Daiwa: J&T EXPRESS-W (01519) Q3 parcel volume growth beats expectations; reiterates "Buy" rating.

Daiwa released a research report reiterating its "Buy" rating on J&T EXPRESS-W (01519). The bank noted that the company's Q3 parcel volume grew 25% year-over-year, beating expectations, with average daily parcel volume exceeding 100 million pieces for the second consecutive quarter. The bank stated that J&T Express maintained resilience in the Southeast Asian market, supported by rising e-commerce penetration and platform investment, achieving 45% year-over-year growth on a high base; China parcel volume rose 15% year-over-year, outpacing industry growth; other markets accelerated to 160% year-over-year. J&T Express management maintained its FY2026 guidance and expressed confidence in reaching the upper end of its Southeast Asia growth target; overseas, the company remains bullish on growth opportunities in Latin America and is preparing to expand its business into Germany and the UK, while continuing to advance non-platform parcel volume growth in Southeast Asia.