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M Stanley Rates JD LOGISTICS as Equalweight; 3Q Results Largely in Line
2025-11-14 15:44:47
JD LOGISTICS (02618.HK)'s 3Q25 results were largely in line with expectations, Morgan Stanley said in its research report.

Driven by improved efficiency during peak season and a low base effect, JD LOGISTICS's full-year net profit growth target remains in the mid-single digits, implying a YoY net profit increase of about 30% in 4Q25 and an expectation of continued earnings growth next year.

Morgan Stanley, however, underscored that JD LOGISTICS may face downside risks if Deppon Express fails to achieve a turnaround in 4Q25. It gave JD LOGISTICS a target price of HKD13 and a rating of Equalweight.
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