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 examine <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a>'s operation in SE Asia, where it's the region's dominant player, with market share of 22.5% by volume </li>
<li>We profile SE Asian demand and supply and compare these to the development of China's express industry, acknowledging the key role <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> has played there</li>
<li>We also present a framework for estimating the value of J&amp;T's SE Asian operation by identifying the most appropriate comps and EV valuation multiples</li>
</ul>


In this insight, we examine J&amp;T Global Express (1936374D CH)'s operation in SE Asia, where it's the region's dominant player, with market share of 22.5% by volume 
We profile SE Asian demand and supply and compare these to the development of China's express industry, acknowledging the key role Alibaba (ADR) (BABA US) has played there
We also present a framework for estimating the value of J&amp;T's SE Asian operation by identifying the most appropriate comps and EV valuation multiples


J&T Global Express Pre-IPO, Part 2: SE Asia Operation | Demand, Supply Profiles | Valuation Approach

<ul>
<li>We believe SF's core express margins are higher than most of its peers' margins</li>
<li>But on 2023 EV / EBITDA SF trades at multiples below most Chinese, US peers</li>
<li>One objective of SF listing in HK is to attract global investors, lift valuation</li>
</ul>


We believe SF's core express margins are higher than most of its peers' margins
But on 2023 EV / EBITDA SF trades at multiples below most Chinese, US peers
One objective of SF listing in HK is to attract global investors, lift valuation


SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

<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>Kerry Logistics Network will pay a special dividend in the form of KEX shares</li>
<li>This will trigger a general offer by SF Holding for all KEX shares at THB 5.50</li>
<li>Why is SF Holding doing this, &amp; how could its int'l express business change?</li>
</ul>


Kerry Logistics Network will pay a special dividend in the form of KEX shares
This will trigger a general offer by SF Holding for all KEX shares at THB 5.50
Why is SF Holding doing this, &amp; how could its int'l express business change?


Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding's Role & Objectives

<ul>
<li>Review of Q2/H1 results, including impact from international, Kerry Logistics Network</li>
<li>Refining idea of "internationalization", which we believe is driving force behind SF's HK IPO</li>
<li>Testing thesis: did air and international exposure help or hurt SF margins in H1?</li>
</ul>


Review of Q2/H1 results, including impact from international, Kerry Logistics Network
Refining idea of "internationalization", which we believe is driving force behind SF's HK IPO
Testing thesis: did air and international exposure help or hurt SF margins in H1?


SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

Hong Kong

Changan Minsheng APLL Logistics Co Ltd. provides a wide variety of logistics services primarily for car manufacturers and car component suppliers in China. The Company's services include supply chain management and the delivery of finished vehicles.

Changan Minsheng Apll Logistics (1292 HK)

YTO Express Holdings Limited provides freight and logistics services. The Company offers air freight, marine transportation, information technology capabilities, warehousing, order assembly, and other related services.  YTO Express Holdings provides services worldwide.

YTO Express (International) Holdings (6123 HK)

Pacific Basin Shipping Limited, through its subsidiaries, provides marine transportation services and logistical support to its customers through the commercial operation of a large, modern, and uniformly-sized fleet of shallow-draft Handysize dry bulk carriers.

Shenzhen International Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides investment, construction, and operation of logistic infrastructure facilities, as well as offers value-added logistic services. Shenzhen International serves customers worldwide.

COSCO Shipping Ports Limited, through its subsidiaries, provides shipping container leasing services worldwide.  The Company also operates container terminals and provides container handling, storage, transportation and management services, as well as depot handling and stevedoring services.

Yuexiu Transport Infrastructure Ltd., through its subsidiaries, invests in, develops, operates, and manages toll highways, expressways, and bridges in China.

Yuexiu Transport Infrastructure (1052 HK)

COSCO SHIPPING International (Hong Kong) Co., Ltd. provides shipping related services. The Company offers shipping, logistics, shipbuilding and ship repair services, ship trading agency services, marine insurance brokerage services, marine equipment and spare parts, coating products, and marine fuel and other related shipping products. COSCO International serves clients around the world.

Transport International Holdings Ltd, through its subsidiaries, operates both franchised and non-franchised public buses in Hong Kong. The Company also provides media sales services.

Transport International Holdings Ltd (62 HK)

Tianjin Port Development Holdings Limited operates container terminals in China.  The company provides container handling operations, stacking and warehousing services and non-containerized cargo services.

China Ocean Fishing Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides supply chain management, logistics and information flow, communication, and consulting services. China Ocean Fishing Holdings serves customers worldwide.

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

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.

Cargojet, Inc. operates air cargo transportation services.  The Company transports freight throughout Canada, and also in Bermuda and Poland.

Air Transport Services Group, Inc. provides air cargo transportation services. The Company offers aircraft leasing, airport ground services, fuel management, specialized transportation management, and air charter brokerage services. Air Transport Services Group serves customers in the United States, Canada, and Puerto Rico.

Air Transport Services Group Inc (ATSG US)

Maruwa Unyu Kikan Co. Ltd. provides logistical transportation services. The Company conducts normal temperature logistics, low-temperature food distribution, and pharmaceuticals and medical logistics. Maruwa Unyu Kikan also provides logistics consulting and warehousing services.

Aramex PJSC (formerly Arab International Logistics) provides transportation services. The Company invests in the freight, express, logistics and supply chain management business through acquiring and owning stakes in one or more existing companies in the Middle East, particularly the UAE.

Transport Corporation of India Limited provides integrated cargo transportation and logistics services. The Company provides handling of heavy-duty cargo through surface movement, door-to-door distribution for time committed cargo, and coastal shipping. The Company moves a variety of products, including raw materials, industrial products, pharmaceuticals, and agricultural products.

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)

Kerry Logistics Network Limited provides logistics services in Asia and internationally. The Company offers integrated logistics services, as well as leases warehousing space in Hong Kong and provides international freight forwarding services.

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Kerry Logistics Network (636 HK)

J&T Global Express Pre-IPO, Part 2: SE Asia Operation | Demand, Supply Profiles | Valuation Approach

We're pulling this insight out of the archives in light of J&T's updated filing and its decision to begin pushing forward with its IPO in Hong Kong...

Tracking Traffic

SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

In this insight we compare SF Holding's core EBITDA margins and EV / EBITDA valuation to peers in the Chinese and US express delivery segments.

Tracking Traffic

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

Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding's Role & Objectives

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

SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

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

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