大行评级｜瑞银：极兔与顺丰交叉持股存协同效应，为深化合作铺路

Core Viewpoint - UBS reports that J&T Express and SF Express announced a cross-shareholding agreement, agreeing to subscribe to each other's newly issued shares, with a total cash amount of HKD 8 billion for each party without external financing [1] Group 1: Business Cooperation - The proposed transaction aims to pave the way for deeper business cooperation between the two companies, with UBS believing that there are synergies in their collaboration [1] - SF Express is focused on building end-to-end supply chain service capabilities to serve Chinese enterprises going overseas, with Southeast Asia being its initial target market [1] Group 2: Market Position and Opportunities - J&T Express holds a strong influence in Southeast Asia, with a market share of over 30% in terms of parcel volume, which UBS considers a potential solution for SF Express [1] - J&T Express intends to move up the logistics value chain to capture more opportunities from the non-e-commerce market, which currently accounts for about 10% of its total business volume in Southeast Asia [1] - SF Express's robust non-e-commerce customer base provides an opportunity for J&T Express [1] Group 3: Potential Synergies - UBS does not rule out the possibility of further synergies in operations within China through shared capacity between the two companies, and the collaboration may extend beyond Asia [1] - UBS has assigned a "Buy" rating to J&T Express [1]