YTO Express Group Co Ltd Class A

600233: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥32.50	Ldlz	Wnsxfprzq

YTO Express: Lifting Fair Value Estimate by 21% to CNY 18.10; Industry Competition Remains Intense

Chelsey Tam

Sep 6, 2024

After reviewing our earnings assumptions, we raised YTO Express' fair value estimate by 21% to CNY 18.10 per share and increased our recurring net profit forecasts for 2024-26 by 8%-12%. Despite the higher valuation, we think shares are fairly valued due to our concerns over intense near-term price competition for express delivery.

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