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bullish
ZTO Express Cayman
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[ZTO Express (ZTO US, BUY, TP US$38) TP Change]: Margin Improves While Capex Intensity Nears Peak
Equity Bottom-Up
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18 May 2023 11:41
Margin beat as parcel cost was (8%) vs. our est., we suggest also due to (1) parcel mix improvements, (2) output-based pay, and (3) lower % of KA customers;
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