CLSA has released a research report stating that an improved debt structure and declining interest rates are expected to enhance the profitability of J&T EXPRESS-W (01519). Concurrently, ongoing share buybacks should further elevate earnings per share, benefiting all shareholders even considering potential dilution effects. The firm maintains an "Outperform" rating with a target price of HK$13.6. The report notes that J&T Express plans to issue RMB 4.65 billion in convertible bonds with a 7-year tenor, featuring a yield to maturity of 0.375% upon conversion. The primary objectives of this bond issuance include share repurchases, refinancing older high-interest debt, and expansion into new markets such as the EU and the US. Management has indicated that, given the company's ample cash reserves, there may be no further financing plans in 2026.