J&T EXPRESS and SF HOLDING Establish $8.3 Billion Strategic Cross-Shareholding Agreement

The analyst rating for J&T EXPRESS-W (01519.HK) was upgraded to "Buy" by Citi Research due to strong growth momentum in its overseas business, particularly in Southeast Asia and emerging markets, which exceeded expectations. The significant growth rates of +73.6% in Southeast Asia and +79.7% in emerging markets, along with increased investment from TikTok Shop and market share gains, contributed to this positive outlook. As a result, Citi Research raised its earnings forecasts for 2025-2027 and increased the valuation multiple, leading to a higher target price from $12 to $15. The stock was also maintained as a top pick in its sector.

The analyst rating from Nomura for J&T EXPRESS-W is a "Buy" due to the company's strong performance in parcel volume growth, particularly in the Southeast Asian market. The report noted a year-over-year increase of 14.5% in total parcel volume for 4Q25, despite a decrease from the 23% growth in 3Q25. For the full year, the overall parcel volume increased by 22% YoY, although this was lower than the 31% growth recorded in FY24. Notably, the Southeast Asian market saw a significant surge, with parcel volume rising by 74% YoY in 4Q25 and 68% for the full year, exceeding the annual growth forecast of around 56%. As a result, Nomura raised its target price for the stock from HKD12.5 to HKD14, reflecting confidence in the company's growth trajectory.