Chinese Express Consolidation? Lesser Players Battered for Years, But Still No Knockout Punch
Margins in China's express sector have been falling for years. However, there are few signs of consolidation: companies remain profitable, and...
431 Views
TRACKING TRAFFIC: Chinese Express / No Signs of a Sharp Recovery in Jan-Feb Data
So far in 2023, parcel volume has recovered only moderately. We believe the industry may again see price deterioration after a brief respite in 2022.
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ZTO Express Q4/2022 Results & Guidance: Moderate Growth in '23, but Also Obstacles
ZTO guides strong volume growth and potentially better unit economics in '23, but we expect price pressure to return, and the company needs to rein...
454 Views
ANE IPO: Forecasts and Valuation
At the midpoint, ANE will raise US$114.5m, a significant downsize of its offer. Our valuation suggests ANE's IPO pricing is expensive and absence...
126 Views
ANE Logistics Pre-IPO - PHIP Updates - Underlying Growth Is Far from Clear
ANE, an express freight network operator in China for less-than-truckload (LTL) market, aims to raise around US$500m in its Hong Kong IPO.
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