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>Solid Q2 results from ZTO, with deep unit cost reductions offseting weak pricing</li>
<li>But ultimately, Q2/H1 results are merely in-line with guidance -- not better, nor worse</li>
<li>In this environment, it's difficult to see what will move ZTO out of recent trading range</li>
</ul>


Solid Q2 results from ZTO, with deep unit cost reductions offseting weak pricing
But ultimately, Q2/H1 results are merely in-line with guidance -- not better, nor worse
In this environment, it's difficult to see what will move ZTO out of recent trading range


ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

<ul>
<li>Chinese express parcel volume growth was 11.7% in July, far slower than in Feb-May</li>
<li>July ASP for all segments fell to 8.84 Yuan per piece, the lowest in at least ten years</li>
<li>Industry leader SF Holding partly insulated from margin pressure by air, international </li>
</ul>


Chinese express parcel volume growth was 11.7% in July, far slower than in Feb-May
July ASP for all segments fell to 8.84 Yuan per piece, the lowest in at least ten years
Industry leader SF Holding partly insulated from margin pressure by air, international 


Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017
In this note, we look at its past performance and other deal dynamics that might impact the listing.


SF Holdings A/H Listing - Early Look - Front Running

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the not-so-positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

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J&T Global Express (1519 HK)

ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

ZTO gained volume share in Q2, which allowed it to beat down unit costs and expand margins. Given recent price erosion, we think ZTO is unlikely to...

Tracking Traffic

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Chinese parcel volume growth remained weak in July, and pricing fell to a new all-time low. But we believe SF Holding's unique revenue mix could...

Tracking Traffic

SF Holdings A/H Listing - Early Look - Front Running

The company has just filed its application prood for an H-share listing. As per media reports, it could look to raise up to US$3bn in its Hong Kong...

Sumeet Singh

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

ZTO gained volume share in Q2, which allowed it to beat down unit costs and expand margins. Given recent price erosion, we think ZTO is unlikely to...

Tracking Traffic

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Chinese parcel volume growth remained weak in July, and pricing fell to a new all-time low. But we believe SF Holding's unique revenue mix could...

Tracking Traffic

SF Holdings A/H Listing - Early Look - Front Running

The company has just filed its application prood for an H-share listing. As per media reports, it could look to raise up to US$3bn in its Hong Kong...

Sumeet Singh

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the positive...

Clarence Chu