ZTO Express's Dividend Policy Enhances Investment Case -- Market Talk

Dow Jones03-21

0319 GMT - ZTO Express's adoption of a dividend policy to pay out at least 40% of earnings will enhance its investment case as the Chinese logistics industry's competitive landscape stabilizes, CCB International analysts Rong Li and Katherine Li say in a note. The company's 2023 results were in line with expectations, they say, noting that its 4Q gross and EBIT margins expanded 1.4 percentage points and 1.0 pct pt, respectively, due to its cost advantages. "We like ZTO for its competitive strength, attractive valuation, and transparent dividend policy," CCB says. It maintains an outperform rating on ZTO with a $28.00 target. ZTO's ADRs last closed at $22.61. (hoishan.chan@wsj.com)

(END) Dow Jones Newswires

March 20, 2024 23:19 ET (03:19 GMT)

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The company's 2023 results were in line with expectations, they say, noting that its 4Q gross and EBIT margins expanded 1.4 percentage points and 1.0 pct pt, respectively, due to its cost advantages. \"We like ZTO for its competitive strength, attractive valuation, and transparent dividend policy,\" CCB says. It maintains an outperform rating on ZTO with a $28.00 target. ZTO's ADRs last closed at $22.61. 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The company's 2023 results were in line with expectations, they say, noting that its 4Q gross and EBIT margins expanded 1.4 percentage points and 1.0 pct pt, respectively, due to its cost advantages. \"We like ZTO for its competitive strength, attractive valuation, and transparent dividend policy,\" CCB says. It maintains an outperform rating on ZTO with a $28.00 target. ZTO's ADRs last closed at $22.61. 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