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Yunda Holding Co Ltd Class A 002120

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Stock XSHE Rating as of
CNY 7.85 −0.03 (0.38%)
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Company Report

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We Initiate No-Moat Yunda Holding With a Fair Value Estimate of CNY 10

Chelsey Tam

The network partner model-based companies in China have gained parcel volume share from direct operation-based companies, with share rising to 76% in 2022 from 66% in 2011. The six largest express delivery companies controlled around 86% of China’s parcel deliveries by volume in 2022, based on data from the companies and China’s State Post Bureau. With share already high, we think further volume share gain is limited for the network partner model-based companies.

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Price vs Fair Value

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002120 is trading at a 24% discount.
Price
CNY 7.63
Fair Value
CNY 74.00
Uncertainty
High
1-Star Price
CNY 57.90
5-Star Price
CNY 7.00
Economic Moat
Xzr
Capital Allocation
Wjhjsrf

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 7.88
Day Range
CNY 7.80–8.12
52-Week Range
CNY 5.66–12.43
Bid/Ask
CNY 7.85 / CNY 7.86
Market Cap
CNY 22.76 Bil
Volume/Avg
37.9 Mil / 29.3 Mil

Key Statistics

Price/Earnings (Normalized)
12.89
Price/Sales
0.51
Dividend Yield (Trailing)
0.66%
Dividend Yield (Forward)
0.66%
Total Yield
0.66%

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
600233
002468
Price/Earnings (Normalized)
 12.8915.3430.84
Price/Book Value
 1.251.871.56
Price/Sales
 0.510.930.34
Price/Cash Flow
 6.9810.544.08
Price/Earnings
002120
600233
002468

Financial Strength

Metric
002120
600233
002468
Quick Ratio
 1.060.87—
Current Ratio
 1.411.26—
Interest Coverage
 6.4956.33—
Quick Ratio
002120
600233
002468

Profitability

Metric
002120
600233
002468
Return on Assets (Normalized)
 4.55%8.72%—
Return on Equity (Normalized)
 9.31%12.78%—
Return on Invested Capital (Normalized)
 6.48%10.57%—
Return on Assets
002120
600233
002468
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Integrated Freight & Logistics Industry Comparables

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Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
UPS
United Parcel Service Inc Class BPvpgjjlNhqb$126.7 Bil
FDX
FedEx CorpZrbmxsjlGnqgn$65.4 Bil
DPSTF
DHL Group—Htjkp$49.2 Bil
DHLGY
DHL Group ADRFfmcyrkjwHqblpgh$49.2 Bil
ZTO
ZTO Express (Cayman) Inc ADRZtldmrvjbYclsy$17.3 Bil
JBHT
JB Hunt Transport Services IncGrfkypcfJgxsty$16.7 Bil
EXPD
Expeditors International of Washington IncHzytsvtgvFvrw$16.1 Bil
CHRW
C.H. Robinson Worldwide IncMcrzlwdyhvGrxk$8.3 Bil
LSTR
Landstar System IncDjqnyrnxhqZgvpz$6.3 Bil
HUBG
Hub Group Inc Class ARfcdyvkNbrlyj$2.5 Bil

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