June single-ticket prices diverge for the two Tong and one Da; second-half anti-cutthroat competition in express delivery may continue moderately

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Summary · why it matters

The two Tong and one Da have released their June operating data. Business revenue continued to grow year on year, but single-ticket prices diverged. Yunda Holding's single-ticket price was 2.11 yuan, up both year on year and month on month. STO Express's single-ticket price rose 6.03 percent year on year to 2.11 yuan, but fell 0.03 yuan from May. YTO Express's single-ticket price was 2.06 yuan, slightly lower year on year but up 0.02 yuan from May. In terms of business volume, STO and YTO both posted year-on-year growth, while Yunda Holding was roughly flat. He Dan, a director in the Asia-Pacific corporate ratings team at Fitch Ratings, analyzed that the anti-cutthroat competition drive in the first half boosted express companies' profitability, but single-ticket prices will not keep rising. In the second half, the anti-cutthroat competition push is very likely to continue, though the intensity may be relatively moderate, which will help the industry maintain a rational pricing environment and support profit recovery.

Impact on assets 3

Others▲ · 3 stocks
YUNDA Holding Co Ltd
002120
▲ PositivePricingrelevance

Yunda's single-ticket price rose year-on-year and month-on-month, and industry anti-cutthroat competition supports pricing.

STO Express Co Ltd
002468
▲ PositivePricingrelevance

STO's single-ticket price rose year-on-year, and industry anti-cutthroat competition supports pricing environment.

YTO Express Group Co Ltd
600233
▲ PositivePricingrelevance

YTO's single-ticket price slightly up month-on-month, and industry anti-cutthroat competition supports pricing environment.

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