External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>J&amp;T and SF (6936 HK / 002352 CH, NR) announced a share-swap agreement this morning.</li><li>We believe it is an important strategic co-operation that allows both companies to leverage their valuable resources to achieve synergies.</li><li>Management arranged a conference call this morning. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&amp;T and SF (6936 HK / 002352 CH, NR) announced a share-swap agreement this morning.We believe it is an important strategic co-operation that allows both companies to leverage their valuable resources to achieve synergies.Management arranged a conference call this morning. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&T Express (1519 HK) - Share Swap with SF to Help Expand New Markets

<ul><li>J&amp;T’s adjusted after tax profit (excluding fair value change of financial liabilities and share-based expense) surged 112% YoY to US$425mn in 2025, which is 22%/16% above our/Bloomberg consensus.</li><li>This implies adjusted profit of US$272mn in 2H25 (+151% YoY). It is worth noting that New market‘s adjusted EBIT turned positive in 2025.</li><li>The strong results enhanced our confidence in J&amp;T’s global growth story. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&amp;T’s adjusted after tax profit (excluding fair value change of financial liabilities and share-based expense) surged 112% YoY to US$425mn in 2025, which is 22%/16% above our/Bloomberg consensus.This implies adjusted profit of US$272mn in 2H25 (+151% YoY). It is worth noting that New market‘s adjusted EBIT turned positive in 2025.The strong results enhanced our confidence in J&amp;T’s global growth story. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&T Express (1519 HK) - 2025 earnings beat expectations; Market share further expanded

<ul><li>J&amp;T arranged a conference call during the investor day yesterday (11 Dec) in Bangkok, Thailand, to discuss the operation and outlook of Thailand market.</li><li>After several years of pricing competition to fence off competitors, J&amp;T has achieved profit in Thailand since this year.</li><li>Currently, J&amp;T ranks no. 1 in Thailand, with the parcel volume equal to the total volume of no. 2 to no. 4 players. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&amp;T arranged a conference call during the investor day yesterday (11 Dec) in Bangkok, Thailand, to discuss the operation and outlook of Thailand market.After several years of pricing competition to fence off competitors, J&amp;T has achieved profit in Thailand since this year.Currently, J&amp;T ranks no. 1 in Thailand, with the parcel volume equal to the total volume of no. 2 to no. 4 players. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&T Express (1519 HK) - Takeaways from Bangkok Investor Call

<ul><li>J&amp;T’s parcel volume growth in 3Q25 reached 23% YoY, driven by outstanding growth of 79% in SEA.</li><li>While the parcel volume growth in China slowed to 10% due to the “anti-involution” campaign, it was alongside a rebound of ASP.</li><li>In view of the strong growth in SEA, we see upside to J&amp;T’s full-year parcel volume growth guidance (+56% in SEA). We continue to like J&amp;T, due to (1) the unmatched competitive edge and market share gain potential in SEA (32.8% in 1H25), and (2) strong potential in New markets such as Brazil and the Middle East. We have left our SOTP-based TP unchanged at HK$13.4. Reiterate BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&amp;T’s parcel volume growth in 3Q25 reached 23% YoY, driven by outstanding growth of 79% in SEA.While the parcel volume growth in China slowed to 10% due to the “anti-involution” campaign, it was alongside a rebound of ASP.In view of the strong growth in SEA, we see upside to J&amp;T’s full-year parcel volume growth guidance (+56% in SEA). We continue to like J&amp;T, due to (1) the unmatched competitive edge and market share gain potential in SEA (32.8% in 1H25), and (2) strong potential in New markets such as Brazil and the Middle East. We have left our SOTP-based TP unchanged at HK$13.4. Reiterate BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&T Express (1519 HK) - Parcel Growth in SEA Further Accelerated in 3Q25

Thematic (Sector/Industry)

<ul><li>We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the express delivery sector.</li><li>Most importantly, we believe Guangdong, being the largest province in terms of both parcel volume and revenue, will set an example of “anti-involution”, which will potentially trigger more provinces to follow suit.</li><li>We reiterate our view that this round of “anti-involution” campaign will be similar to the one in 2021, which will boost parcel price hike and serve as a positive catalyst over the coming 3-6 months. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the express delivery sector.Most importantly, we believe Guangdong, being the largest province in terms of both parcel volume and revenue, will set an example of “anti-involution”, which will potentially trigger more provinces to follow suit.We reiterate our view that this round of “anti-involution” campaign will be similar to the one in 2021, which will boost parcel price hike and serve as a positive catalyst over the coming 3-6 months. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Logistics - Price Floor in Guangdong Likely Set an Example for Other Regions...

China

J&T Global Express is an investment holding company primarily engaged in providing integrated express delivery and global logistics services. The company offers parcel sorting, line-haul transportation, dispatching, cross-border services, and cash-on-delivery. It was founded in 2015 and is headquartered in Shanghai, China.

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J&T Global Express (1519 HK)

J&T Express (1519 HK) - Takeaways from Bangkok Investor Call

J&T arranged a conference call during the investor day yesterday (11 Dec) in Bangkok, Thailand, to discuss the operation and outlook of Thailand...

CMB International

J&T Express (1519 HK) - Parcel Growth in SEA Further Accelerated in 3Q25

While the parcel volume growth in China slowed to 10% due to the “anti-involution” campaign, it was alongside a rebound of ASP.

CMB International

Logistics - Price Floor in Guangdong Likely Set an Example for Other Regions...

We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the...

CMB International

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