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>Q224 parcel volume growth slowed dramatically in all markets versus Q124 pace</li>
<li>Share price has fallen by more than half compared to Q124 peak levels</li>
<li>HK$7.8 is our target, but slower growth, sub-par margins &amp; disclosure = AVOID</li>
</ul>


Q224 parcel volume growth slowed dramatically in all markets versus Q124 pace
Share price has fallen by more than half compared to Q124 peak levels
HK$7.8 is our target, but slower growth, sub-par margins &amp; disclosure = AVOID


J&T Global Express Q224 Operating Stats: Volume Growth Fell Vs Q124 | We Revisit Valuation | AVOID

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>We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.</li>
<li>We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.
We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)</li>
<li>ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)</li>
<li>Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao</li>
</ul>


1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)
ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)
Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao


[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>BABA US/9699 HK/DADA US /JD US /PDD US /ZTO US /1519 HK/3690 HK:Taobao/Tmall to open one-hour delivery option to merchants on its platform (+/+/+/-/-/-/-/-)</li>
<li>NTES US: NetEase showcased their latest tactical shooter game, &lt;FragPunk&gt;, which is expected to launch in 2025.(+)</li>
<li>TCOM US/ATAT US : Travel consumption remained moderate during the Dragon Boat Festival.(-/-)</li>
</ul>


BABA US/9699 HK/DADA US /JD US /PDD US /ZTO US /1519 HK/3690 HK:Taobao/Tmall to open one-hour delivery option to merchants on its platform (+/+/+/-/-/-/-/-)
NTES US: NetEase showcased their latest tactical shooter game, &lt;FragPunk&gt;, which is expected to launch in 2025.(+)
TCOM US/ATAT US : Travel consumption remained moderate during the Dragon Boat Festival.(-/-)


[Blue Lotus Daily - TMT Update]:BABA /9699HK/DADA/JD/PDD/ZTO/1519 HK/3690 HK/NTES/TCOM/ATAT

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.

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.</li>
</ul>



Lalatech Holdings is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.


Lalatech Holdings Limited Pre-IPO - Refiling Updates - Continues to Improve, Valuation Gap Narrowing

China

Hangzhou SF Intra-city Industrial Co., Ltd. operates as a third-party direct-run real-time logistics service provider. The Company provides intra-city logistics, new retail store distribution, and other services. Hangzhou SF Intra-city Industrial conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
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SF Intra-City (9699 HK)

J&T Global Express Q224 Operating Stats: Volume Growth Fell Vs Q124 | We Revisit Valuation | AVOID

Y/Y parcel volume growth at J&T Global Express in Q224 fell sharply compared to Q124's rate of growth, and the slowdown hit all three of the...

Tracking Traffic

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:BABA /9699HK/DADA/JD/PDD/ZTO/1519 HK/3690 HK/NTES/TCOM/ATAT

Taobao/Tmall offers one-hour delivery to merchants, NetEase unveils new game FragPunk for 2025 launch, travel consumption during Dragon Boat...

Blue Lotus Research Institute

Lalatech Holdings Limited Pre-IPO - Refiling Updates - Continues to Improve, Valuation Gap Narrowing

Lalatech Holdings is looking to raise about US$1bn in its upcoming HK IPO. In this note, we look at the updates from its most recent refiling.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

J&T Global Express Q224 Operating Stats: Volume Growth Fell Vs Q124 | We Revisit Valuation | AVOID

Y/Y parcel volume growth at J&T Global Express in Q224 fell sharply compared to Q124's rate of growth, and the slowdown hit all three of the...

Tracking Traffic

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

​EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:BABA /9699HK/DADA/JD/PDD/ZTO/1519 HK/3690 HK/NTES/TCOM/ATAT

​Taobao/Tmall offers one-hour delivery to merchants, NetEase unveils new game FragPunk for 2025 launch, travel consumption during Dragon Boat...

Blue Lotus Research Institute

Lalatech Holdings Limited Pre-IPO - Refiling Updates - Continues to Improve, Valuation Gap Narrowing

Lalatech Holdings is looking to raise about US$1bn in its upcoming HK IPO. In this note, we look at the updates from its most recent refiling.

Sumeet Singh

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Taobao/Tmall offers one-hour delivery to merchants, NetEase unveils new game FragPunk for 2025 launch, travel consumption during Dragon Boat...