Zhi Tong Cai Jing·2025-10-10 08:55Core Viewpoint - Daiwa released a report stating that JD Logistics (02618) announced the acquisition of 100% equity in its wholly-owned subsidiaries, Dajiang and Dasheng, which are engaged in local instant delivery services, for a total price of $270 million. The transaction is valued at an industry average price-to-earnings ratio of approximately 13.1 times over the past 12 months, accounting for liquidity discounts and control premiums. Daiwa expressed no surprise regarding the acquisition and reiterated a "buy" rating for JD Logistics, believing that the development of the instant delivery business could drive a revaluation of the company [1] Group 1 - The acquisition is expected to lead to a year-on-year revenue growth of mid-double digits for JD Logistics in the fourth quarter of this year [1] - The upper limit of related transactions between JD Logistics and JD Group for the next two years has been significantly raised to 110 billion and 210 billion RMB, respectively [1] - Daiwa believes the impact of the acquisition on profitability is minor, as the related assets recorded a profit of 75.17 million RMB in the first half of this year, which accounts for less than 3% of JD Logistics' profit during the same period, although net profit margins may be diluted [1]