Morgan Stanley's research report pointed out that Best Inc. (01519.HK) expanded its overseas market with the competitiveness of China's express delivery industry, enabling its international business to grow rapidly. In view of the continuously increasing penetration rate of e-commerce in Southeast Asia and emerging markets, as well as its good cooperation relationship with Chinese e-commerce companies, its overseas market share continues to increase. It is confident in the growth of BEST in the overseas market and believes that the impact of geopolitical tensions is limited.

After the end of the sales ban in April this year, the stock price of BEST has fallen by 49% so far this year, while the Hang Seng Index has risen by 7% over the same period. Taking into account its business prospects and valuation forecasts, Morgan Stanley raised BEST's EBITDA forecast from 2024 to 2026 by 4% to 5% and raised its target price from RMB 10 to RMB 10.9, corresponding to an estimated enterprise value-to-EBITDA ratio of about 10.8 times in 2025. Its rating was upgraded from 'same as market' to 'shareholding'.