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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>In Depth: The shadowy businessman behind a multibillion-dollar bank swindle</li><li>Chongqing monkeypox patient caught the disease in Berlin, China CDC says</li><li>Former Shanghai police chief sentenced to life in prison for corruption</li></ul>

In Depth: The shadowy businessman behind a multibillion-dollar bank swindleChongqing monkeypox patient caught the disease in Berlin, China CDC saysFormer Shanghai police chief sentenced to life in prison for corruption

CX Daily: The Shadowy Businessman Behind a Multibillion-Dollar Bank Swindle

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>The Aug China Express Development Index points to further industry recovery; and as the leader with 23% (+2pp YoY) market share, <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express (2057 HK)</a> should ride on the uptrend. </li>
<li>Sustained volume outperformance, upside on pricing and excellent cost control capability are drivers in 2H22. We are also comfortable with its solid financial position. </li>
<li>ZTO Express has above-average earnings quality and enjoys benefits from industry consolidation. Its on par valuation with the industry makes the stock appealing.</li>
</ul>


The Aug China Express Development Index points to further industry recovery; and as the leader with 23% (+2pp YoY) market share, ZTO Express (2057 HK) should ride on the uptrend. 
Sustained volume outperformance, upside on pricing and excellent cost control capability are drivers in 2H22. We are also comfortable with its solid financial position. 
ZTO Express has above-average earnings quality and enjoys benefits from industry consolidation. Its on par valuation with the industry makes the stock appealing.


ZTO Express (2057 HK/​ZTO US): Quality Speaks for Itself

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce.</li>
<li>The market size of Chinese online game continued to shrink in July.</li>
<li>Alibaba’s Ele.me sets up a mini-program on TikTok to fight Meituan.</li>
</ul>


Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce.
The market size of Chinese online game continued to shrink in July.
Alibaba’s Ele.me sets up a mini-program on TikTok to fight Meituan.


China Internet Weekly (22Aug22): E-Commerce, Logistics, Online Game, Food Delivery

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman Inc (2057 HK)</a> has outperformed industry volume growth in 1Q22 and such trend continues into 2Q22 with good ASP improvement and cost control. </li>
<li>Its strong operating cash flow and declining capex will lead to an accumulation of cash over the next few years, adding to the 1Q22 net cash position of Rmb4.1bn. </li>
<li>We think the stock's underperformance against peers not warranted. With a below-sector earnings multiple, leadership position and successful business model, we consider ZTO a "Growth at a reasonable price".</li>
</ul>



ZTO Express Cayman Inc (2057 HK) has outperformed industry volume growth in 1Q22 and such trend continues into 2Q22 with good ASP improvement and cost control. 
Its strong operating cash flow and declining capex will lead to an accumulation of cash over the next few years, adding to the 1Q22 net cash position of Rmb4.1bn. 
We think the stock's underperformance against peers not warranted. With a below-sector earnings multiple, leadership position and successful business model, we consider ZTO a "Growth at a reasonable price".


ZTO Express (2057 HK/ZTO US): Growth at a Reasonable Price

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.

Equity Capital Markets

<ul>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-delivering-losses" target="_blank" data-smartkarma-citation="insights:61272" rel="noopener">SF Intra-City Industrial IPO: Delivering Losses</a>, we noted that SF Intra-city’s fundamentals are less than inspiring. </li>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:61939" rel="noopener">SF Intra-City Industrial IPO: Valuation Insights</a>, we noted that the IPO price is unattractive in the context of its unappetizing mix of high growth at the cost of losses.  </li>
<li>The IPO price is HK$16.42 and it closed -9% lower in the grey market. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.  </li>
</ul>


In SF Intra-City Industrial IPO: Delivering Losses, we noted that SF Intra-city’s fundamentals are less than inspiring. 
In SF Intra-City Industrial IPO: Valuation Insights, we noted that the IPO price is unattractive in the context of its unappetizing mix of high growth at the cost of losses.  
The IPO price is HK$16.42 and it closed -9% lower in the grey market. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.  


SF Intra-City Industrial IPO: Trading Debut

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)

CX Daily: The Shadowy Businessman Behind a Multibillion-Dollar Bank Swindle

In Depth: The shadowy businessman behind a multibillion-dollar bank swindle. Chongqing monkeypox patient caught the disease in Berlin, China CDC says

Caixin Global

ZTO Express (2057 HK/ZTO US): Quality Speaks for Itself

Industry figures suggest express market to continue recover in Aug and ZTO Express is best benefited given its number one position. Upside of ASP...

Osbert Tang, CFA

China Internet Weekly (22Aug22): E-Commerce, Logistics, Online Game, Food Delivery

Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce. The market size of Chinese online game continued to...

Ming Lu

ZTO Express (2057 HK/ZTO US): Growth at a Reasonable Price

ZTO Express has outperformed industry volume growth with healthy pricing levels so far into FY22. We anticipate it will continue to add net cash to...

Osbert Tang, CFA

SF Intra-City Industrial IPO: Trading Debut

The IPO price is HK$16.42 and shares will be listed on 14 Dec. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.

Arun George

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CX Daily: The Shadowy Businessman Behind a Multibillion-Dollar Bank Swindle

In Depth: The shadowy businessman behind a multibillion-dollar bank swindle. Chongqing monkeypox patient caught the disease in Berlin, China CDC says

Caixin Global

ZTO Express (2057 HK/​ZTO US): Quality Speaks for Itself

Industry figures suggest express market to continue recover in Aug and ZTO Express is best benefited given its number one position. Upside of ASP...

Osbert Tang, CFA

China Internet Weekly (22Aug22): E-Commerce, Logistics, Online Game, Food Delivery

Logistics companies’ revenue grew by over 10%, which reflects the recovery of e-commerce. The market size of Chinese online game continued to...

Ming Lu

ZTO Express (2057 HK/ZTO US): Growth at a Reasonable Price

ZTO Express has outperformed industry volume growth with healthy pricing levels so far into FY22. We anticipate it will continue to add net cash to...

Osbert Tang, CFA

SF Intra-City Industrial IPO: Trading Debut

The IPO price is HK$16.42 and shares will be listed on 14 Dec. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.

Arun George

ZTO Express (2057 HK/ZTO US): Quality Speaks for Itself