Citigroup has issued a research report reiterating its "Buy" rating on J&T EXPRESS-W (01519), expressing confidence in the company's robust growth momentum across Southeast Asia and other emerging markets. The firm has maintained its target price for the group at HK$15.
J&T EXPRESS plans to issue HK$4.65 billion in zero-coupon guaranteed convertible bonds. Citigroup noted that considering the reasonable conversion premium, the high interest rates on existing debt, and J&T's development potential in global markets, the terms of these convertible bonds are deemed reasonable.
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