【招银国际】Takeaways from Bangkok investor call-251212（7页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 12 Dec 2025 CMB International Global Markets|Equity Research|Company Update J&T Express(1519 HK)J&T Express(1519 HK)-Takeaways from Bangkok investor call Takeaways fr

2、om Bangkok investor call J&T arranged a conference call during the investor day yesterday(11 Dec)in Bangkok,Thailand,to discuss the operation and outlook of Thailand market.After several years of pricing competition to fence off competitors,J&T has achieved profit in Thailand since this year.Current

3、ly,J&T ranks no.1 in Thailand,with the parcel volume equal to the total volume of no.2 to no.4 players.Management is confident of the growth potential in Thailand market,in terms of e-commence penetration and per capita parcel volume.For Southeast Asia(SEA)market as a whole,J&T is confident that its

4、 parcel volume growth will outpace the industry average in 2026E.We continue to like J&T,due to(1)the unmatched competitive edge and market share gain potential in SEA(32.8%in 1H25),and(2)good potential in new markets such as Brazil and the Middle East.Maintain BUY with SOTP-based TP unchanged at HK

5、$13.4.Key takeaways from investor call:Key customers in SEA and South America:In SEA,Tik Tok is J&Ts largest customer.In South America and the Middle East,Shein is the largest one.Parcel growth in Thailand:J&T achieved parcel volume CAGR of 40%+over the past three years.J&T currently has 200k custom

6、ers,including non-e-commerce customers of 20k.By utilising the spare network capacity,J&T has also expanded its product offering such as fruit parcel,time-definite and LTL products.Competitive landscape in Thailand:J&T ranks no.1 in Thailand,with the parcel volume equal to the total volume of no.2 t