Daiwa: Lower Zhongtong Express target price to $23.8, lower 2025-27 earnings forecast.

Morgan Stanley released a report, lowering Zhongtong Express's target price from $24.6 to $23.8 and maintaining a "hold" rating. The bank lowered its earnings forecast for 2025 to 2027 by 1%, 2%, and 2%, respectively, primarily due to factors including a slowdown in industry growth in the second half of 2025 leading to a decrease in parcel volume forecasts; the rise in average selling prices due to anti-internal competition measures; and other one-time project impacts.