ZTO: Positive On ZTO’s Long Term Position In China’s Logistic Market
ZTO will report 3Q23 results on November 16th after the market closes followed by a 7:30pm ET conference call. We are neutral on its 3Q23 performance as ZTO’s performance is highly correlated with China e-commerce business, which is still in a weak growth phase. However, we are positive on ZTO’s long term position as China’s e-commerce business is adding more major players such as ByteDance, Kuaishou, and XiaoHongShu. All the new players need logistics services, and ZTO is one of the best choices. Therefore, it is likely ZTO is gaining more orders and market share. In addition, e-commerce and logistics are all going to benefit from the recovery of China’s economy. It may be a slow process, but it will happen.
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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