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<Research>CLSA Estimates Debt Structure Improvement to Boost J&T EXPRESS-W's Profitability
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J&T EXPRESS-W (01519.HK) plans to issue HKD4.65 billion in convertible bonds with a term of 7 years, offering a yield to maturity of 0.375% if converted, according to a research report by CLSA. The primary purposes of the bond issuance include share repurchase, replacing high-interest old debt, and expanding into new markets in the EU and the US. CLSA believes the improvement in debt structure and the decline in interest rates will boost J&T EXPRESS-W's profitability. At the same time, continuous share repurchases should further boost its EPS, benefiting all shareholders despite potential dilution effects. The broker has kept an Outperform rating on J&T EXPRESS-W with a target price of HKD13.6. AASTOCKS Financial News |
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