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

J&T Global Express  / Equity Capital Markets

<ul>
<li>In this insight we focus on J&amp;T's improved H123 performance in China and SE Asia</li>
<li>How did the company achieve these gains? And do the improvements appear sustainable?</li>
<li>We conclude with an updated estimate of J&amp;T's Enterprise Value: US$9.1 Bn</li>
</ul>


In this insight we focus on J&amp;T's improved H123 performance in China and SE Asia
How did the company achieve these gains? And do the improvements appear sustainable?
We conclude with an updated estimate of J&amp;T's Enterprise Value: US$9.1 Bn


J&T Global Express Pre-IPO, Part 5 | Analysis of H123 Performance | Updated EV Estimate US$9.1 Bn

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.

<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>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</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.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Filing and Other Updates

<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

Equity Bottom-Up

<ul>
<li>In May, average pricing fell again Y/Y, and volume growth moderated somewhat vs April</li>
<li>We look forward to learning more about J&amp;T Global Express IPO and its path to profits</li>
<li>Check out the weird China-US postage fraud case and YTD share performance</li>
</ul>


In May, average pricing fell again Y/Y, and volume growth moderated somewhat vs April
We look forward to learning more about J&amp;T Global Express IPO and its path to profits
Check out the weird China-US postage fraud case and YTD share performance


Monthly Express Tracker | ASPs Down Again | Volume Growth Moderates | J&T Express IPO | (June 2023)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a>, a leading express delivery business in Southeast Asia and China has filed for a HKEx IPO to raise US$1 billion, according to press reports.   </li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104964" rel="noopener">J&amp;T Global Express IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on organic revenue decline in SEA/China, deteriorating contract liabilities, SEA margin pressure, high cash burn and weak balance sheet.</li>
</ul>



J&amp;T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China has filed for a HKEx IPO to raise US$1 billion, according to press reports.   
In J&amp;T Global Express IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on organic revenue decline in SEA/China, deteriorating contract liabilities, SEA margin pressure, high cash burn and weak balance sheet.


Thailand

Kerry Express Thailand is a parcel delivery provider in Thailand

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Kerry Express Thailand (KEX TB)

J&T Global Express Pre-IPO, Part 5 | Analysis of H123 Performance | Updated EV Estimate US$9.1 Bn

In this insight we analyze the company's H123 performance in China and SE Asia, highlight growing competition from two larger players (SF,...

Tracking Traffic

SF Holdings A/H Listing - Recent Filing and Other Updates

SF Holding, China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing. In this note, we look at the recent...

Sumeet Singh

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

Monthly Express Tracker | ASPs Down Again | Volume Growth Moderates | J&T Express IPO | (June 2023)

In May, pricing weakened and volume growth moderated; we expect these two trends to hurt Q2 results. We also believe the planned J&T Global Express...

Tracking Traffic

J&T Global Express IPO: The Bear Case

The key elements of the bear case rest on organic revenue decline in SEA/China, deteriorating contract liabilities, SEA margin pressure, high cash...

Arun George

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52-week Range

Market Cap (USDm)

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