极兔速递-W：More visible path to achieve profitability; U/G to BUY

21 Aug 2024 CMB International Global Markets | Equity Research | Company Update J&T Express (1519 HK) More visible path to achieve profitability; U/G to BUY J&T achieved net profit of US$31mn in 1H24, a substantial improvement from a loss of US$264mn / US$168mn in 1H/2H23. On the back of on-track cost reduction trend in both SEA and China, we now see a more visible path to achieve sustainable profitability. We revise up our 2024E/25E recurring after tax profit forecast by 12%/7%. While our SOTP-based TP is ...