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Yunda Holding Co Ltd Class A 002120

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Stock XSHE Rating as of
CNY 8.40 +0.21 (2.56%)
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As of Delayed Price Closed
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Company Report

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Yunda Earnings: Market Share Underperformed Despite a Sharp Price Cut; Valuation Reduced by 5%

Chelsey Tam

Yunda Holding reported that full-year 2023 revenue and operating profit were 6% and 9% below our expectations, respectively. In 2023, Yunda’s parcel volume market share fell 160 basis points to 14.3%, broadly in line with our forecast. First-quarter 2024 revenue rose 6.5% year on year while operating income increased at a strong rate of 21% year on year as lower management and sales expenses as a percentage of sales offset the impact from the lower gross margin.

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Price vs Fair Value

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002120 is trading at a 852% premium.
Price
CNY 8.19
Fair Value
CNY 1.70
Uncertainty
High
1-Star Price
CNY 99.47
5-Star Price
CNY 5.30
Economic Moat
Mfrh
Capital Allocation
Nhywfyhl

Bulls Say, Bears Say

Bulls

Entry of Douyin as a strategic shareholder could lead to benefits for Yunda through higher volume and funding. This could allow Yunda to be more competitive.

Bears

Yunda loses volume share to competitor STO Express following support to STO from Alibaba Holdings that enables STO to be more aggressive in its price cuts.

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Trading Information

Previous Close Price
CNY 8.19
Day Range
CNY 8.22–8.47
52-Week Range
CNY 5.66–12.43
Bid/Ask
CNY 8.40 / CNY 8.41
Market Cap
CNY 24.35 Bil
Volume/Avg
35.0 Mil / 27.4 Mil

Key Statistics

Price/Earnings (Normalized)
16.15
Price/Sales
0.53
Dividend Yield (Trailing)
0.63%
Dividend Yield (Forward)
0.63%
Total Yield
0.62%

Company Profile

Yunda is one of the “Tongdas”, which refers to the top four national express delivery companies that adopt the network partner model. In this model, Tongdas provide line-haul transportation, sorting, and waybill services to its network partners for fees, while its local network partners provide first-mile pickup and last-mile delivery services under the Tongdas’ brands and collect the customer payments. Unlike some other peers, Yunda controls 100% of its hub-level transit centers, ensuring higher quality assurance. The company was founded by couple Nie Tengyun and Chen Liying. Nie remains the Chairman and President, with a 54.8% stake as of Sept. 30, 2023. Yunda’s strategic shareholder is leading China e-commerce company, Alibaba Group, with around a 1.99% interest.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Mid Value
Total Number of Employees
10,920
Website
http://www.yundaex.com

Competitors

Valuation

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Metric
002120
DHL
600233
Price/Earnings (Normalized)
 16.1513.2516.07
Price/Book Value
 1.212.071.96
Price/Sales
 0.530.580.97
Price/Cash Flow
 6.255.9111.04
Price/Earnings
002120
DHL
600233

Financial Strength

Metric
002120
DHL
600233
Quick Ratio
 1.060.740.87
Current Ratio
 1.410.951.26
Interest Coverage
 6.497.2256.33
Quick Ratio
002120
DHL
600233

Profitability

Metric
002120
DHL
600233
Return on Assets (Normalized)
 3.77%5.51%8.72%
Return on Equity (Normalized)
 7.73%16.07%12.78%
Return on Invested Capital (Normalized)
 5.52%9.19%10.57%
Return on Assets
002120
DHL
600233
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