Fireside chat takeaways: From build-out to compounding — where might the market be missing the story?

Research evidence excerpt

Fireside chat takeaways: From build-out to compounding — where might the market be missing the story?

Asia Pacific Equity Research

22 July 2026

Overweight

J&T Express - H 1519.HK, 1519 HK

Price: HK$9.56

Fireside chat takeaways: From build-out to 22 Jul 2026

compounding — where might the market be missing Price Target: HK$13.00

the story? PT End Date: 30 Jun 2027

We hosted a well-attended fireside chat with J&T management following Infrastructure, Industrials &

its 2Q26 operational update, with strong client sign-up reflecting high Transport

investor interest. The discussion reinforced our conviction that J&T’s Karen Li, CFA AC

platform-neutral, exportable model is delivering quality growth and capital (852) 2800-8589

returns, even as macro volatility and sector rotation persist. The group karen.yy.li@jpmorgan.com

delivered 9.18B parcels in 2Q26 (+24.2% Y/Y), with daily average J.P.J.P. MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/

volume surpassing 100MM for the first time - a milestone that underpins Ranjan Sharma, CFA

the company’s ability to drive further cost deflation and service (65) 6882-1303

consistency. Ex-China parcels accounted for 32.3% of the total, ranjan.x.sharma@jpmorgan.com

highlighting the growing breadth of J&T’s global platform. Management J.P. Morgan Securities Singapore Private

Limited

reiterated that full-year guidance remains unchanged, signaling confidence

Jenny Qiu, CFA

in the durability of the volume and margin trends despite ongoing macro (852) 2800 8503

and sector volatility. Management also provided detailed color on SEA e- jenny.qiu@jpmorgan.com

commerce demand trends into 3Q26 and 4Q26, China’s above-industry J.P. Morgan Securities (Asia Pacific) Limited/