Skip to Content

YTO Express Group Co Ltd Class A 600233

Morningstar Rating
CNY 17.23 +0.24 (1.41%)
View Full Chart
Unlock our analysis with Morningstar Investor

Company Report

YTO Express Earnings: Shares Fairly Valued, as Pricing Power, Cost Savings Much Better Than Expected

We think YTO Express has demonstrated it has more pricing power versus peers STO Express and Yunda Holding, thanks to its continuous efforts to digitalize and standardize the operations of all franchisees. In both the fourth quarter of 2023 and first quarter of this year, although YTO’s express revenue per parcel dropped significantly less than peers, its sequential market share change outperformed STO and Yunda. We expect to see greater-than-expected market share, revenue, and cost savings as these efforts continue to roll out. These measures include the adoption of customer service and financial system applications by all franchisees.

Price vs Fair Value

600233 is trading at a 389% premium.
Price
CNY 17.23
Fair Value
CNY 56.00
Uncertainty
High
1-Star Price
CNY 36.46
5-Star Price
CNY 5.00
Economic Moat
Stg
Capital Allocation
Bkbzjsmp

Bulls Say, Bears Say

Bulls

Successful mergers or acquisitions could strengthen YTO’s scale.

Bears

YTO could lose more volume share than expected to competitor STO following support to the latter by Alibaba Holdings that enables STO to be more aggressive in its price cuts for longer.

Is it the right time to buy, sell, or hold?
Start a free trial of Morningstar Investor to unlock exclusive ratings and continuous analyst coverage to help you decide if 600233 is a good fit for your portfolio.

Trading Information

Previous Close Price
CNY 16.99
Day Range
CNY 17.0017.64
52-Week Range
CNY 10.7217.64
Bid/Ask
CNY 17.22 / CNY 17.23
Market Cap
CNY 59.31 Bil
Volume/Avg
27.3 Mil / 14.8 Mil

Key Statistics

Price/Earnings (Normalized)
16.11
Price/Sales
0.97
Dividend Yield (Trailing)
1.45%
Dividend Yield (Forward)
1.45%
Total Yield
1.45%

Company Profile

YTO Express is one of the Tongda Operators—the top four national express delivery companies that use the network partner model. In this model, Tongdas provide line-haul transportation, sorting, and waybill services to their network partners for fees, while their local network partners provide first-mile pickup and last-mile delivery services under the Tongdas’ brands and collect customer payments. The company was founded by Yu Huijiao in 2020. Yu remains chair and president with a 33.22% stake as of Sept. 30, 2023. Yu and Zhang Xiao Juan, who owned 2.15% of YTO as of that date, are persons acting in concert. YTO’s strategic shareholder is leading China e-commerce company Alibaba Group and its affiliated companies, with around a 20.65% interest as of Dec. 2, 2023.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Large Core
Total Number of Employees
17,804

Competitors

Valuation

Metric
600233
DHL
002120
Price/Earnings (Normalized)
16.1113.4518.22
Price/Book Value
1.972.101.37
Price/Sales
0.970.590.60
Price/Cash Flow
11.066.007.05
Price/Earnings
600233
DHL
002120

Financial Strength

Metric
600233
DHL
002120
Quick Ratio
0.870.741.06
Current Ratio
1.260.951.41
Interest Coverage
56.337.226.49
Quick Ratio
600233
DHL
002120

Profitability

Metric
600233
DHL
002120
Return on Assets (Normalized)
8.72%5.51%3.77%
Return on Equity (Normalized)
12.78%16.07%7.73%
Return on Invested Capital (Normalized)
10.57%9.19%5.52%
Return on Assets
600233
DHL
002120
See how this stock stacks up to its competitors with Morningstar Investor

Integrated Freight & Logistics Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
UPS
United Parcel Service Inc Class BNnjyfzfTqr$127.7 Bil
FDX
FedEx CorpXcwyjjvmWxrqnx$63.7 Bil
DPSTF
DHL GroupRyrqkwb$51.8 Bil
DHLGY
DHL Group ADRStxmywgnJflwf$51.3 Bil
ZTO
ZTO Express (Cayman) Inc ADRPkcbcqfrdyCdtcgd$19.5 Bil
JBHT
JB Hunt Transport Services IncWyszpzdrBstmc$17.5 Bil
EXPD
Expeditors International of Washington IncWymhwmsmzFgwd$16.7 Bil
CHRW
C.H. Robinson Worldwide IncKfmvqffbyQvkz$9.8 Bil
LSTR
Landstar System IncFyxxtbqwvJrg$6.5 Bil
HUBG
Hub Group Inc Class AJgssfddBbjvp$2.7 Bil

Sponsor Center