JD Logistics Inc

02618: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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JD Logistics: Fair Value Lifted by 96% as Alibaba Allows Use of JDL and Margins Improve

Chelsey Tam

Nov 21, 2024

We raise no-moat JD Logistics’ fair value estimate by 96% to HKD 21.00 per share to factor in higher revenue growth assumptions driven by Alibaba Group's Taobao and Tmall Group merchants' business, better profitability, and lower-than-expected noncontrolling interests. The shares are undervalued in our view given the improved outlook. We increase our forecasts for five-year revenue and non-IFRS net profit compound annual growth rate to 9% and 39% respectively, up from 5% and 23% previously.

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JD Logistics Inc

JD Logistics: Fair Value Lifted by 96% as Alibaba Allows Use of JDL and Margins Improve

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