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

J&T Global Express  / Equity Capital Markets

<ul>
<li>After analyzing J&amp;T's Chinese and SE Asian operations in previous insights, in this note we turn to the company's 'Others' segment, made up of New Markets and X-Border logistics</li>
<li>Compared to China and SE Asia, J&amp;T's New Markets and X-Border logistics business lines are small (just 11% of 2022 Revenue) but could offer attractive growth in the medium-term</li>
<li>We conclude this insight with a preliminary sum-of-parts valuation of J&amp;T as a whole. Based on available information, our initial estimate of J&amp;T's EV is US$8.6 bn (pre-IPO)</li>
</ul>


After analyzing J&amp;T's Chinese and SE Asian operations in previous insights, in this note we turn to the company's 'Others' segment, made up of New Markets and X-Border logistics
Compared to China and SE Asia, J&amp;T's New Markets and X-Border logistics business lines are small (just 11% of 2022 Revenue) but could offer attractive growth in the medium-term
We conclude this insight with a preliminary sum-of-parts valuation of J&amp;T as a whole. Based on available information, our initial estimate of J&amp;T's EV is US$8.6 bn (pre-IPO)


J&T Global Express Pre-IPO, Part 3: 'New Markets' & X-Border | Our Initial EV Estimate Is US$8.6 Bn

<ul>
<li>In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021</li>
<li>We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms</li>
<li>Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO</li>
</ul>


In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021
We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms
Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO


J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'

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.

<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 in our earlier notes. In this note we will look at its PHIP updates.</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 in our earlier notes. In this note we will look at its PHIP updates.


J&T Global Express Pre-IPO - PHIP Updates - Managed to Grow but Isn’t Sustainable Yet

<ul>
<li>In this insight we focus on J&amp;T's improved H123 performance in China and SE Asia</li>
<li>How did the company achieve these gains? And do the improvements appear sustainable?</li>
<li>We conclude with an updated estimate of J&amp;T's Enterprise Value: US$9.1 Bn</li>
</ul>


In this insight we focus on J&amp;T's improved H123 performance in China and SE Asia
How did the company achieve these gains? And do the improvements appear sustainable?
We conclude with an updated estimate of J&amp;T's Enterprise Value: US$9.1 Bn


J&T Global Express Pre-IPO, Part 5 | Analysis of H123 Performance | Updated EV Estimate US$9.1 Bn

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>Within <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>'s June quarter results, the numbers from logistics arm <a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics (1437124D HK)</a> stood out: revenue up 34% Y/Y, &amp; EBITA turned to +ive</li>
<li>In this insight we attempt to place Cainiao's stellar results into context: it grew far faster than parent Alibaba's revenue, but also faster than Chinese e-comm and Chinese express</li>
<li>As Cainiao preps for its IPO, its June results should boost investors' confidence. The numbers also hint at what is driving Cainiao's recent performance, and which indicators to watch</li>
</ul>


Within Alibaba (ADR) (BABA US)'s June quarter results, the numbers from logistics arm Cainiao Smart Logistics (1437124D HK) stood out: revenue up 34% Y/Y, &amp; EBITA turned to +ive
In this insight we attempt to place Cainiao's stellar results into context: it grew far faster than parent Alibaba's revenue, but also faster than Chinese e-comm and Chinese express
As Cainiao preps for its IPO, its June results should boost investors' confidence. The numbers also hint at what is driving Cainiao's recent performance, and which indicators to watch


With A Long-Anticipated IPO on the Horizon, Alibaba's Cainiao Posts Stellar June Quarter Results

Hong Kong

Kerry Logistics Network Limited provides logistics services in Asia and internationally. The Company offers integrated logistics services, as well as leases warehousing space in Hong Kong and provides international freight forwarding services.

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Kerry Logistics Network (636 HK)

J&T Global Express Pre-IPO, Part 3: 'New Markets' & X-Border | Our Initial EV Estimate Is US$8.6 Bn

We're pulling this note out of the archives in light of J&T’s updated HKEX filing and its decision to begin pushing forward with its IPO this week....

Tracking Traffic

J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'

We're pulling this insight out of the archives in light of J&T's updated HKEX filing and its decision to begin pushing forward with its IPO this...

Tracking Traffic

J&T Global Express Pre-IPO - PHIP Updates - Managed to Grow but Isn’t Sustainable Yet

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, Part 5 | Analysis of H123 Performance | Updated EV Estimate US$9.1 Bn

In this insight we analyze the company's H123 performance in China and SE Asia, highlight growing competition from two larger players (SF,...

Tracking Traffic

With A Long-Anticipated IPO on the Horizon, Alibaba's Cainiao Posts Stellar June Quarter Results

In response to the news CaiNiao Smart Logistics has applied to list its shares in Hong Kong, we're re-upping this insight

Tracking Traffic

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