[Click eStock] "CJ Daehan Tongun, Growth Expected Next Year with Daily O-NE Effect"

Daishin Securities forecasted on the 5th that CJ Logistics will show growth due to the 'Maeil O-NE' service. The investment opinion 'Buy' and the target price of 150,000 KRW were maintained.

Daishin Securities expects CJ Logistics' parcel handling volume in the first half of 2024 to increase by about 3.6% compared to the same period last year, and the volume growth rate in the second half is expected to rise to around 5-7%. Yang Ji-hwan, a researcher at Daishin Securities, said, "It is estimated that CJ Logistics' parcel handling volume in July recorded an increase of about 7% compared to the same period last year," adding, "This is believed to be due to the effect of holiday volume on June 30 being moved to before July, the inflow of Gmarket volume, and the inflow of Samsung Mall volume."

He explained, "They announced cooperation with the logistics division of the Shinsegae Group, and Gmarket volume started to flow in from July," adding, "Gmarket's monthly parcel volume ranges from 1.4 million to 2.2 million boxes, and the volume from SSG.com, starting in 2025, is expected to reach about 3 million boxes per month."

In particular, he anticipated that the 'Maeil-ONE' service, which will be implemented from next year, will bring significant changes to the domestic e-commerce and parcel delivery industry. He said, "If CJ Logistics' daily delivery stabilizes, consumers who want delivery even on weekends may change their shopping channels from Coupang to various e-commerce companies," adding, "For sellers operating on open markets, cases of changing their delivery service to CJ Logistics' ‘Maeil-ONE’ are expected to appear."

He explained, "Among parcel delivery companies other than CJ Logistics, it is difficult for any company to immediately have the capacity to introduce 365-day delivery and a five-day workweek," adding, "There is also a possibility of volume shifting from competitors to CJ Logistics." He emphasized, "With the parcel price increase in 2025 and the acceleration of parcel volume growth, CJ Logistics' parcel business division is expected to resume growth."

This content was produced with the assistance of AI translation services.