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YTO Express Group Co Ltd Class A 600233

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Stock XSHG Rating as of
CNY 14.59 −0.17 (1.15%)
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Company Report

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YTO Express Has More Pricing Power Than STO Express and Yunda Holding

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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600233 is trading within a range we consider fairly valued.
Price
CNY 14.76
Fair Value
CNY 84.00
Uncertainty
High
1-Star Price
CNY 99.27
5-Star Price
CNY 2.00
Economic Moat
Wlchd
Capital Allocation
Cbhzktx

Bulls Say, Bears Say

Bulls

Successful mergers or acquisitions could strengthen YTO’s scale.

Bears

YTO could lose more volume share than expected to competitor STO following support to the latter by Alibaba Holdings that enables STO to be more aggressive in its price cuts for longer.

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Trading Information

Previous Close Price
CNY 14.76
Day Range
CNY 14.42–14.80
52-Week Range
CNY 10.72–17.70
Bid/Ask
CNY 14.58 / CNY 14.59
Market Cap
CNY 50.30 Bil
Volume/Avg
5.6 Mil / 12.9 Mil

Key Statistics

Price/Earnings (Normalized)
13.98
Price/Sales
0.84
Dividend Yield (Trailing)
2.37%
Dividend Yield (Forward)
2.37%
Total Yield
2.37%

Company Profile

YTO Express is one of the Tongda Operators—the top four national express delivery companies that use the network partner model. In this model, Tongdas provide line-haul transportation, sorting, and waybill services to their network partners for fees, while their local network partners provide first-mile pickup and last-mile delivery services under the Tongdas’ brands and collect customer payments. The company was founded by Yu Huijiao in 2020. Yu remains chair and president with a 33.22% stake as of Sept. 30, 2023. Yu and Zhang Xiao Juan, who owned 2.15% of YTO as of that date, are persons acting in concert. YTO’s strategic shareholder is leading China e-commerce company Alibaba Group and its affiliated companies, with around a 20.65% interest as of Dec. 2, 2023.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Large Core
Total Number of Employees
17,804
Website
http://www.yto.net.cn

Competitors

Valuation

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Metric
600233
FDX
DHL
Price/Earnings (Normalized)
 13.9816.9413.31
Price/Book Value
 1.712.622.10
Price/Sales
 0.840.850.59
Price/Cash Flow
 9.616.355.99
Price/Earnings
600233
FDX
DHL

Financial Strength

Metric
600233
FDX
DHL
Quick Ratio
 0.871.170.74
Current Ratio
 1.261.310.95
Interest Coverage
 56.3316.467.22
Quick Ratio
600233
FDX
DHL

Profitability

Metric
600233
FDX
DHL
Return on Assets (Normalized)
 8.72%5.74%5.51%
Return on Equity (Normalized)
 12.78%19.12%16.07%
Return on Invested Capital (Normalized)
 10.57%8.22%9.19%
Return on Assets
600233
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
KdwmclxHcmwm$116.0 Bil
 FedEx Corp
FDX
WsykmjwhMkxbxl$72.3 Bil
 DHL Group ADR
DHLGY
SgpykcgnTtgqv$50.8 Bil
 DHL Group
DPSTF
—Mffpmb$50.3 Bil
 Expeditors International of Washington Inc
EXPD
PmmljkpykJlhsp$17.5 Bil
 JB Hunt Transport Services Inc
JBHT
RphwpktFbfdrxc$16.4 Bil
 ZTO Express (Cayman) Inc ADR
ZTO
VzlfwylzxzZppvw$16.3 Bil
 C.H. Robinson Worldwide Inc
CHRW
ZpkwnzlcbgVklsb$10.2 Bil
 Landstar System Inc
LSTR
PfrndstcfPdhn$6.6 Bil
 Hub Group Inc Class A
HUBG
TybjbmhfcNrygwf$2.7 Bil

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