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 Capital Markets

<ul>
<li>In this insight we cover recent earnings results, revenue mix, YTD trends</li>
<li>Fluctuating performance of its international segment impacted FY23 and Q124</li>
<li>Improving international segment could boost overall momentum in Q2-Q4 2024</li>
</ul>


In this insight we cover recent earnings results, revenue mix, YTD trends
Fluctuating performance of its international segment impacted FY23 and Q124
Improving international segment could boost overall momentum in Q2-Q4 2024


SF Holding Pre-IPO: FY23, Q124 Results Reviewed | Sales Mix Impacts | Recent Monthly Revenue Trend

<ul>
<li>CaiNiao and JD Logistics have grown far faster than their parents' platforms in recent years, and also far faster than "plain vanilla" Chinese express companies</li>
<li>CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China's domestic e-commerce activity</li>
<li>In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF's "plain vanilla" peers in express</li>
</ul>


CaiNiao and JD Logistics have grown far faster than their parents' platforms in recent years, and also far faster than "plain vanilla" Chinese express companies
CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China's domestic e-commerce activity
In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF's "plain vanilla" peers in express


CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>After CaiNiao halted IPO in late March, company reported lower Q4 margins</li>
<li>What drove Q4 margin deterioration, retention payments or weaker X-border?</li>
<li>With IPO off the table, supporting AliExpress becomes CaiNiao's main role</li>
</ul>


After CaiNiao halted IPO in late March, company reported lower Q4 margins
What drove Q4 margin deterioration, retention payments or weaker X-border?
With IPO off the table, supporting AliExpress becomes CaiNiao's main role


CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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>700 HK:&lt;DnF Mobile&gt; officially launched today, with good first-day performance.（+）</li>
<li>JD US/AAPL US/1810 HK: iPhone prices cut by 20%+ for 6.18 shopping festival (+/-/-)</li>
<li>JD US/2618 HK/BABA US/PDD US/VIPS US: JD begins cracking down on “big enterprise disease” through layoffs and stricter corporate culture (+/+/-/-/-)</li>
</ul>


700 HK:&lt;DnF Mobile&gt; officially launched today, with good first-day performance.（+）
JD US/AAPL US/1810 HK: iPhone prices cut by 20%+ for 6.18 shopping festival (+/-/-)
JD US/2618 HK/BABA US/PDD US/VIPS US: JD begins cracking down on “big enterprise disease” through layoffs and stricter corporate culture (+/+/-/-/-)


[Blue Lotus Daily - TMT Update]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.


Hong Kong Connect Flows (May 24th): BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC

China

Sinotrans Limited provides integrated logistics services with core service of sea, air, rail and road freight forwarding, express services and shipping agency services.  The Company also provides support services of storage and terminal services, trucking and marine transportation services.

Yunda Holding Co Ltd operates as a holding company. The Company, through its subsidiaries, provides industrial investment, enterprise management, business consulting, car rental, technical development, information technology, and advertising services. Yunda Holding serves customers in China.

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

Citic Offshore Helicopter Co., Ltd. provides helicopter transportation services for the petroleum industry and other industries.  The Company also provides helicopter repair and maintenance services.

STO Express Co Ltd. develops, manufactures and markets valves, pipe fittings and plumbing equipment. The Company's business encompasses the    development, manufacturing, sales and servicing of plumbing equipment, valves,  pipe fittings, metal construction materials, home automation, environmental protection and energy control systems.

Xiamen Xiangyu Co Ltd provides supply chain and circulation services. The Company offers its clients the capability to purchase raw materials and semi-manufactured products and to distribute finished goods worldwide.

Jiangsu Aucksun Co., Ltd. manufactures and distributes rolled steel sheets and aluminum sheets.

CTS International Logistics Corporation Limited provides cross-border integrated logistics services and supply chain trading businesses. The Company's cross-border integrated logistics services mainly include contracting and subcontracting international air and sea transport operations.

