--- title: "JPM Initiates J&T EXPRESS-W at Overweight, Says Stock Overly Pessimistic as Growth and Profit Inflection Point Looms" type: "News" locale: "en" url: "https://longbridge.com/en/news/291997430.md" description: "JPMorgan initiated coverage on J&T EXPRESS-Wwith an Overweight rating and a HKD13 target price, arguing the stock is overly pessimistic. Despite recent underperformance due to China's price wars and fuel costs, JPM highlights J&T's profitability, industry-leading growth, and synergies with SF Holding. The broker justifies a premium valuation based on an expected 50% adjusted net profit CAGR for FY2025-2028, significantly outpacing the industry average of 15-20%." datetime: "2026-07-08T01:45:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/291997430.md) - [en](https://longbridge.com/en/news/291997430.md) - [zh-HK](https://longbridge.com/zh-HK/news/291997430.md) generator: "portal-rs" --- # JPM Initiates J&T EXPRESS-W at Overweight, Says Stock Overly Pessimistic as Growth and Profit Inflection Point Looms JPM released a report initiating coverage on J&T EXPRESS-W (01519.HK) +0.010 (+0.106%) Short selling $98.95M; Ratio 28.124% with an Overweight rating and a TP of HKD13. The broker noted that since its initial public offering (IPO) in October 2023, J&T EXPRESS-W's share price performance has lagged, reflecting industry price wars in the China market, initial loss-making conditions, and external shocks such as recent fuel price volatility. The market has also questioned the scalability of J&T's model outside China, as well as the sustainability of margins in the increasingly mature SE Asia market, while believing that newer markets remain at too early a stage to reverse the situation. However, J&T EXPRESS-W's business has already turned profitable and is achieving industry-leading profit and volume growth, while unlocking new synergies through cooperation with SF HOLDING (06936.HK) 0.000 (0.000%) Short selling $9.96M; Ratio 22.697% . Despite a clear earnings inflection point and a proven, replicable overseas business model, the stock's valuation has retreated to about 10x forecast Non-IFRS P/E ratio. JPM believes J&T's scalable platform, accelerating growth in new markets and cost leadership are not reflected in the current valuation. Given its expected adjusted net profit CAGR of about 50% for FY2025-2028, compared with the industry average of 15% to 20%, the broker believes a premium of about 20% over the industry average is justified. (su/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-07 16:25.) ### Related Stocks - [01519.HK](https://longbridge.com/en/quote/01519.HK.md) - [06936.HK](https://longbridge.com/en/quote/06936.HK.md) - [002352.CN](https://longbridge.com/en/quote/002352.CN.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) ## Related News & Research - [J&T EXPRESS-W 1H26 Net Profit Surges Nearly 1.9x, No Interim Dividend](https://longbridge.com/en/news/296460971.md) - [J&T Global Express FY26 H1 profit rises 190.9% to USD 258.66 million; revenue climbs 39.5% to USD 7.67 billion](https://longbridge.com/en/news/296457841.md) - [JPM Raises J&T EXPRESS-W TP to HKD14 as Interim Results Beat](https://longbridge.com/en/news/296587345.md) - [J&T Global Express: Revenue and profit surged on strong non-China growth and record parcel volumes](https://longbridge.com/en/news/296467006.md) - [J&T Global Express files HKEX next-day return disclosing share buyback at HKD 10.44 each](https://longbridge.com/en/news/296628189.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**