maintain
$187/ US$24 for ZTO EXPRESS-W; $48/ RMB51 for SF HOLDING; $15 for JD LOGISTICS
Reason
The analyst rating from JPMorgan is based on the significant changes in China's express and logistics industry, influenced by the country's anti-involution campaign and regulatory interventions. The report highlights trends in average pricing and parcel volume growth, indicating a shift in the competitive landscape. Despite some companies lagging in performance, there is renewed investor interest in the industry. JPMorgan's top picks, ZTO EXPRESS-W and SF HOLDING, are rated as Overweight due to their potential for growth, with specific target prices set for both their H-shares and US stocks. JD LOGISTICS is also rated Overweight, reflecting a positive outlook for these companies amidst the evolving market conditions.
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