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<Research>Daiwa Predicts JD LOGISTICS' Acquisition of JD-SW's On-Demand Delivery Biz to Have Minor Impact on Earnings
Recommend 8 Positive 10 Negative 4 |
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JD LOGISTICS (02618.HK) announced the acquisition of 100% equity in Dajiang and Dasheng, companies engaged in local on-demand delivery services and wholly-owned by JD-SW (09618.HK) (JD.US), for a total consideration of USD270 million, according to a report from Daiwa. The transaction was valued at around 13.1 times the industry average P/E ratio over the past 12 months, including adjustments for liquidity discounts and control premiums. In Daiwa's estimate, the acquisition will have a minor impact on profitability, as the related assets recorded earnings of only RMB75.17 million in 1H25, equivalent to less than 3% of JD LOGISTICS' earnings during the same period, though the net profit margin is likely to be diluted. Unsurprised by the acquisition, Daiwa reiterated a Buy rating on JD LOGISTICS in the belief that the development of on-demand delivery services could drive a revaluation of its worth. AAStocks Financial News |
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