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 Bottom-Up

<ul>
<li>August outbound travel activity surged against easy 2022 comps, but offered no surprises</li>
<li>The pace of outbound capacity rebuild slowed in August -- what do airlines see ahead?</li>
<li>Is there really "pent-up" tourism demand among Chinese consumers? We don't think so</li>
</ul>


August outbound travel activity surged against easy 2022 comps, but offered no surprises
The pace of outbound capacity rebuild slowed in August -- what do airlines see ahead?
Is there really "pent-up" tourism demand among Chinese consumers? We don't think so


Monthly Chinese Tourism Tracker | 'Pent-Up' Travel Demand -- Does China Have Any? | (September 2023)

<ul>
<li>Strong Q2 results out Tuesday morning beat consensus Revenue and core EPS estimates</li>
<li>But concerns remain about expense control and longevity of ongoing demand recovery</li>
<li>Great Q2 results, yes, but we think investors want more clarity about H2 demand</li>
</ul>


Strong Q2 results out Tuesday morning beat consensus Revenue and core EPS estimates
But concerns remain about expense control and longevity of ongoing demand recovery
Great Q2 results, yes, but we think investors want more clarity about H2 demand


Trip.com Q223 Quick Take: Revenue, EPS > Consensus | Guidance? Not Much | Still No Upside Surprises

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Airlines /: Lower fares and a regional focus help China’s private airlines win race to profitability</li><li>PMI /: China’s factory activity gets back to growth, but recovery remains patchy, Caixin PMI shows</li><li>NDB /: BRICS-backed New Development Bank issues record $1.2 billion of panda bonds</li></ul>

Airlines /: Lower fares and a regional focus help China’s private airlines win race to profitabilityPMI /: China’s factory activity gets back to growth, but recovery remains patchy, Caixin PMI showsNDB /: BRICS-backed New Development Bank issues record $1.2 billion of panda bonds

CX Daily: Lower Fares and a Regional Focus Help China’s Private Airlines Win Race to Profitability

Thematic (Sector/Industry)

<ul><li>China’s civil aviation industry plunged deeper into the red in 2022 as Covid restrictions effectively shut down international travel</li><li>However, there are hopes things may turn around quickly after the abandonment of the “zero-Covid” strategy last month</li><li>The country’s airline companies posted a combined loss of 216 billion yuan ($31.8 billion) last year, widening from 84.3 billion yuan in 2021 and 94.7 billion in 2020</li></ul>

China’s civil aviation industry plunged deeper into the red in 2022 as Covid restrictions effectively shut down international travelHowever, there are hopes things may turn around quickly after the abandonment of the “zero-Covid” strategy last monthThe country’s airline companies posted a combined loss of 216 billion yuan ($31.8 billion) last year, widening from 84.3 billion yuan in 2021 and 94.7 billion in 2020

Losses Blow Out at China’s Airlines as Passengers Dip to 12-Year Low

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Beijing-Shanghai High Speed Ra / Event-Driven

<ul>
<li>On Monday, the CSRC and the SFC agreed to further deepen mutual stock market access between the Mainland and Hong Kong and promote the development of both capital markets.</li>
<li>For Northbound Stock Connect, the eligible universe has been widely expanded to include constituents of the SSE A Share Index and the SZSE Composite Index.</li>
<li>There are 1,112 stocks that join the eligible universe, and 938 stocks currently meet the criteria for Northbound Stock Connect inclusion. There are implications for inclusion in global indices.</li>
</ul>


On Monday, the CSRC and the SFC agreed to further deepen mutual stock market access between the Mainland and Hong Kong and promote the development of both capital markets.
For Northbound Stock Connect, the eligible universe has been widely expanded to include constituents of the SSE A Share Index and the SZSE Composite Index.
There are 1,112 stocks that join the eligible universe, and 938 stocks currently meet the criteria for Northbound Stock Connect inclusion. There are implications for inclusion in global indices.


Northbound Stock Connect Expansion: Potential Changes in 2023

China

Spring Airlines Co., Ltd. offers air transportation services. The Company provides domestic air transportation, international air transportation, cargo transportation, and other services. Spring Airlines also offers ticket home delivery, insurance transaction, and other services.

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Spring Airlines (601021 CH)

Monthly Chinese Tourism Tracker | 'Pent-Up' Travel Demand -- Does China Have Any? | (September 2023)

What is "pent-up" demand, and nine months into a recovery in travel activity, does China still have any? We review outbound activity, domestic...

Tracking Traffic

Trip.com Q223 Quick Take: Revenue, EPS > Consensus | Guidance? Not Much | Still No Upside Surprises

Trip.com reported solid Q223 results on Tuesday morning. We have concerns about expense control, and we also sense that investors want clear...

Tracking Traffic

CX Daily: Lower Fares and a Regional Focus Help China’s Private Airlines Win Race to Profitability

Airlines /: Lower fares and a regional focus help China’s private airlines win race to profitability PMI /: China’s factory activity gets back to...

Caixin Global

Losses Blow Out at China’s Airlines as Passengers Dip to 12-Year Low

China’s civil aviation industry plunged deeper into the red in 2022 as Covid restrictions effectively shut down international travel

Caixin Global

Northbound Stock Connect Expansion: Potential Changes in 2023

The universe for inclusion in Northbound Stock Connect has been expanded to include the SSE A Share Index and the SZSE Composite Index...

Brian Freitas

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