大和：极兔速递-W发行可换股债券为股东创造价值 重申“买入”评级

Core Viewpoint - Daiwa released a report stating that J&T Express-W (01519) plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, with an initial conversion price of HKD 14.55 per B share, representing a premium of approximately 30.85% over the closing price on January 22 [1] Group 1 - J&T Express's East Asia and new market business shows steady mid-term growth, and any stock price pullback may provide a better buying opportunity [1] - The issuance of convertible bonds is expected to create value for shareholders due to lower financing costs, ongoing share buybacks, and business growth potential [1] - Some investors may cash out due to concerns over additional financing needs after a strong rebound in stock prices [1]