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>H1 results from KEX Thailand and Kerry Logistics can help us understand J&amp;T Global Express</li>
<li>Thailand likely to be a medium-term drag on J&amp;T's earnings, in our view</li>
<li>But if KLN's H1 results are representative, rest of SE Asia is probably OK</li>
</ul>


H1 results from KEX Thailand and Kerry Logistics can help us understand J&amp;T Global Express
Thailand likely to be a medium-term drag on J&amp;T's earnings, in our view
But if KLN's H1 results are representative, rest of SE Asia is probably OK


J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results

<ul>
<li>After analyzing J&amp;T's Chinese and SE Asian operations in previous insights, in this note we turn to the company's 'Others' segment, made up of New Markets and X-Border logistics</li>
<li>Compared to China and SE Asia, J&amp;T's New Markets and X-Border logistics business lines are small (just 11% of 2022 Revenue) but could offer attractive growth in the medium-term</li>
<li>We conclude this insight with a preliminary sum-of-parts valuation of J&amp;T as a whole. Based on available information, our initial estimate of J&amp;T's EV is US$8.6 bn (pre-IPO)</li>
</ul>


After analyzing J&amp;T's Chinese and SE Asian operations in previous insights, in this note we turn to the company's 'Others' segment, made up of New Markets and X-Border logistics
Compared to China and SE Asia, J&amp;T's New Markets and X-Border logistics business lines are small (just 11% of 2022 Revenue) but could offer attractive growth in the medium-term
We conclude this insight with a preliminary sum-of-parts valuation of J&amp;T as a whole. Based on available information, our initial estimate of J&amp;T's EV is US$8.6 bn (pre-IPO)


J&T Global Express Pre-IPO, Part 3: 'New Markets' & X-Border | Our Initial EV Estimate Is US$8.6 Bn

<ul>
<li>In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021</li>
<li>We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms</li>
<li>Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO</li>
</ul>


In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021
We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms
Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO


J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'

<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

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>Business model: how does CaiNiao get paid, and by whom, and for what?</li>
<li>Key relationships with parent Alibaba and with China's listed express companies</li>
<li>Differentiators: what makes CaiNiao different from other e-comm logistics names?</li>
</ul>


Business model: how does CaiNiao get paid, and by whom, and for what?
Key relationships with parent Alibaba and with China's listed express companies
Differentiators: what makes CaiNiao different from other e-comm logistics names?


CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

China

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.

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Yunda Holding (002120 CH)

J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results

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

Tracking Traffic

J&T Global Express Pre-IPO, Part 3: 'New Markets' & X-Border | Our Initial EV Estimate Is US$8.6 Bn

We're pulling this note out of the archives in light of J&T’s updated HKEX filing and its decision to begin pushing forward with its IPO this week....

Tracking Traffic

J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'

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

Tracking Traffic

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

CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

In this insight we look at CaiNiao's busines model, its relationships with Alibaba and the express companies, and the ways in which it...

Tracking Traffic

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