Industrial Securities: J&T Express-W (01519) continues to consolidate its leading position in Southeast Asia's express delivery market; maintain "Overweight" rating.

Zhitong Finance APP has learned that Industrial Securities has released a research report stating that J&T Express-W (01519) has significant overseas advantages and great potential, and the continued anti-involution in the domestic market has created a favorable development environment for the company. It is encouraging to see the company carrying out extensive operational optimization work both domestically and internationally. In a volatile macroeconomic environment, the company's continued strong performance highlights the potential of the e-commerce market and the company's operational strength. For a relatively long period in the past, the company's valuation level mainly fluctuated around funding-level factors and did not effectively reflect the value brought by the company's growth. It is believed that as results are gradually delivered, the share price will enter a new upward channel. It is estimated that net profit attributable to the parent company for 26/27/28 will be USD 600 million/810 million/1.08 billion, corresponding to PE of 19.2/14.2/10.6 times based on the closing price on October 16, 2026, and the "Overweight" rating is maintained.