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Nomura: Rating Kept at Buy as JD LOGISTICS (02618.HK) 4Q Results Beat
2025-03-07 14:24:54
JD LOGISTICS (02618.HK)'s 4FQ24 total revenue grew 10% YoY, exceeding the expectations of the market/ Nomura by 4%/ 2% each, while non-IFRS operating margin rose 0.7 ppts YoY to 3.5%, 1 ppt ahead of the broker's forecast, Nomura released a research report saying.

Non-IFRS net profit increased by 23% YoY, 47%/ 41% above the forecasts of the market/ the broker respectively.

However, in view of the increase in front-loaded investment and higher tax rate, management expected FY2025 non-IFRS net profit to realize a mid-single digit growth to RMB8.3 billion, which is 3% higher than the market consensus of RMB8.1 billion.

Therefore, Nomura kept rating/ target price on JD LOGISTICS at Buy/ $15.7.
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