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 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

<ul><li>With a solid track record in Southeast Asia’s express delivery sector, we believe J&amp;T Global Express (“J&amp;T Global”) is set to replicate its success story in Latin America and the Middle East market. </li><li>Meanwhile, we expect J&amp;T Global to narrow the loss significantly in China market, which will serve as a risk reduction driver.</li><li>We forecast J&amp;T Global to achieve net profit in 2024E. We initiate coverage on J&amp;T Global with a HOLD rating and SOTP-based TP of HK$14.2. </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.

With a solid track record in Southeast Asia’s express delivery sector, we believe J&amp;T Global Express (“J&amp;T Global”) is set to replicate its success story in Latin America and the Middle East market. Meanwhile, we expect J&amp;T Global to narrow the loss significantly in China market, which will serve as a risk reduction driver.We forecast J&amp;T Global to achieve net profit in 2024E. We initiate coverage on J&amp;T Global with a HOLD rating and SOTP-based TP of HK$14.2. 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) – Largest Express Delivery Operator in SEA to Expand Globally

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

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J&T Global Express (1519 HK)

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

J&T Express (1519 HK) – Largest Express Delivery Operator in SEA to Expand Globally

With a solid track record in Southeast Asia’s express delivery sector, we believe J&T Global is set to replicate its success story in Latin America...

CMB International

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