China's express delivery group ZTO surges on solid results, upsized buyback program

ZTO Express (Cayman)

23/11/2022 04:00

** Hong Kong shares of China's express delivery group ZTO
Express (Cayman) Inc  2057.HK  surge as much as 4.2% to
HK$176.20, biggest daily pct rise since Nov 14, if gains hold
    ** Stock on track for the second session of gains; biggest
pct gainer in Hang Seng Composite Index on industrials  .HSCIIG 
    ** Shanghai-based company  ZTO.N  says its Q3 revenue up 21%
year-on-year to 8.94 bln yuan ($1.25 bln) and net income jumped
65.1% to 1.9 bln yuan  urn:newsml:reuters.com:*:nTUA74LB5L
    ** ZTO also upsizes and extends its share repurchase
program, increasing the aggregate value of shares that may be
repurchased to $1.5 bln from $1 bln and extending the effective
time by one year through June 30, 2024  urn:newsml:reuters.com:*:nTUA8YLD4C
    ** Jefferies maintains "buy" rating on the stock saying
ZTO's total revenue for 3Q is largely in line with consensus and
earnings comes in ahead of expectations, and the brokerage
expect the firm to continue gaining market share in 2023 
    ** The Hang Seng Composite Index on industrials  .HSCIIG 
gains 0.4%, the Hang Seng Composite Index  .HSCI  climbs 0.7%
and the Hang Seng Index  .HSI  rises 0.8%
    ** As of last close, the Hong Kong-listed stock had fallen
21.8% this year
($1 = 7.1478 Chinese yuan renminbi)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))