DHL: HSBC forecasts 23% lower year on year EBIT for Q1

Ahead of the DHL Group’s Q1 2024 earnings results, HSBC Global Research analysts have predicted a 23% lower EBIT for the quarter as ‘the B2B segment remains challenged’ despite an improvement in overall demand. However, given that ‘the Group’s e-commerce business mix will likely offer stronger growth over the long term,’ HSBC retains DHL’s ‘buy’ rating alongside a slight reduction in target price from €50 ($54) to €48 ($51). HSBC predict DHL’s Q1 EBIT of €1.25bn ($1.34bn) will be down 17% quarter over quarter, ‘mainly due to margin pressure in express and further normalisation in forwarding’. Although China’s booming cross-border