ZTO: Dominant Market Leader Taking More Market Share; High Growth In Parcel Volumes Driving Better 3Q19 Performance

  • ZTO: Dominant Market Leader Taking More Market Share; High Growth In Parcel Volumes Driving Better 3Q19 Performance

ZTO will report 3Q19 results on November 18th after the markets close followed by a 9pm EST conference call. Based on our data and calculations, ZTO’s parcel volume is likely to grow 46.6% Y/Y to 3,072M in 3Q19, stable with 46.8% Y/Y growth in 2Q19, and higher than the full year parcel guidance at 35% - 40% Y/Y growth, and much higher than the industry at about 27.6% Y/Y in 3Q19. We believe, as a dominant market leader, ZTO has the capability to win over more business not only with its competitive price, but more with its infrastructure and efficiency.

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T.H. Capital is an independent research and investment advisory firm specializing in China. We offer real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects, from China ADRs to international names that have meaningful exposure to the China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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