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>In this insight we preview J&amp;T's maiden earnings report as a listed company</li>
<li>We focus on revenue growth &amp; margin trends in the China &amp; SE Asia businesses</li>
<li>We fear slowing organic growth &amp; margin deterioration could spook investors</li>
</ul>


In this insight we preview J&amp;T's maiden earnings report as a listed company
We focus on revenue growth &amp; margin trends in the China &amp; SE Asia businesses
We fear slowing organic growth &amp; margin deterioration could spook investors


J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

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.

Equity Bottom-Up

<ul>
<li>The authorities granted licenses to 105 new domestic games and promised to review the game law draft.</li>
<li>Alibaba is restructuring its main business unit, Taobao-Tmall, to reach flexibility.</li>
<li>Both Alibaba and JD.com changed their refund policies to follow PDD.</li>
</ul>


The authorities granted licenses to 105 new domestic games and promised to review the game law draft.
Alibaba is restructuring its main business unit, Taobao-Tmall, to reach flexibility.
Both Alibaba and JD.com changed their refund policies to follow PDD.


China Consumption Weekly (1 Jan 2024): Tencent, NetEase, Alibaba, JD.com, PDD

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a> pops up as a potential deletion yet again and a much lower rank raises the probability of deletion to just short of a near certainty.</li>
<li>With <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> failing the Velocity Test for Tradeable Indexes, <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a>'s deletion from the index should result in <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>'s inclusion. </li>
<li>Estimated one-way turnover at the rebalance is 1.47% resulting in a one-way trade of HK$946m. Passives will need to trade over 2.5x ADV on both stocks.</li>
</ul>



Zhongsheng Group (881 HK) pops up as a potential deletion yet again and a much lower rank raises the probability of deletion to just short of a near certainty.
With BeiGene (6160 HK) failing the Velocity Test for Tradeable Indexes, Zhongsheng Group (881 HK)'s deletion from the index should result in China Unicom Hong Kong (762 HK)'s inclusion. 
Estimated one-way turnover at the rebalance is 1.47% resulting in a one-way trade of HK$946m. Passives will need to trade over 2.5x ADV on both stocks.


HSCEI Index Rebalance Preview: Zhongsheng (881 HK) Should Go This Time

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>700HK/ NTES: NPPA publishes domestic game code for December, NetEase and Tencent received game approval (+)</li>
<li>PDD/ VIPS/ BABA/ JD/ ZTO/ 2618.HK/ 1519.HK: Express Parcel Volume collected grows +68% YoY last week (+)</li>
<li>BABA/ PDD/ JD/ VIPS/ ZTO/ 1519.HK: Taobao launches refund without returning the product (+/-/-/-/-)</li>
</ul>


700HK/ NTES: NPPA publishes domestic game code for December, NetEase and Tencent received game approval (+)
PDD/ VIPS/ BABA/ JD/ ZTO/ 2618.HK/ 1519.HK: Express Parcel Volume collected grows +68% YoY last week (+)
BABA/ PDD/ JD/ VIPS/ ZTO/ 1519.HK: Taobao launches refund without returning the product (+/-/-/-/-)


[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>Ex-China e-commerce conducted by Chinese e-commerce platform will rise from 2022 GMV of US$ 61bn to US$ 297bn in 2025, with Pinduoduo, Alibaba, SHEIN and TikTok leading the charge. </li>
<li>These companies, however, are incubating their own last mile partners. The political uncertainty of Chinese e-commerce overseas is hindering development of the industry;</li>
<li>We see J&amp;T as the main beneficiary of Chinese e-commerce overseas, which must eventually undergo an infrastructure upgrade...</li>
</ul>


Ex-China e-commerce conducted by Chinese e-commerce platform will rise from 2022 GMV of US$ 61bn to US$ 297bn in 2025, with Pinduoduo, Alibaba, SHEIN and TikTok leading the charge. 
These companies, however, are incubating their own last mile partners. The political uncertainty of Chinese e-commerce overseas is hindering development of the industry;
We see J&amp;T as the main beneficiary of Chinese e-commerce overseas, which must eventually undergo an infrastructure upgrade...


[Blue Lotus Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alibaba Group Holding (BABA US)

J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

In our preview of the newly-listed express company's full-year and H223 earnings, we explain why we expect to see slowing organic revenue growth...

Tracking Traffic

China Consumption Weekly (1 Jan 2024): Tencent, NetEase, Alibaba, JD.com, PDD

The authorities granted licenses to 105 new domestic games and promised to review the strict game law. Alibaba is restructuring its main business...

Ming Lu

HSCEI Index Rebalance Preview: Zhongsheng (881 HK) Should Go This Time

Zhongsheng's rank has dropped a lot and index deletion appears to be a certainty. China Unicom is a potential add. There is over 2.5x ADV to trade...

Brian Freitas

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Blue Lotus Research Institute

[Blue Lotus Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

In our preview of the newly-listed express company's full-year and H223 earnings, we explain why we expect to see slowing organic revenue growth...

Tracking Traffic

China Consumption Weekly (1 Jan 2024): Tencent, NetEase, Alibaba, JD.com, PDD

The authorities granted licenses to 105 new domestic games and promised to review the strict game law. Alibaba is restructuring its main business...

Ming Lu

HSCEI Index Rebalance Preview: Zhongsheng (881 HK) Should Go This Time

Zhongsheng's rank has dropped a lot and index deletion appears to be a certainty. China Unicom is a potential add. There is over 2.5x ADV to trade...

Brian Freitas

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

​NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Blue Lotus Research Institute

[Blue Lotus Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

​Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...

Blue Lotus Research Institute

NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...