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Yunda Holding Co Ltd Class A 002120

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Stock XSHE Rating as of
CNY 7.24 0.00 (0.00%)
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Company Report

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Yunda Holding Will Lose Parcel Volume Share This Year

Chelsey Tam

The network partner model-based companies in China have gained parcel volume share from direct operation-based companies, with share rising to 78% in 2023 from 76% in 2022. The six largest express delivery companies controlled around 87% of China’s parcel deliveries by volume in 2023, based on data from the companies and China’s State Post Bureau. With share already high, we think further volume share gain is limited for the network partner model-based companies.

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Price vs Fair Value

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002120 is trading within a range we consider fairly valued.
Price
CNY 7.24
Fair Value
CNY 9.80
Uncertainty
High
1-Star Price
CNY 51.69
5-Star Price
CNY 9.50
Economic Moat
Qbqh
Capital Allocation
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Bulls Say, Bears Say

Bulls

Entry of Douyin as a strategic shareholder could lead to benefits for Yunda through higher volume and funding. This could allow Yunda to be more competitive.

Bears

Yunda loses volume share to competitor STO Express following support to STO from Alibaba Holdings that enables STO to be more aggressive in its price cuts.

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Trading Information

Previous Close Price
CNY 7.24
Day Range
CNY 7.16–7.28
52-Week Range
CNY 5.66–11.08
Bid/Ask
CNY 7.24 / CNY 7.25
Market Cap
CNY 20.99 Bil
Volume/Avg
7.2 Mil / 28.7 Mil

Key Statistics

Price/Earnings (Normalized)
14.30
Price/Sales
0.47
Dividend Yield (Trailing)
2.35%
Dividend Yield (Forward)
2.35%
Total Yield
2.35%

Company Profile

Yunda is one of the “Tongdas”, which refers to the top four national express delivery companies that adopt the network partner model. In this model, Tongdas provide line-haul transportation, sorting, and waybill services to its network partners for fees, while its local network partners provide first-mile pickup and last-mile delivery services under the Tongdas’ brands and collect the customer payments. Unlike some other peers, Yunda controls 100% of its hub-level transit centers, ensuring higher quality assurance. The company was founded by couple Nie Tengyun and Chen Liying. Nie remains the Chairman and President, with a 54.8% stake as of Sept. 30, 2023. Yunda’s strategic shareholder is leading China e-commerce company, Alibaba Group, with around a 1.99% interest.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Mid Value
Total Number of Employees
10,920
Website
http://www.yundaex.com

Competitors

Valuation

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Metric
002120
FDX
DHL
Price/Earnings (Normalized)
 14.3016.9413.23
Price/Book Value
 1.072.622.08
Price/Sales
 0.470.850.59
Price/Cash Flow
 5.526.355.95
Price/Earnings
002120
FDX
DHL

Financial Strength

Metric
002120
FDX
DHL
Quick Ratio
 1.061.170.74
Current Ratio
 1.411.310.95
Interest Coverage
 6.4916.467.22
Quick Ratio
002120
FDX
DHL

Profitability

Metric
002120
FDX
DHL
Return on Assets (Normalized)
 3.77%5.74%5.51%
Return on Equity (Normalized)
 7.73%19.12%16.07%
Return on Invested Capital (Normalized)
 5.52%8.22%9.19%
Return on Assets
002120
FDX
DHL
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Integrated Freight & Logistics Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
United Parcel Service Inc Class B
UPS
WctsyvcNbdhf$116.0 Bil
 FedEx Corp
FDX
RlvkrkjFwtlcv$72.3 Bil
 DHL Group ADR
DHLGY
CqdcvvdqJtrwhb$50.8 Bil
 DHL Group
DPSTF
—Jkvbfl$50.3 Bil
 Expeditors International of Washington Inc
EXPD
SkrkjxxwvqSqkm$17.5 Bil
 JB Hunt Transport Services Inc
JBHT
KmvhchclfVcjbs$16.4 Bil
 ZTO Express (Cayman) Inc ADR
ZTO
QstkqgrrxYgzjdtw$16.3 Bil
 C.H. Robinson Worldwide Inc
CHRW
TvhjrxxfjsVxdm$10.2 Bil
 Landstar System Inc
LSTR
SpjsvqzcxnRxxmv$6.6 Bil
 Hub Group Inc Class A
HUBG
QpzlrmmHzmcwtf$2.7 Bil

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