.507%) Short selling $105.93M; Ratio 32.899% recorded approximately 14% growth in business volume in 1Q, with net profit estimated at around RMB2.3 billion. The broker expects the company to regain market share in 2026 while maintaining stable unit profitability, further consolidating its leadership position.CLSA noted that ZTO EXPRESS-Ws valuation is attractive, with the current share price equivalent to about 10x forecast PE for FY2026 (excluding cash). CLSA maintained an Outperform rating on ZTO EXPRESS-W with a TP of HKD216. The broker is also optimistic about the overseas expansion potential of J&T EXPRESS-W (01519.HK) -0.180 (-1.974%) Short selling $29.23M; Ratio 16.568% , assigning an Outperform rating with a TP of HKD13.6. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-03 16:25.)
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