JPM Raises ZHEJIANGEXPRESS TP to HKD7.5, Maintains Neutral
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JPMorgan has raised its target price for ZHEJIANGEXPRESSfrom HKD7.2 to HKD7.5 while maintaining a Neutral rating. The updated model forecasts revenues of RMB20.2 billion and RMB20.8 billion for 2026 and 2027, with net profits expected to grow by 6% and 2%, respectively. The current share price reflects a FY2026 PE of 7.2x and a dividend yield of 6.2%. A valuation re-rating is unlikely before 2027 due to expected traffic volume recovery and toll road policy progress.
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