Logistics/Ports - Asia-Pacific (H/A): A year of compliance; further policy overhang likely

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Logistics/Ports - Asia-Pacific (H/A): A year of compliance; further policy overhang likely

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Logistics/Ports - Asia-Pacific (H/A)

A year of compliance; further policy

overhang likely

Industry Overview

A year of compliance; further policy overhang likely 11 June 2026

Two regulatory developments on 11 Jun—namely (1) the State Post Bureau (SPB)’s Equity

investigation into J&T’s work safety incidents and (2) the regulator summoning Asia-Pacific

eCommerce operators over false advertising related to promotional activities—have Transports/Infrastructure

driven broad share price weakness across the express delivery sector. We remain Fan Tso, CFA >>

selective, despite overall undemanding sector valuations (avg. FY26E P/E of ~11x) and Research Analyst

the acceleration of national parcel volumes growth (6.5% in May, 10.9% in the first week Merrill+852 3508Lynch2875(Hong Kong)

of Jun, per MoT data), as policy uncertainty is likely to persist into 2H26. Key downside fan.tso@bofa.com

risks include potential loosening in anti-involution policy enforcement and the full Karl Choi, CFA >>

Research Analyst

implementation of social security contributions for franchisee couriers. Merrill Lynch (Hong Kong)

+852 3508 3108

SPB launches probe into J&T’s safety measures karl.choi@bofa.com

J&T’s share price declined 4.9% on 11 Jun after the SPB disclosed that entities operating

under its franchise network were involved in multiple safety incidents YTD. J&T JDL = JD Logistics

responded by establishing a special task force to enhance management systems and

strengthen frontline safety. While direct precedents are limited, we note that in Mar ZTO = ZTO Express

2025 the SPB launched an investigation into a Yunda subsidiary in Shanghai, focusing on

STO = STO Express