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

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...

<ul><li>We believe the Chinese government’s aspiration to promote “anti-involution”, followed by the meeting held by the State Post Bureau with express delivery operators as well as the comments by NDRC last week to propose a revision of the price law, will serve as a positive catalyst for the express delivery sector over the coming 3-6 months.</li><li>We see chances for a moderate parcel ASP hike going forward, though not as strong as the uptrend in 2022 after the government’s intervention.</li><li>Government actions to curb price war. On 29 Jul, the State Post Bureau held a meeting with major express delivery operators to address the "involution" competition in the industry.</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 Chinese government’s aspiration to promote “anti-involution”, followed by the meeting held by the State Post Bureau with express delivery operators as well as the comments by NDRC last week to propose a revision of the price law, will serve as a positive catalyst for the express delivery sector over the coming 3-6 months.We see chances for a moderate parcel ASP hike going forward, though not as strong as the uptrend in 2022 after the government’s intervention.Government actions to curb price war. On 29 Jul, the State Post Bureau held a meeting with major express delivery operators to address the "involution" competition in the industry.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 - Strong Policy Momentum to Curb Price War; a Similar Price Hike Story like 2022

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) - 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

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

Logistics - Strong Policy Momentum to Curb Price War; a Similar Price Hike Story like 2022

We see chances for a moderate parcel ASP hike going forward, though not as strong as the uptrend in 2022 after the government’s intervention.

CMB International

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