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<Research>Daiwa: J&T EXPRESS-W's Issuance of CB Creates Value for Shareholders, Reiterates Buy Rating
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Daiwa published a research report on J&T EXPRESS-W (01519.HK), which plans to issue HKD4.65 billion zero-coupon guaranteed CB, with an initial conversion price of HKD14.55 per Class B share, representing a premium of approximately 30.85% over the closing price on January 22. The issuance of CB by J&T Express can create value for shareholders due to its low cost of funding, ongoing share buybacks, and potential for business growth, in Daiwa's view. On the other hand, the broker noted that some investors may be concerned about additional financing needs and may take profits following the recent strong rebound in the stock price. The broker considered the SEA and new market business growth as solid over the medium term, and any stock price correction could provide a better entry point. It reiterated a Buy rating for J&T Express. AASTOCKS Financial News Website: www.aastocks.com |
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