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>Down 66% from its 2021 IPO price, <a href="https://www.smartkarma.com/entities/full-truck-alliance" target="_blank" data-smartkarma-citation="entities:33429:1" rel="noopener">Full Truck Alliance (YMM US)</a> has been a loser for investors, though we would argue its underlying performance on fundamentals has been mixed</li>
<li>We believe FTA's narrow focus on expanding its lead in China's spot, inter-city FTL trucking market blinds management to the broader role it must pursue to ensure long-term growth</li>
<li>FTA should aggressively funnel users into its Transaction Commission segment and invest in building a Transportation Management Software offering to attract and retain customers</li>
</ul>


Down 66% from its 2021 IPO price, Full Truck Alliance (YMM US) has been a loser for investors, though we would argue its underlying performance on fundamentals has been mixed
We believe FTA's narrow focus on expanding its lead in China's spot, inter-city FTL trucking market blinds management to the broader role it must pursue to ensure long-term growth
FTA should aggressively funnel users into its Transaction Commission segment and invest in building a Transportation Management Software offering to attract and retain customers


Full Truck Alliance: Currently Less Than 'Full Loaded', but Issues Are Fully Fixable

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

C.H. Robinson Worldwide / Equity Bottom-Up

<ul><li>C.H.</li><li>Robinson Worldwide delivered disappointing results as the company could not meet the revenue and earnings expectations of Wall Street.</li><li>The company's truckload and LTL businesses faced varying market conditions, with truckload volumes declining and LTL shipments remaining flat but declining AGP per order.</li></ul>

C.H.Robinson Worldwide delivered disappointing results as the company could not meet the revenue and earnings expectations of Wall Street.The company's truckload and LTL businesses faced varying market conditions, with truckload volumes declining and LTL shipments remaining flat but declining AGP per order.

C.H. Robinson Worldwide Inc.: 3 Catalysts Responsible For Its Growth! - Financial Forecasts

Equity Capital Markets

C.H. Robinson Worldwide / Equity Capital Markets

<ul><li>C.H.</li><li>Robinson had a disappointing result in Q1 and it failed to meet the revenue expectations and earnings expectations of analysts.</li><li>They believe that an increased digitization and automation are critical components of providing an improved client experience and operating leverage.</li></ul>

C.H.Robinson had a disappointing result in Q1 and it failed to meet the revenue expectations and earnings expectations of analysts.They believe that an increased digitization and automation are critical components of providing an improved client experience and operating leverage.

C.H. Robinson Worldwide: Can Automation & Digitization Save The Day? – Major Drivers

Credit

<ul><li>C.H.</li><li>Robinson is a global provider of multimodal transportation and third-party logistics service.</li><li>Freight demand has deteriorated, negatively impacting the top-line but the contractual truckload AGP per shipment increased, which resulted in some nominal growth in their AGP per truckload shipment.</li></ul>

C.H.Robinson is a global provider of multimodal transportation and third-party logistics service.Freight demand has deteriorated, negatively impacting the top-line but the contractual truckload AGP per shipment increased, which resulted in some nominal growth in their AGP per truckload shipment.

C.H. Robinson Worldwide Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on C.H.</li><li>Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service.</li><li>Routing guide depth of tender, a proxy for their entire market, fell from 1.3 in the third quarter to 1.2 in the fourth quarter.</li></ul>

This is our first report on C.H.Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service.Routing guide depth of tender, a proxy for their entire market, fell from 1.3 in the third quarter to 1.2 in the fourth quarter.

C.H. Robinson Worldwide Inc.: Initiation of Coverage – Business Strategy & Key Drivers

United States

C.H. Robinson Worldwide, Inc. provides multimodal transportation services and logistics solutions. The Company operates a network of offices in North America, Europe, Asia, South America, and the Middle East. C.H. Robinson provides a variety of logistics services, such as fresh produce sourcing and freight consolidation.

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

C.H. Robinson Worldwide (CHRW US)

Full Truck Alliance: Currently Less Than 'Full Loaded', but Issues Are Fully Fixable

FTA's shares are down 66% vs their IPO price, but underlying performance has been mixed. To ensure long-term growth, FTA should follow our two-part...

Tracking Traffic

C.H. Robinson Worldwide Inc.: 3 Catalysts Responsible For Its Growth! - Financial Forecasts

C.H. Robinson Worldwide delivered disappointing results as the company could not meet the revenue and earnings expectations of Wall Street. The...

Baptista Research

C.H. Robinson Worldwide: Can Automation & Digitization Save The Day? – Major Drivers

C.H. Robinson had a disappointing result in Q1 and it failed to meet the revenue expectations and earnings expectations of analysts. They believe...

Baptista Research

C.H. Robinson Worldwide Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

C.H. Robinson is a global provider of multimodal transportation and third-party logistics service. Freight demand has deteriorated, negatively...

Baptista Research

C.H. Robinson Worldwide Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on C.H. Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service. Routing...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)