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<Research>Citi: J&T EXPRESS-W May Hail ST Shr Price Volatility, Maintains Buy Rating
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J&T EXPRESS-W (01519.HK) plans to issue HKD4.65 billion zero-coupon guaranteed convertible bond (CB). Citi's research report said that considering its reasonable conversion premium, the high interest rate of existing debt, and J&T's growth potential in global markets, the terms of the CB are deemed reasonable. However, due to CB hedging activities and investor concerns over further dilution from the issuance with SF Express, which may lead to further equity dilution, the stock price may experience short-term volatility. Nevertheless, the broker maintained a Buy rating on J&T Express, citing its strong growth momentum in SE Asia and EMs. The broker kept the group's target price at HKD15. AASTOCKS Financial News Website: www.aastocks.com |
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