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 Capital Markets

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>How did CaiNiao turn profitable? We answer with an analysis of the company's P&amp;L</li>
<li>We also analyze CaiNiao's Balance Sheet, Cash Flow statement, and Operating Stats</li>
<li>We conclude with a list of ten questions we would put to CaiNiao management</li>
</ul>


How did CaiNiao turn profitable? We answer with an analysis of the company's P&amp;L
We also analyze CaiNiao's Balance Sheet, Cash Flow statement, and Operating Stats
We conclude with a list of ten questions we would put to CaiNiao management


CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express</a>, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



J&amp;T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.


J&T Global Express Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express</a>, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and its PHIP updates in our earlier notes. In this note we will undertake a peer comparison.</li>
</ul>



J&amp;T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and its PHIP updates in our earlier notes. In this note we will undertake a peer comparison.


J&T Global Express Pre-IPO - Peer Comparison

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.</li>
</ul>



Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.


Lalatech Holdings Pre-IPO - Refiling Updates - Growth and Profit Pickup but Valuation Gap Remains

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a>, a leading express delivery business in Southeast Asia and China, is pre-marketing a HKEx IPO to raise US$500 million, according to press reports.   </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104964" rel="noopener">J&amp;T Global Express IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105041" rel="noopener">J&amp;T Global Express IPO: The Bear Case</a>. </li>
<li>The PHIP filing favours the bull case due to a return to organic growth across the main geographies, maiden profitability, stabilization in contract liabilities and declining FCF burn.</li>
</ul>



J&amp;T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China, is pre-marketing a HKEx IPO to raise US$500 million, according to press reports.   
We previously discussed the IPO in J&amp;T Global Express IPO: The Bull Case and J&amp;T Global Express IPO: The Bear Case. 
The PHIP filing favours the bull case due to a return to organic growth across the main geographies, maiden profitability, stabilization in contract liabilities and declining FCF burn.


J&T Global Express IPO: Updates Tilts the Balance Positively

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)

CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

In this insight we scrutinize CaiNiao's financial statements, analyze the few operating statistics the company provided in its prospectus, and...

Tracking Traffic

J&T Global Express Pre-IPO - Thoughts on Valuation

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

J&T Global Express Pre-IPO - Peer Comparison

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we...

Sumeet Singh

Lalatech Holdings Pre-IPO - Refiling Updates - Growth and Profit Pickup but Valuation Gap Remains

Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO. In this note we talk about the refiling updates.

Sumeet Singh

J&T Global Express IPO: Updates Tilts the Balance Positively

The PHIP filing favours the bull case due to a return to organic growth across the main geographies, maiden profitability, stabilization in...

Arun George

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