Street sees Q2 profit rolling 47% higher Strength In This China Consumer Play
Meanwhile, China consumer spending play ZTO Express (ZTO) broke out of a new flat base, coasting past a 21.80 proper buy point. Shares rose 8% to 22.25 and got as high as 22.67 intraday. Volume has zoomed past 4 million shares and is running at a rate more than 120% above its 50-day average.
The 5% buy zone following ZTO's breakout goes up to 22.89.
ZTO, which is a leader in long-haul transport and last-mile delivery of packages in the Middle Kingdom, is now up 26% since it broke out of a first-stage double bottom at 17.57 on May 14.
The large-cap stock joined IBD Leaderboard as a breakout idea on July 2. ZTO has shown very impressive fundamentals. Revenue jumped 36%, 25%, 27%, 34%, 45% and 48% vs. year-ago levels in the past six quarters.
Earnings have shown attractive acceleration. After coming in flat during the third quarter of 2017, ZTO's earnings rose 35% in Q4 2017 to 27 cents a share and 70% to 17 cents in Q1 of this year. The Street sees Q2 profit rolling 47% higher to 22 cents a share.
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