Cts International Logistics Corp (603128 CH)

Orient International Enterprise Ltd. provides import and export services and agency service for a variety of apparel manufacturers, including London Fog, Rifle, Calvin Klein, and Polo labels. The Company also invests in the biochemical business.

Orient International Enterprise, Ltd (600278 CH)

Shenzhen Feima International Supply Chain Co., Ltd. provides shipping, logistics and transportation consulting services.

Shenzhen Feima Intl Supply Chain (002210 CH)

Hyundai Glovis Co., Ltd. provides domestic and international logistic services. The Company's services include domestic transportation, storage, packaging, vehicle logistic, and logistic consulting.  GLOVIS also runs automobile auction market for used vehicle.

Financiere de l'Odet is a holding company. The Company, through its subsidiaries, offers transport and international logistics, the distribution of energy, the production of plastic films and thin paper, the manufacture of specialized terminals and systems, and the management of investments in plantations and in other market areas, including media and communication.

SG Holdings Co., Ltd. offers courier services. The Company provides goods delivery, cargo logistics, goods pickup, and other services. SG Holdings also operates real estate development, human resources management, and other businesses.

Yamato Holdings Co., Ltd. mainly provides door-to-door parcel delivery services. The Company has developed a nationwide delivery system specializing in time-specified delivery. Yamato Holdings offers moving services and other comprehensive transportation services including logistics services for both domestic and overseas customers as well as financial and autoworks services.

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.

Nippon Express Holdings, Inc. offers logistics services. The Company provides freight vehicle transportation, railway transportation, air transportation, sea transportation, port transportation, warehousing, and other services. Nippon Express Holdings provides its services throughout Japan.

Mainfreight Limited provides and supplies freight, warehousing and logistics services throughout New Zealand and Australia.  The Company provides freight forwarding services by road, rail, sea and air along with providing international freight forwarding services, customs clearance services and specialized handling of hazardous substances.

Compania de Distribucion Integral Logista Holdings, S.A. operates as an international logistical solution provider. The Company offers logistics, parcel and express courier transport, industrial parcel transport, and long distance and full truck load transport management services.

International Distributions Services plc provides postal and delivery services. The Company offers letter and parcel delivery services. International Distributions Services serves consumers, sole traders, SMEs, large businesses, and access operators worldwide.

International Distributions Services (IDS LN)

Blue Dart Express Limited operates a courier service and an integrated express package distribution company.  The Company offers delivery of packages and documents in India and throughout the world.

JD Logistics, Inc. offers logistics services. The Company provides cargo transportation, cargo distribution, warehousing, and other services. JD Logistics is located in China.

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JD Logistics (2618 HK)

SF Holding Pre-IPO: FY23, Q124 Results Reviewed | Sales Mix Impacts | Recent Monthly Revenue Trend

In this insight we review SF Holding's recent results, analyze sales mix and its impact on margins, and explain trends in recent monthly sales growth.

Tracking Traffic

CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

Alibaba's logistics subsidiary CaiNiao reported an EBITA loss in its Q4 results, the first in FY24. Was it the result of retention payments after...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...

Blue Lotus Research Institute

Hong Kong Connect Flows (May 24th): BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SF Holding Pre-IPO: FY23, Q124 Results Reviewed | Sales Mix Impacts | Recent Monthly Revenue Trend

In this insight we review SF Holding's recent results, analyze sales mix and its impact on margins, and explain trends in recent monthly sales growth.

Tracking Traffic

CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

Alibaba's logistics subsidiary CaiNiao reported an EBITA loss in its Q4 results, the first in FY24. Was it the result of retention payments after...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:700 HK/JD US/AAPL US/1810 HK/2618 HK/BABA US/PDD US/VIPS US/3690 HK

​New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...

Blue Lotus Research Institute

Hong Kong Connect Flows (May 24th): BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CCB, ICBC, Zto Express, Tencent, Meituan, Xiaomi, CNOOC.

Ke Yan, CFA, FRM

New mobile game DnF Mobile has successful launch in HK, iPhone prices slashed for shopping festival, JD cracks down on "big enterprise disease"...