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>"Pent-Up demand"? No signs of it anywhere in outbound or domestic metrics</li>
<li>Sluggish outbound demand, capacity trajectories continued to lag in November</li>
<li>YTD share performance weak, mirrors disappointing recovery in travel activity</li>
</ul>


"Pent-Up demand"? No signs of it anywhere in outbound or domestic metrics
Sluggish outbound demand, capacity trajectories continued to lag in November
YTD share performance weak, mirrors disappointing recovery in travel activity


Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

Thematic (Sector/Industry)

<ul>
<li>For segments we cover -- express, containers, tourism -- 2023 was challenging</li>
<li>In this note we highlight each segment's key trends and themes from 2023</li>
<li>We conclude with a look at 2023 share performance and a peak into 2024</li>
</ul>


For segments we cover -- express, containers, tourism -- 2023 was challenging
In this note we highlight each segment's key trends and themes from 2023
We conclude with a look at 2023 share performance and a peak into 2024


Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

<ul>
<li>FT article uncovers other contributors to surging air freight rates—Chinese online brands Temu and Shein are flooding Western nations with fast fashion and inexpensive e-commerce goods  </li>
<li>The biggest beneficiaries are Chinese carriers with significant air cargo exposure, and Cathay Pacific. This presents a potential catalyst for an earnings beat and a boost to the share price.</li>
<li>Carriers from Taiwan and South Korea will benefit from supply tightness to the U.S.. Logistics providers are unlikely to benefit much due to tight margins and volatile high freight rates </li>
</ul>


FT article uncovers other contributors to surging air freight rates—Chinese online brands Temu and Shein are flooding Western nations with fast fashion and inexpensive e-commerce goods  
The biggest beneficiaries are Chinese carriers with significant air cargo exposure, and Cathay Pacific. This presents a potential catalyst for an earnings beat and a boost to the share price.
Carriers from Taiwan and South Korea will benefit from supply tightness to the U.S.. Logistics providers are unlikely to benefit much due to tight margins and volatile high freight rates 


<ul>
<li>In early December 2022, Chinese authorities relaxed many Covid-19 restrictions</li>
<li>A year in, the recovery in Chinese tourism activity has disappointed, so far</li>
<li>Similarly, most Chinese tourism stocks have performed poorly over the last year</li>
</ul>


In early December 2022, Chinese authorities relaxed many Covid-19 restrictions
A year in, the recovery in Chinese tourism activity has disappointed, so far
Similarly, most Chinese tourism stocks have performed poorly over the last year


12 Months In, China's Tourism Recovery & Performance of China Tourism Shares Have Both Disappointed

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Corruption / Cover Story: Record river of graft leads to death penalty for one-time water official</li><li><p>Telecom fraud /: Chinese police issue wanted notices on 10 Myanmar cybercrime ring leaders</p></li><li><p>Macro /: China’s top leadership pledges stronger focus on growth next year</p></li></ul>

Corruption / Cover Story: Record river of graft leads to death penalty for one-time water officialTelecom fraud /: Chinese police issue wanted notices on 10 Myanmar cybercrime ring leadersMacro /: China’s top leadership pledges stronger focus on growth next year

CX Daily: Record River of Graft Leads to Death Penalty for One-Time Water Official 

China

China Eastern Airlines Corporation Limited, together with its subsidiaries, operates in the civil aviation industry. It offers passenger, cargo, mail delivery, ground, cargo handling, and other extended transportation services.

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China Eastern Airlines (670 HK)

Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

November outbound data were disappointing, and even domestic travel activity metrics appeared to move in the wrong direction. Not surprisingly,...

Tracking Traffic

Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

In this insight we look at the important trends and themes we've covered this year in the express, containers, and tourism sectors. We also...

Tracking Traffic

There's Something About Air Cargo

Chinese e-commerce platforms are driving up air freight rates, benefiting Chinese carriers and other North Asian carriers. This can be a catalyst...

Mohshin Aziz

12 Months In, China's Tourism Recovery & Performance of China Tourism Shares Have Both Disappointed

A year after most of China's pandemic-related travel restrictions were eased, we look back at the recovery in Chinese tourism activity in 2023.

Tracking Traffic

CX Daily: Record River of Graft Leads to Death Penalty for One-Time Water Official

Corruption / Cover Story: Record river of graft leads to death penalty for one-time water official In a nation of superlatives when it comes to...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

November outbound data were disappointing, and even domestic travel activity metrics appeared to move in the wrong direction. Not surprisingly,...

Tracking Traffic

Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

In this insight we look at the important trends and themes we've covered this year in the express, containers, and tourism sectors. We also...

Tracking Traffic

There's Something About Air Cargo

​Chinese e-commerce platforms are driving up air freight rates, benefiting Chinese carriers and other North Asian carriers. This can be a catalyst...

Mohshin Aziz

12 Months In, China's Tourism Recovery & Performance of China Tourism Shares Have Both Disappointed

A year after most of China's pandemic-related travel restrictions were eased, we look back at the recovery in Chinese tourism activity in 2023.

Tracking Traffic

CX Daily: Record River of Graft Leads to Death Penalty for One-Time Water Official

Corruption / Cover Story: Record river of graft leads to death penalty for one-time water official In a nation of superlatives when it comes to...

Caixin Global

Chinese e-commerce platforms are driving up air freight rates, benefiting Chinese carriers and other North Asian carriers. This can be a catalyst...