BUZZ — JM Financial starts India's Shiprocket with "Buy" on scalable asset — light model tailwind

* Shiprocket will benefit from higher transaction volumes without owning underlying logistics infrastructure as more brands sell online and existing merchants scale--JM Financial * Brokerage initiates coverage with "buy" rating, TP at 165 rupees * Co's emerging businesses extends beyond shipping into fulfillment, omnichannel, checkout, marketing and cross-border solutions, allowing it to participate more in a merchant’s operations--JM Financial * However, brokerage takes cautious view on profitability, with emerging category seen loss-making through FY28 before turning profitable in FY29 * Shares down 3.8% at 129.41 rupees; YTD, down 8.4% (Reporting by Saikeerthi in Bengaluru) ((Saikeerthi@thomsonreuters.com;)