＜Research＞Macquarie Upgrades JD LOGISTICS (02618.HK) to Outperform, Raises TP to $9.9

　　Macquarie commented in a report that it now has a more optimistic view on JD LOGISTICS (02618.HK) -0.220 (-2.644%) Short selling $6.29M; Ratio 15.407% , as JD Retail finally bottomed out after a year-long restructuring. As JD-SW (09618.HK) -2.500 (-2.317%) Short selling $179.09M; Ratio 20.217% lowered its free shipping threshold, conversion rates and orders are already showing positive signs, benefiting JD LOGISTICS' internal orders.

　　The broker expected JD LOGISTICS' self-operated platform (1P) revenue to grow 16% YoY in both 2QFY24 and full-year FY24, accelerating from 4% growth in the same period last year. Third-party sales platform (3P) revenue is also estimated to grow rapidly due to a more favourable customer mix, supporting higher gross profit.

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　　Macquarie raised its net profit forecast for JD LOGISTICS by 3% each for FY24 and FY25, elevated its target price from $9.6 to $9.9, and upgraded its rating from Neutral to Outperform.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-26 16:25.)

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