J&T EXPRESS(1519.HK)：TAKEAWAYS FROM BANGKOK INVESTOR CALL

Core Viewpoint - J&T has achieved profitability in Thailand and is confident in its growth potential in the Southeast Asia market, with expectations of parcel volume growth outpacing the industry average by 2026 [2][3] Group 1: Company Performance - J&T has ranked number one in Thailand, with parcel volume equal to the total volume of the second to fourth players combined [2][3] - The company has achieved a compound annual growth rate (CAGR) of over 40% in parcel volume over the past three years, currently serving 200,000 customers, including 20,000 non-e-commerce customers [3] - J&T has successfully reduced costs by 10% per annum since 2022, with a 30% cost reduction achieved by using self-owned trucks compared to leased ones [3] Group 2: Market Outlook - Management is optimistic about the growth potential in Thailand, particularly in e-commerce penetration and per capita parcel volume [2] - J&T expects its parcel volume growth in the Southeast Asia market to exceed the industry average by 2026 [2] - The company is also exploring new markets such as Brazil and the Middle East, indicating good potential for expansion [2] Group 3: Competitive Landscape - Major competitors in Thailand include Lazada Logistics and Shopee, but J&T believes its higher density network leads to better delivery efficiency and cost advantages [3] - J&T's largest customer in Southeast Asia is TikTok, while Shein is the largest customer in South America and the Middle East [2]