Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Organic growth in J&amp;T's China operations exceeded that of peers...</li>
<li>...but the implosion of New Markets and X-Border is a shock</li>
<li>Lower margins from SE Asian cash cow also a surprise, in our view</li>
</ul>


Organic growth in J&amp;T's China operations exceeded that of peers...
...but the implosion of New Markets and X-Border is a shock
Lower margins from SE Asian cash cow also a surprise, in our view


The Three Biggest Surprises in J&T Global Express' Maiden Earnings Report

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NTES: &lt;Identity V&gt; Has Reached a New High In Download Rankings In The Past 12 Months (+)</li>
<li>ZTO/1519 HK/BABA/PDD: Parcel volume last week grew 21% yoy (+)</li>
<li>BABA/SHEIN: AliExpress launches new subsidies to attract woman’s apparel merchants (+/-)  </li>
</ul>


NTES: &lt;Identity V&gt; Has Reached a New High In Download Rankings In The Past 12 Months (+)
ZTO/1519 HK/BABA/PDD: Parcel volume last week grew 21% yoy (+)
BABA/SHEIN: AliExpress launches new subsidies to attract woman’s apparel merchants (+/-)  


[Blue Lotus Daily - TMT Update]:NTES/ZTO/1519 HK/BABA/PDD/3690 HK/SHEIN

<ul>
<li>In Q423 JD Logistics booked 10% top-line growth &amp; solid margin improvement</li>
<li>We analyze the impacts of JD.com &amp; Deppon Logistics on JD Logistics' Q423</li>
<li>Given still-low profitability, JD Logistics does not appear cheap, in our view</li>
</ul>


In Q423 JD Logistics booked 10% top-line growth &amp; solid margin improvement
We analyze the impacts of JD.com &amp; Deppon Logistics on JD Logistics' Q423
Given still-low profitability, JD Logistics does not appear cheap, in our view


Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

<ul>
<li>Industry ASP declined -15.5% Y/Y in January to just 8.36 CNY, a record low</li>
<li>Despite strong volume (+85% Y/Y) some firms have likely turned unprofitable</li>
<li>International parcel growth strong; SF still avoiding worst of domestic price wars</li>
</ul>


Industry ASP declined -15.5% Y/Y in January to just 8.36 CNY, a record low
Despite strong volume (+85% Y/Y) some firms have likely turned unprofitable
International parcel growth strong; SF still avoiding worst of domestic price wars


Monthly Chinese Express Tracker | Industry ASP Fell to Record Low Last Month | (February 2024)

<ul>
<li>NTES/700 HK: Tencent's &lt;Dream Star&gt; didn't perform as well as NetEase's &lt;Eggy Party&gt; during the Spring Festival.(+/-)</li>
<li>PDD/AMZN/SHEIN: Temu search queries pass SHEIN after running Super Bowl ads (+/-/-)</li>
<li>ZTO/1519 HK/PDD/BABA: Parcel volume delivery increased ~31% during the Spring Festival period (+)</li>
</ul>


NTES/700 HK: Tencent's &lt;Dream Star&gt; didn't perform as well as NetEase's &lt;Eggy Party&gt; during the Spring Festival.(+/-)
PDD/AMZN/SHEIN: Temu search queries pass SHEIN after running Super Bowl ads (+/-/-)
ZTO/1519 HK/PDD/BABA: Parcel volume delivery increased ~31% during the Spring Festival period (+)


[Blue Lotus Daily - TMT Update]: NTES/700 HK/PDD/AMZN/SHEIN/ZTO/1519 HK/PDD/BABA

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (ZTO US)

The Three Biggest Surprises in J&T Global Express' Maiden Earnings Report

Stronger-than-expected China revenue, worsening performance of 'Other', and declining SE Asian margins are the three biggest surprises we see in...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:NTES/ZTO/1519 HK/BABA/PDD/3690 HK/SHEIN

has reached a new high in download rankings, ZTO/1519 HK/BABA/PDD saw a 21% yoy growth in parcel volume, and AliExpress is offering subsidies to...

Blue Lotus Research Institute

Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

JD Logistics reported +10% top-line growth in Q423, and strong improvements in margins. In this insight we look at the dynamics between JD...

Tracking Traffic

Monthly Chinese Express Tracker | Industry ASP Fell to Record Low Last Month | (February 2024)

More operating days in January 2024 lifted parcel volume growth, but industry ASP declined to the lowest level on record. We believe at current...

Tracking Traffic

[Blue Lotus Daily - TMT Update]: NTES/700 HK/PDD/AMZN/SHEIN/ZTO/1519 HK/PDD/BABA

NetEase's outperformed Tencent's during Spring Festival; Temu search queries surpass SHEIN after Super Bowl ads; Parcel delivery volume up 31%...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Three Biggest Surprises in J&T Global Express' Maiden Earnings Report

Stronger-than-expected China revenue, worsening performance of 'Other', and declining SE Asian margins are the three biggest surprises we see in...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:NTES/ZTO/1519 HK/BABA/PDD/3690 HK/SHEIN

​ has reached a new high in download rankings, ZTO/1519 HK/BABA/PDD saw a 21% yoy growth in parcel volume, and AliExpress is offering subsidies to...

Blue Lotus Research Institute

Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

JD Logistics reported +10% top-line growth in Q423, and strong improvements in margins. In this insight we look at the dynamics between JD...

Tracking Traffic

Monthly Chinese Express Tracker | Industry ASP Fell to Record Low Last Month | (February 2024)

More operating days in January 2024 lifted parcel volume growth, but industry ASP declined to the lowest level on record. We believe at current...

Tracking Traffic

[Blue Lotus Daily - TMT Update]: NTES/700 HK/PDD/AMZN/SHEIN/ZTO/1519 HK/PDD/BABA

​NetEase's outperformed Tencent's during Spring Festival; Temu search queries surpass SHEIN after Super Bowl ads; Parcel delivery volume up 31%...

Blue Lotus Research Institute

has reached a new high in download rankings, ZTO/1519 HK/BABA/PDD saw a 21% yoy growth in parcel volume, and AliExpress is offering subsidies to...

NetEase's outperformed Tencent's during Spring Festival; Temu search queries surpass SHEIN after Super Bowl ads; Parcel delivery volume up 31%...