J&T Global Express Ltd Ordinary Shares - Class B

01519: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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J&T Express: Initiating Coverage With a No-Moat Rating, HKD 6.10 Fair Value Estimate

Chelsey Tam

Oct 10, 2024

We initiate J&T Express with a no-moat rating and a fair value estimate of HKD 6.10 per share, translating to 21.3 times 2024 price/earnings. In our opinion, J&T’s shares are fairly valued. We forecast total revenue to rise at an 8% compound annual growth rate in the next five years and adjusted EBITDA margin to improve to 8.4% in 2028 from 1.7% in 2023, due to rising parcel volume and improving efficiency.

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J&T Global Express Ltd Ordinary Shares - Class B

J&T Express: Initiating Coverage With a No-Moat Rating, HKD 6.10 Fair Value Estimate

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