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’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

<ul><li>J&amp;T reported an impressive set of operating data in 2Q25, with parcel volume growing at an average of 24% YoY, driven by the robust SEA market (+66% YoY).</li><li>We revise our earnings forecast in 2025E/26E by +18%/-2%, after revising up our parcel volume forecast with a slightly reduction on pricing assumptions.</li><li>Our SOTP-based TP is revised up to HK$10 (from HK$6.9). 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.</li></ul>

J&amp;T reported an impressive set of operating data in 2Q25, with parcel volume growing at an average of 24% YoY, driven by the robust SEA market (+66% YoY).We revise our earnings forecast in 2025E/26E by +18%/-2%, after revising up our parcel volume forecast with a slightly reduction on pricing assumptions.Our SOTP-based TP is revised up to HK$10 (from HK$6.9). 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) - Impressive Parcel Volume Growth in SEA

<ul><li>J&amp;T reported strong operating data in 1Q25, with parcel volume growing at an average of 31%.</li><li>During the analyst briefing, J&amp;T was confident that it would achieve the volume and cost reduction target this year.</li><li>That said, we reset our earnings forecast in 2025E/26E by -48%/-18%, as we are concerned that the fierce price cut launched by the leading player in China will more than offset the high volume growth.</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 reported strong operating data in 1Q25, with parcel volume growing at an average of 31%.During the analyst briefing, J&amp;T was confident that it would achieve the volume and cost reduction target this year.That said, we reset our earnings forecast in 2025E/26E by -48%/-18%, as we are concerned that the fierce price cut launched by the leading player in China will more than offset the high volume growth.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) - Impressive Volume Growth in 1Q25

<ul><li>J&amp;T achieved net profit of US$31mn in 1H24, a substantial improvement from a loss of US$264mn / US$168mn in 1H/2H23.</li><li>On the back of on-track cost reduction trend in both SEA and China, we now see a more visible path to achieve sustainable profitability.</li><li>We revise up our 2024E/25E recurring after tax profit forecast by 12%/7%.</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 achieved net profit of US$31mn in 1H24, a substantial improvement from a loss of US$264mn / US$168mn in 1H/2H23.On the back of on-track cost reduction trend in both SEA and China, we now see a more visible path to achieve sustainable profitability.We revise up our 2024E/25E recurring after tax profit forecast by 12%/7%.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) - More Visible Path to Achieve Profitability; U/G to BUY

<ul><li>J&amp;T’s adjusted after-tax loss in 2023 came in at US$432mn, improving from - US$1.49bn in 2022 and is better than our estimate of -US$494mn.</li><li>The key positive came from a surprising increase in ASP in China market in 2H23, which helped it achieve breakeven at the segmental gross profit level.</li><li>Looking forward, we forecast China market to see potential for breakeven at net profit level at some point in 2024E. </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 loss in 2023 came in at US$432mn, improving from - US$1.49bn in 2022 and is better than our estimate of -US$494mn.The key positive came from a surprising increase in ASP in China market in 2H23, which helped it achieve breakeven at the segmental gross profit level.Looking forward, we forecast China market to see potential for breakeven at net profit level at some point in 2024E. 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) - Adjusted Net Loss in 2023 Less than Expected

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

J&T Global Express (1519 HK)

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

J&T Express (1519 HK) - Impressive Parcel Volume Growth in SEA

J&T reported an impressive set of operating data in 2Q25, with parcel volume growing at an average of 24% YoY, driven by the robust SEA market...

CMB International

J&T Express (1519 HK) - Impressive Volume Growth in 1Q25

J&T reported strong operating data in 1Q25, with parcel volume growing at an average of 31%.During the analyst briefing, J&T was confident that it...

CMB International

J&T Express (1519 HK) - More Visible Path to Achieve Profitability; U/G to BUY

J&T achieved net profit of US$31mn in 1H24, a substantial improvement from a loss of US$264mn / US$168mn in 1H/2H23.

CMB International

J&T Express (1519 HK) - Adjusted Net Loss in 2023 Less than Expected

J&T’s adjusted after-tax loss in 2023 came in at US$432mn, improving from - US$1.49bn in 2022 and is better than our estimate of -US$494mn.

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)