JD Logistics should start its IPO process on 17 May, according to press reports. JD Logistics, growing from JD Group’s in-house logistics department from 2007, has become a leading supply chain solutions and logistics services provider in China. The Company should be a key beneficiary of China’s rising integrated logistics service market. With JD Group’s support, we believe JD Logistics should enjoy no less than 30–40% top-line growth p.a. from 2021F. The largest uncertainty is its margin outlook, given rising investment in operations and RD. Overall, we don’t think JD Logistics should trade at a premium to SF on a comparable basis (Fig 11).
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