FRANKFURT (dpa-AFX) - Better-than-expected operating results and confirmed annual targets gave DHL shares a boost on Wednesday. However, technical resistance is slowing down the logistics company's shares. The 50-day moving average, which is an important indicator for the medium-term trend, is around 38.50 euros.
Later in the morning, DHL rose by 3.3 percent to 38.25 euros at the top of the DAX. The leading index itself gained a moderate 0.5 percent.
Analyst Guido Hoymann from Bankhaus Metzler emphasized that the operating result (EBIT) exceeded consensus estimates, mainly thanks to better-than-expected business development in the two divisions Post & Parcel Germany (P&P) and Express. Warburg analyst Christian Cohrs went into detail, saying that P&P in particular had made a surprisingly strong contribution to EBIT in view of higher postage rates and a slight increase in parcel volume. Bernstein expert Alex Irving praised Express, the group's largest division, for performing well compared to the previous year despite a decline in the volume of time-critical shipments.
However, weaknesses were also identified in the quarterly report. Cohrs and JPMorgan analyst Alexia Dogani pointed to the surprising and very significant deterioration in earnings in the freight forwarding segment (DGFF), which Cohrs said was likely due to higher operating costs and weak performance in land transport.
All in all, however, the company was credited with good business development in a highly challenging market environment. The initial effects of the efficiency program also showed that there is still considerable potential for savings within the group if necessary, Hoymann wrote.
In discussions with management, the focus is now likely to be on the second quarter, among other things. This is because, although the targets for the year as a whole have been confirmed, excluding any customs effects, no statements have yet been made on the figures for the current quarter, as UBS analyst Cristian Nedelcu noted. /ck/lew/jha/
