大行评级｜花旗：上调极兔速递目标价至15港元，维持行业首选股之列

Core Viewpoint - Citi's research report indicates that J&T Express experienced strong overseas business growth in Q4 last year, with Southeast Asia and emerging markets exceeding expectations, growing by 73.6% and 79.7% respectively, driven primarily by increased investment from TikTok Shop and further market share gains by J&T Express [1] Financial Performance - J&T Express's overseas business growth was significantly driven by TikTok Shop's increased investment and the company's rising market share [1] - The latest operational data led Citi to raise J&T Express's profit forecasts for 2025 to 2027 by 2%, 5%, and 3% respectively [1] Valuation and Target Price - Based on the accelerated overseas momentum, Citi increased the valuation multiple from a previously predicted price-to-earnings ratio of 25 times to 30 times for this year [1] - The target price for J&T Express was raised from HKD 12 to HKD 15, maintaining a "Buy" rating and keeping it as a preferred stock in the industry [1]