Citi's positive analyst rating for J&T EXPRESS-W is based on the company's strong operating performance in the second quarter, with a 24.2% year-over-year increase in total parcel volume. The Southeast Asia market showed particularly impressive growth of 63.2%, driven by increased investments from major customers and J&T's expanding market share. Despite rising oil prices, the impact on parcel volume was deemed limited. The performance in China also exceeded expectations, contributing to Citi's optimistic outlook for the company's earnings in the first half of 2025, leading to a maintained Buy rating and a target price of HKD15.
