GDex (GD Express)
GDEX is a mid-tier Malaysian courier and parcel delivery operator on the KLSE.
On the record
Checkpoint: FY26 Q1-Q2 results against Apex Securities' RM19.4m core profit forecast
The call
GDEX keeps cutting headcount and posting losses while J&T, SPX and DHL carve up the market, leaving its ASEAN and bundling bets still unproven.
GDex is a parcel delivery company in Malaysia that moves packages for customers. The business is hard to run profitably because two much larger competitors, J&T Express and Shopee SPX Xpress, already control most of the market, and DHL dominates the speed-delivery segment. GDex has lost money for four years, shrunk its staff, and its main owner Yamato Holdings just sold shares for the first time since 2016, suggesting the company may be winding down rather than turning around. The one thing that could matter: if Yamato stops selling shares or if the company suddenly reports real profits in the next few months, it would signal someone still believes in a turnaround; otherwise, the trajectory points toward managed decline.
Why
01
AI pressure: J&T Express and Shopee SPX Xpress algorithmic dispatch and dynamic pricing systems. Rivals already run automated routing and pricing at scale, pushing prices down faster than GDEX's manual-heavy network can match. Could AI do the core job? Only partly.
02
Bigger players: J&T Express plus Shopee SPX Xpress (73.5% combined share); DHL Express (63% last-mile express). Two rivals already hold nearly three quarters of the domestic market, leaving GDEX fighting over what's left while DHL owns premium express. Could a giant copy it? Yes, easily.
03
What protects it. Minority stakes in SAP Express (Indonesia) and Netco (Vietnam) give GDEX a cross-border footprint rivals haven't replicated yet.
What would change this call
Yamato Holdings files another stake reduction below its current ~19.6% GDEX holding. Would signal the end of the strategic-partner narrative and reduced takeout optionality.
GDEX reports FY26 Q1-Q2 net profit/margin versus Apex Securities' RM19.4M core profit forecast. Shows whether the GDEX 2.0 turnaround is real or remains a forecast-only story.
MCMC formally gazettes the proposed RM5 courier floor price. Would reshape pricing dynamics across all Malaysian couriers including GDEX.
GDEX reports FY26 Q1-Q2 net profit/margin versus Apex Securities' RM19.4M core profit forecast. Shows whether the GDEX 2.0 turnaround is real or remains a forecast-only story.
MCMC formally gazettes the proposed RM5 courier floor price. Would reshape pricing dynamics across all Malaysian couriers including GDEX.
Key numbers
- FY2025 revenue fell to RM416.0M
- J&T plus SPX hold 73.5% of Malaysia courier market
- Yamato Holdings cut its stake from 23.25% to 19.6%
Named risks
- Four consecutive years of net losses since Q1 2022 with no confirmed FY26 profitability yet.
- Dominant rivals J&T, SPX Xpress and DHL hold combined majority share, structurally limiting pricing power.
- Strategic shareholder Yamato Holdings sold down stake in October 2025 for first time since 2016 entry.
- Ungazetted RM5 price floor leaves GDEX exposed to continued price war among 102 licensed operators.
- Shrinking headcount trend, down to 4,431 at end-2025 from 5,417 in 2020, signals cost pressure.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| J&T Express and SPX Xpress | losing to | Hold combined 73.5% of Malaysia courier market as of October 2025, versus GDEX's minority share |
| DHL Express | losing to | Holds about 63% of Malaysia last-mile express market as of November 2024 |
| Pos Laju | gaining on | Pos Laju posted widening RM132.17 million loss for 9 months to September 2025, worse than GDEX |
| Ninja Van Malaysia | contesting | Ninja Van narrowed loss to RM3.41 million in FY2024, holding off IPO to focus on profitability |
Questions people ask
- Is GDEX profitable in 2026?
- GDEX posted a net loss of roughly RM1.4 to 1.7 million for FY2025, continuing a loss streak dating to Q1 2022. Apex Securities forecast a swing to RM19.4 million core net profit for FY26 as of March 2026, but this is an analyst projection, not a confirmed company result.
- Who is GDEX's biggest competitor?
- J&T Express, combined with Shopee's SPX Xpress, controls about 73.5% of Malaysia's domestic courier market per MCMC data cited October 15, 2025. DHL Express separately holds roughly 63% of Malaysia's last-mile express market as of November 2024, dwarfing GDEX's position.
- Could AI replace GDEX's delivery workers?
- GDEX's core business is physical last-mile parcel delivery across 136 Malaysian stations, which AI does not directly replace. Route optimization and warehouse sorting are AI-exposed functions, but these tools are being adopted industry-wide, giving GDEX no distinct edge over rivals like J&T or DHL.
- Why did Yamato Holdings sell GDEX shares in 2025?
- Yamato Holdings cut its GDEX stake from about 23.25% in April 2025 to 19.6% by selling 200 million shares in October 2025, its first sell-down since entering as a strategic shareholder in 2016, raising questions about its long-term commitment to GDEX.
- Is GDEX losing market share in Malaysia?
- Yes. J&T Express and Shopee's SPX Xpress together hold about 73.5% of Malaysia's domestic courier market as of October 2025 data, while DHL Express holds roughly 63% of the last-mile express segment as of November 2024, leaving GDEX a distant challenger among 102 licensed operators.
- What is GDEX 2.0 and is it working?
- GDEX 2.0, launched around 2022, bundles logistics with digital and IT services to reduce price sensitivity. For the nine months to roughly December 2025, net loss narrowed to RM4.96 million from RM6.52 million a year earlier, though the company has not yet returned to full-year profit as of FY2025.
Timeline
- 2026-05GDEX 2.0 initiative coverage reiterates bundling strategy and regional stakes
- 2026-03-02Apex Securities forecasts FY26 core net profit of RM19.4 million
- 2026-02-03GDEX CEO says RM5 courier price floor largely ignored, remains ungazetted
- 2026-02-01Reports detail intense courier competition and diversification push
- 2025-12-31FY2025 revenue about RM416.0 million, net loss RM1.4 to 1.7 million, headcount 4,431
- 2025-10-27Yamato Holdings sells 200 million GDEX shares, stake falls to 19.6%
- 2025-10-15MCMC data shows J&T plus SPX Xpress hold 73.5% combined market share
- 2024-12-31J&T Express Malaysia returns to profit with RM69.94 million net profit
- 2024-11-01DHL Express reported holding 63% of Malaysia last-mile express market
- 2013-08-01GDEX transfers from ACE Market to Bursa Malaysia Main Market
Revision history
26 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- GDEX Stock Price & Overview (2026-07-15)
- Apex Securities GDEX 4QFY25 Results Note (2026-03-02)
- With no respite from intense competition, courier players seek diversification (2026-02-01)
- How DHL Express is defending its market share amid wave of disruptors (2024-11-01)
- Japan's Yamato disposes of 200 mil shares in GDEX (2025-10-27)
- gurufocus.com (2026-07-25)
- GDEX Number of Employees (2026-07-09)
- GDEX Annual Report 2024
- GDEX launches 2.0 initiatives to take it to the next level (2026-05-01)
- GDEX says RM5 courier floor price largely ignored pending gazettement (2026-02-03)
- GDEX Tracking in Malaysia
- About GD Express Carrier Bhd (GDEX)