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 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>Business model: how does CaiNiao get paid, and by whom, and for what?</li>
<li>Key relationships with parent Alibaba and with China's listed express companies</li>
<li>Differentiators: what makes CaiNiao different from other e-comm logistics names?</li>
</ul>


Business model: how does CaiNiao get paid, and by whom, and for what?
Key relationships with parent Alibaba and with China's listed express companies
Differentiators: what makes CaiNiao different from other e-comm logistics names?


CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

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-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Express</a>, a global logistics service provider, is looking to raise about US$1bn 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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



J&amp;T Express, a global logistics service provider, is looking to raise about US$1bn 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.
In this note, we talk about the positive aspects of the deal.


J&T Global Express Pre-IPO - The Positives - Growing Fast, Expanding Geographically

<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

Equity Bottom-Up

<ul>
<li>In May, average pricing fell again Y/Y, and volume growth moderated somewhat vs April</li>
<li>We look forward to learning more about J&amp;T Global Express IPO and its path to profits</li>
<li>Check out the weird China-US postage fraud case and YTD share performance</li>
</ul>


In May, average pricing fell again Y/Y, and volume growth moderated somewhat vs April
We look forward to learning more about J&amp;T Global Express IPO and its path to profits
Check out the weird China-US postage fraud case and YTD share performance


Monthly Express Tracker | ASPs Down Again | Volume Growth Moderates | J&T Express IPO | (June 2023)

China

BEST Inc. offers logistics and supply chain management solutions. The Company provides express and freight delivery, inventory management, warehousing, financing, cross-border supply chain, merchandise sourcing, and value-added services. BEST serves customers worldwide.

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BEST (BEST US)

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

CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

In this insight we look at CaiNiao's busines model, its relationships with Alibaba and the express companies, and the ways in which it...

Tracking Traffic

J&T Global Express Pre-IPO - The Positives - Growing Fast, Expanding Geographically

J&T Global Express won listing approval yesterday. The company is due to file its updated PHIP and will begin marketing in the coming week.

Sumeet Singh

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

Monthly Express Tracker | ASPs Down Again | Volume Growth Moderates | J&T Express IPO | (June 2023)

In May, pricing weakened and volume growth moderated; we expect these two trends to hurt Q2 results. We also believe the planned J&T Global Express...

Tracking Traffic

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