Caitong: Maintain a "buy" rating for J&T EXPRESS-W(01519) as overseas market parcel volume growth exceeds 70%.

Caitong released a research report stating that it maintains a "buy" rating for J&T EXPRESS-W (01519). The company is in a rapid development stage with high growth potential. By the fourth quarter of 2025, J&T EXPRESS-W's business volume reached 8.46 billion tickets, a year-on-year increase of 14.5%. The company has shown outstanding performance in the Southeast Asian market with a 73.6% year-on-year increase in parcel volume. The company's growth in new markets has accelerated, shifting towards high-quality development in the Chinese market. Overall, the company continues to experience high growth in overseas markets based on economies of scale and service advantages, while exporting mature operational experience from China to its global network. Key Points by Caitong: Recent Events On January 7, 2026, J&T EXPRESS-W disclosed its operating data for the fourth quarter of 2025. In Q4 2025, the company achieved a business volume of 8.46 billion tickets, a year-on-year increase of 14.5%. The company completed 24.4/58.9/1.3 billion tickets in the Southeast Asia/China/new markets respectively. High growth in overseas markets, high-quality development in the Chinese market 1. Southeast Asian market: In Q4 2025, the company saw a 73.6% year-on-year increase in parcel volume in the Southeast Asian market, maintaining high growth on a high base. 2. New markets: With low e-commerce penetration rates in new markets and high potential parcel volume per capita, the company's parcel volume growth is gradually accelerating. In Q4 2025, the year-on-year growth rate of parcel volume in new markets increased by 31.8% compared to Q3 2025. 3. Chinese market: The growth rate of parcel volume in the Chinese express delivery industry is gradually slowing down. The company has proactively made strategic adjustments, strengthened network construction, and pursued quality growth. Large growth potential in overseas markets, exporting advanced experience from China to international markets 1. Southeast Asian market: There is a 4.9 times increase in parcel volume per capita in Southeast Asia compared to China, indicating early-stage development. The company has a competitive advantage in cost and service quality, continuously gaining platform business increment, which helps in cost reduction through economies of scale. 2. New markets: The penetration rate in new markets is still low compared to China. As the company increases investment to improve network service quality and major customers continue to explore new markets, the company's development in new markets is expected to accelerate. 3. Chinese market: The Chinese market is the foundation for the company's global expansion. The company will export its mature express delivery experience from China to overseas markets, facilitating efficient operations in international markets. Risk Warning Industry development falling short of expectations; increasing competition in overseas markets; risks of changes in overseas regulatory policies; rising operating costs; exchange rate fluctuations; risks of outdated information updates.