T.H. Capital - ZTO Express (Cayman) Inc. Sponsored ADR Class A (ZTO) ZTO: Significant Parcel Volume Y/Y Growth Offset By Price Competition; Expect In Line 2Q20

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T.H. Capital

Tian Hou

EUR 230.23 For Business Accounts Only

ZTO: Significant Parcel Volume Y/Y Growth Offset By Price Competition; Expect In Line 2Q20

ZTO will report 2Q20 results on August 12th after the markets close followed by a 9pm EST conference call. Based on our data and model, we believe ZTO parcel volume is likely to grow 48.0% Y/Y in 2Q20E. However, as the price competition has intensified in China’s express area, we believe its revenue is likely to grow at a lower rate and in line with consensus at RMB 6,295M (16.1% Y/Y growth).

07/08/2020 5 EN

Underlying

ZTO Express (Cayman) Inc. Sponsored ADR Class A

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US98980A1051 New York Stock Exchange United States

Provider

T.H. Capital

T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.

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Analysts

Tian Hou

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ZTO: Significant Parcel Volume Y/Y Growth Offset By Price Competition; Expect In Line 2Q20

ZTO: Positive On 1Q24 Performance And 2024 Outlook As e-Commerce Is Coming Back

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

ZTO: Positive On ZTO’s Long Term Position In China’s Logistic Market

BZ: Positive On 1Q24 Performance, Supported By Listings Growth In Service, Commodity Manufacturing & Other Sectors

PDD: Positive On 1Q24 Performance Driven By Rapid Growth From Temu

BIDU: Positive On Long-Term Outlook; Monetization In AI To Drive Future Growth

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