Nomura raised its target price for JD LOGISTICS from HKD18 to HKD20 due to strong revenue growth in Q1 2026, which exceeded market expectations. The company reported a 29% year-over-year increase in total revenue, driven by higher internal revenue from JD Group, and a significant rise in non-IFRS operating profit. The broker expects continued organic revenue growth in Q2 2026 and has maintained its earnings forecasts for FY26 and FY27, leading to a reiterated Buy rating.
