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>In Q2, Full Truck Alliance posted strong revenue growth and dramatic margin expansion</li>
<li>Revenue mix continues to improve, which is driving down unit costs and lifting margins</li>
<li>At just 19x forecast 2023 adjusted net earnings, the company's shares are not expensive</li>
</ul>


In Q2, Full Truck Alliance posted strong revenue growth and dramatic margin expansion
Revenue mix continues to improve, which is driving down unit costs and lifting margins
At just 19x forecast 2023 adjusted net earnings, the company's shares are not expensive


Full Truck Alliance Q223 Earnings: Strong Top-Line | Sharp Margin Expansion | Shares Inexpensive

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>The Chinese economy looks weak according to the data from the statistics bureau.</li>
<li>However, many big Chinese internet companies began to recover in Q2 as we mentioned in August.</li>
<li>Here we list five recovering companies that investors may not pay attention to.</li>
</ul>


The Chinese economy looks weak according to the data from the statistics bureau.
However, many big Chinese internet companies began to recover in Q2 as we mentioned in August.
Here we list five recovering companies that investors may not pay attention to.


China Internet Weekly (4Sep2023): Quarterly Results See Growing – BIDU, VIPS, ZTO, Giant, BEKE

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, the largest Asian integrated logistics service provider, has filed for an H Share listing to raise US$2-3 billion, according to press reports.   </li>
<li>SF is the largest integrated logistics service player in China and Asia, and the fourth largest player globally, in terms of revenue in 2022, according to Frost &amp; Sullivan.</li>
<li>The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage and undemanding PEG multiples.</li>
</ul>



S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, has filed for an H Share listing to raise US$2-3 billion, according to press reports.   
SF is the largest integrated logistics service player in China and Asia, and the fourth largest player globally, in terms of revenue in 2022, according to Frost &amp; Sullivan.
The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage and undemanding PEG multiples.


S.F. Holding H Share Listing: The Investment Case

<ul>
<li>Chinese express parcel volume growth was 11.7% in July, far slower than in Feb-May</li>
<li>July ASP for all segments fell to 8.84 Yuan per piece, the lowest in at least ten years</li>
<li>Industry leader SF Holding partly insulated from margin pressure by air, international </li>
</ul>


Chinese express parcel volume growth was 11.7% in July, far slower than in Feb-May
July ASP for all segments fell to 8.84 Yuan per piece, the lowest in at least ten years
Industry leader SF Holding partly insulated from margin pressure by air, international 


Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017
In this note, we look at its past performance and other deal dynamics that might impact the listing.


SF Holdings A/H Listing - Early Look - Front Running

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)

Full Truck Alliance Q223 Earnings: Strong Top-Line | Sharp Margin Expansion | Shares Inexpensive

Full Truck Alliance is transforming its revenue profile as it continues to grow. The transformation is resulting in sustainably lower costs,...

Tracking Traffic

China Internet Weekly (4Sep2023): Quarterly Results See Growing – BIDU, VIPS, ZTO, Giant, BEKE

The macroeconomy looks weak. However, big Chinese internet giants began to recover. Here we list five small companies that the market may neglect.

Ming Lu

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Chinese parcel volume growth remained weak in July, and pricing fell to a new all-time low. But we believe SF Holding's unique revenue mix could...

Tracking Traffic

SF Holdings A/H Listing - Early Look - Front Running

The company has just filed its application prood for an H-share listing. As per media reports, it could look to raise up to US$3bn in its Hong Kong...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Full Truck Alliance Q223 Earnings: Strong Top-Line | Sharp Margin Expansion | Shares Inexpensive

Full Truck Alliance is transforming its revenue profile as it continues to grow. The transformation is resulting in sustainably lower costs,...

Tracking Traffic

China Internet Weekly (4Sep2023): Quarterly Results See Growing – BIDU, VIPS, ZTO, Giant, BEKE

The macroeconomy looks weak. However, big Chinese internet giants began to recover. Here we list five small companies that the market may neglect.

Ming Lu

S.F. Holding H Share Listing: The Investment Case

The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage...

Arun George

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Chinese parcel volume growth remained weak in July, and pricing fell to a new all-time low. But we believe SF Holding's unique revenue mix could...

Tracking Traffic

SF Holdings A/H Listing - Early Look - Front Running

The company has just filed its application prood for an H-share listing. As per media reports, it could look to raise up to US$3bn in its Hong Kong...

Sumeet Singh