JP Morgan has released a research report updating its financial model for ZHEJIANGEXPRESS (00576) to include projected performance for 2025 and the first quarter of 2026. The firm increased its target price for the stock from HK$7.2 to HK$7.5 but maintained a "Neutral" rating. The report suggests that a significant revaluation of the company's shares is contingent on a more definitive recovery in traffic volume or progress on national-level toll road policies, neither of which is considered likely before 2027.

The bank forecasts that ZHEJIANGEXPRESS will generate revenues of approximately 20.2 billion yuan and 20.8 billion yuan in 2026 and 2027, respectively. Net profit after tax is projected to be 5.7 billion yuan in 2026 and 5.8 billion yuan in 2027, representing year-on-year growth of 6% and 2%. Based on the current share price, the projected price-to-earnings ratio for the 2026 fiscal year is 7.2 times, with a dividend yield of 6.2%. This is further supported by management's commitment to a minimum dividend per share of 0.41 yuan following the company's A-share listing.