Core Viewpoint - Citigroup reports that ZTO Express (02057) plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, indicating a potential restart of the buyback plan during the upcoming earnings release [1] Group 1: Financial Actions - ZTO Express intends to issue $1.5 billion in convertible preferred notes [1] - The company has $700 million remaining in its share repurchase authorization until September 2025, suggesting a possible buyback plan restart [1] - Citigroup views the low interest rates and reasonable premiums as sufficient to offset potential dilution effects from the issuance of convertible notes [1] Group 2: Performance Metrics - ZTO Express reported a 13.3% growth in package volume, aligning with Citigroup's expectations [1] - The revenue forecast for ZTO Express is between 48.5 billion to 50 billion RMB, with gross profit estimated between 12.15 billion to 12.55 billion RMB, both of which are roughly in line with Citigroup's and market expectations [1]
花旗：中通快递-W(02057)发行CB看法轻微正面 业绩预告大致符预期