GEEKPLUS-W Surges Over 5% in Morning Session as Daiwa Reiterates "Buy" Rating

Deep News11-24

GEEKPLUS-W (02590) rose 5.11% in morning trading, reaching HK$22.62 with a turnover of HK$41.98 million.

Last Friday, Hang Seng Indexes Company announced the results of its Q3 index review, confirming GEEKPLUS-W's inclusion in the Hang Seng Composite Index. Daiwa highlighted that the company recently secured a major order exceeding RMB 300 million from a leading South Korean e-commerce platform. Additionally, management expects to finalize a deal with a major U.S. retailer for a non-U.S. overseas warehouse project worth $30 million.

Backed by its current order pipeline, management remains confident in sustaining strong revenue growth through 2026. Daiwa noted that GEEKPLUS-W's order intake has stayed robust year-to-date, with U.S. orders—now accounting for over 30% of total orders—growing at the fastest pace despite mid-year price hikes. The firm anticipates that higher U.S. sales contributions will support 2026 gross margins.

Reiterating a "Buy" rating, Daiwa maintains GEEKPLUS-W as its top pick in global logistics AI, keeping its target price at HK$38. The bank attributes recent stock volatility to profit-taking rather than deteriorating fundamentals, presenting an attractive risk-reward opportunity for investors.

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