Core Viewpoint - Citigroup has upgraded the earnings forecast for J&T Express-W (01519) for the years 2025 to 2027 by 2%, 5%, and 3% respectively, and increased the valuation multiple from a previously predicted price-to-earnings ratio of 25 times to 30 times based on accelerated overseas momentum [1] Group 1 - The target price for J&T Express has been raised from HKD 12 to HKD 15, maintaining a "Buy" rating and keeping it as an industry preferred stock [1] - J&T Express experienced strong growth in overseas business in the fourth quarter of last year, with Southeast Asia and emerging markets exceeding expectations, growing by 73.6% and 79.7% respectively [1] - The main drivers of this growth include increased investment from TikTok Shop and further market share gains for J&T Express [1] Group 2 - The impressive 79.7% annual growth rate in emerging markets is primarily attributed to strong momentum from collaborations with TikTok Shop and the Latin American e-commerce platform MELI [1]
花旗：上调极兔速递-W（01519）目标价15港元 维持行业首选