Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

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 Co Ltd (LALA HK)</a> , a technology driven logistics transportation platform has refiled for IPO in April and this insight focuses on data points from the latest filing.</li>
<li>The company has disclosed full-year 2023 results which shows significant improvement to the company’s financials, particularly Lalatech's profitability.</li>
<li>Lalatech has continued to cutdown its operating costs, which has helped reach profits, and the company has managed to maintain growth despite spending cuts on incentives and promotions.</li>
</ul>



Lalatech Holdings Co Ltd (LALA HK) , a technology driven logistics transportation platform has refiled for IPO in April and this insight focuses on data points from the latest filing.
The company has disclosed full-year 2023 results which shows significant improvement to the company’s financials, particularly Lalatech's profitability.
Lalatech has continued to cutdown its operating costs, which has helped reach profits, and the company has managed to maintain growth despite spending cuts on incentives and promotions.


Lalatech Refiles for IPO: Further Improvement in Profitability

<ul>
<li>Lalatech has refiled for HKEx IPO and the company plans to raise around US$1bn through the IPO. This insight focuses on latest data points from the company's new filing.</li>
<li>The company has disclosed results for 1H2023 which point to notable improvement in the company's financials including an operating profit margin of around 21% for 1H2023.</li>
<li>There has been significant reduction in the company’s operating costs, merchant discounts and carrier incentives in particular, which have helped significant improve the company's margins.</li>
</ul>


Lalatech has refiled for HKEx IPO and the company plans to raise around US$1bn through the IPO. This insight focuses on latest data points from the company's new filing.
The company has disclosed results for 1H2023 which point to notable improvement in the company's financials including an operating profit margin of around 21% for 1H2023.
There has been significant reduction in the company’s operating costs, merchant discounts and carrier incentives in particular, which have helped significant improve the company's margins.


Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>In an updated HKEX filing posted on September 28th, Lalatech disclosed H123 financial results</li>
<li>Solid Revenue growth plus sharp expense reductions led to +28 ppt OP margin expansion</li>
<li>Is this progress sustainable, defendable? Lalatech management needs to explain gains</li>
</ul>


In an updated HKEX filing posted on September 28th, Lalatech disclosed H123 financial results
Solid Revenue growth plus sharp expense reductions led to +28 ppt OP margin expansion
Is this progress sustainable, defendable? Lalatech management needs to explain gains


Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

<ul>
<li>Lalatech's largest segment by revenue -- Chinese intra-city on-demand freight -- features many of the attributes that are attractive to online logistics intermediaries</li>
<li>At the top of the list of red flags in its prospectus is Lalatech's company's dramatic 71% Y/Y reduction in Sales and Marketing expenses last year</li>
<li>Although Lalatech appears to be the leading platform for Chinese intra-city on-demand freight matching, the company faces 'hidden' competition from several larger groups</li>
</ul>


Lalatech's largest segment by revenue -- Chinese intra-city on-demand freight -- features many of the attributes that are attractive to online logistics intermediaries
At the top of the list of red flags in its prospectus is Lalatech's company's dramatic 71% Y/Y reduction in Sales and Marketing expenses last year
Although Lalatech appears to be the leading platform for Chinese intra-city on-demand freight matching, the company faces 'hidden' competition from several larger groups


TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | 'Unbelievable' Cost Control | Hidden Competition

Equity Bottom-Up

<ul>
<li>Another set of strong results from YMM, revenue and core earnings both up</li>
<li>Need to monitor orders per MAU; reason for decline in Q224 unclear</li>
<li>Maintain US$9.45/ADS target price, ADSs are attractive closer to US$7</li>
</ul>


Another set of strong results from YMM, revenue and core earnings both up
Need to monitor orders per MAU; reason for decline in Q224 unclear
Maintain US$9.45/ADS target price, ADSs are attractive closer to US$7


Full Truck Alliance Q224 Results: Generally Strong Growth | Attractive Closer to US$7 Per ADS

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Lalatech Holdings Co Ltd (LALA HK)

Lalatech Refiles for IPO: Further Improvement in Profitability

Lalatech's latest IPO filing shows that the company's earnings have improved significantly, particularly its profitability. Company has managed to...

Shifara Samsudeen, ACMA, CGMA

Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

Lalatech has refiled for an IPO on the Hong Kong Stock Exchange and this insight will offer readers a glimpse into the company's last IPO filing....

Shifara Samsudeen, ACMA, CGMA

Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

For us, the most urgent questions for Lalatech still revolve around its "incredible" progress on cost control and how the company will successfully...

Tracking Traffic

TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | 'Unbelievable' Cost Control | Hidden Competition

Chinese intra-city freight platform Lalatech has once again filed to list its shares in Hong Kong, after an earlier filing from September 2023...

Tracking Traffic

Full Truck Alliance Q224 Results: Generally Strong Growth | Attractive Closer to US$7 Per ADS

Full Truck Alliance reported another strong set of numbers in Q224. After a surprisng Y/Y decline in orders per MAU, we will monitor this number...

Tracking Traffic

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