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02057 ZTO EXPRESS-W
RTNominal up155.300 +0.500 (+0.323%)
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24/02/2021 17:46

{I-bank focus}Goldman lifts ZTO Express (02057) to HK$348

[ET Net News Agency, 24 February 2021] Goldman Sachs lifted its target price for ZTO
Express (02057) to HK$348 from HK$309 and maintained its "buy" rating.
The research house fine-tuned its 2020-22 revenue by 0% to +2% and non-GAAP net profit
by 0% to +1%, on slightly higher volume assumptions (+1% to +3% versus prior), and largely
unchanged unit economics (UE) outlook, where Goldman expects Rmb0.30/0.23/0.26 EBIT per
parcel in 2020/21/22 respectively.
Goldman sees divergence in profitability to continue where it expects EBIT per parcel to
remain relatively healthy for ZTO at Rmb30c, but (near) loss making for smaller players
such as Best Inc./STO Express (Shenzhen code: 002468) (Rmb-9c/Rmb1c respectively). (KL)

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