According to "The Big Bank," Bank of America Securities slightly raised the target price for J&T EXPRESS-W to 12.9 yuan and upgraded the earnings forecast, maintaining a "Buy" rating

Bank of America Securities published a research report, expecting that the upcoming first-quarter operational data of J&T EXPRESS-W (01519.HK) will show a 70% year-on-year growth in parcel volume in Southeast Asia, mainly benefiting from the nearly doubling of e-commerce GMV on TikTok Shop in six major Southeast Asian markets. The bank slightly raised the target price for J&T from HKD 12.8 to HKD 12.9, maintaining a "Buy" rating.

Bank of America estimates that fuel costs account for about one-third of J&T's transportation costs, and a 10% increase in fuel prices in various regions is expected to drag down net profit by approximately USD 60 million. However, Southeast Asian countries such as Indonesia and Malaysia continue to provide fuel price subsidies, with Indonesia recently ruling out the possibility of raising fuel prices after adjusting subsidies, which should help alleviate short-term cost and demand risks.

The bank, based on a sum-of-the-parts valuation method, applies multiples of 13 times, 5 times, and 5 times the 2026 projected EV/EBITDA for Southeast Asia, China, and other markets respectively, raising the adjusted net profit forecast for J&T EXPRESS for 2026 to 2027 by 8% to 9%