ZTO / 2057.HK: High Parcel Volume Growth Offsetting The Pressure From Declines of ASP; Expect Better 4Q20 Revenue
ZTO will report 4Q20 results on March 17th after the markets close followed by an 8pm EST conference call. The express sector in China is undergoing intensified price competition. Several top vendors are all public listed companies with enough capital on their balance sheets. The competition is on the unit price. It is hard to project when the competition will end. However, we believe ZTO will be one of the last standing winners since it has a higher margin profile and richer capital than others. Based on our data and model, we believe ZTO revenue is likely be at least in line with consensus at RMB 8,231M (20.2% Y/Y growth).
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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