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>Compared to depressed traffic from last year, outbound travel in July was up dramatically; strong M/M growth versus June suggests the outbound recovery still has legs </li>
<li>Does China's relaxation of group travel to Japan and Korea matter? We offer context and conclude the change is helpful, but not a "game-changer" for overall travel demand</li>
<li>We also review July domestic traffic and preview Trip.com's Q2 results (out Sept 4th)</li>
</ul>


Compared to depressed traffic from last year, outbound travel in July was up dramatically; strong M/M growth versus June suggests the outbound recovery still has legs 
Does China's relaxation of group travel to Japan and Korea matter? We offer context and conclude the change is helpful, but not a "game-changer" for overall travel demand
We also review July domestic traffic and preview Trip.com's Q2 results (out Sept 4th)


Monthly Chinese Tourism Tracker | July Outbound Firm | Group Tour Impact | Trip.com Q2 (August 2023)

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Meituan/Ctrip.com/Atour: MCT announce the third batch of destination list for outbound group travel, bodes well for outbound travel recovery</li>
<li>ZTO: Cainiao Guoguo launches RMB 1.3bn in logistics subsidies for new Taobao/Tmall SMEs (-)</li>
<li>Tencent held the 2023 WeChat Advertising Ecology Partnership Conference (+)</li>
</ul>


Meituan/Ctrip.com/Atour: MCT announce the third batch of destination list for outbound group travel, bodes well for outbound travel recovery
ZTO: Cainiao Guoguo launches RMB 1.3bn in logistics subsidies for new Taobao/Tmall SMEs (-)
Tencent held the 2023 WeChat Advertising Ecology Partnership Conference (+)


China TMT Update-Meituan/Ctrip/Atour/Baba/ZTO/Tencent/-Cainiao/WeChat Ads Conference/Outbound Travel

<ul>
<li>LI: Li Auto adds L9 Pro trim to L9 series (+)</li>
<li>BABA/JD：Cainiao started half day delivery in 8 cities（+ / -）</li>
<li>3690HK/TCOM: Meituan established a strategic partnership with Amadeus to expand the outbound travel market（+/-）</li>
</ul>


LI: Li Auto adds L9 Pro trim to L9 series (+)
BABA/JD：Cainiao started half day delivery in 8 cities（+ / -）
3690HK/TCOM: Meituan established a strategic partnership with Amadeus to expand the outbound travel market（+/-）


China TMT Update-LI/BABA/JD/3690hk/TCOM-L9 Pro Trim/Cainiao Half Day Delivery/Meituan and Amadeus

<ul>
<li>We see decidedly mixed signals in Chinese outbound tourism numbers from June</li>
<li>Meanwhile, the modest pace of the recovery in domestic air traffic continued last month</li>
<li>What to look for in Q2/H1 earnings results over the next several weeks</li>
</ul>


We see decidedly mixed signals in Chinese outbound tourism numbers from June
Meanwhile, the modest pace of the recovery in domestic air traffic continued last month
What to look for in Q2/H1 earnings results over the next several weeks


Monthly Chinese Tourism Tracker | Outbound: Mixed Signals | Domestic: Steady | (July 2023)

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Travelsky Technology Ltd H / Equity Bottom-Up

<ul>
<li>Share price of <a href="https://www.smartkarma.com/entities/travelsky-technology-ltd-h" target="_blank" data-smartkarma-citation="entities:19829:1" rel="noopener">Travelsky Technology Ltd H (696 HK)</a> is still down YTD as investors are still overly cautious on Chinese travel data. </li>
<li>YTD operational data shows that the number of flights processed is very close to the pre-COVID era. </li>
<li>The company announced a profit alert recently, that should help to boost share price. </li>
</ul>


Share price of Travelsky Technology Ltd H (696 HK) is still down YTD as investors are still overly cautious on Chinese travel data. 
YTD operational data shows that the number of flights processed is very close to the pre-COVID era. 
The company announced a profit alert recently, that should help to boost share price. 


China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Monthly Chinese Tourism Tracker | July Outbound Firm | Group Tour Impact | Trip.com Q2 (August 2023)

The recovery in outbound Chinese tourism remained strong in July. In this insight we also look at relaxation of Chinese group travel to Japan and...

Tracking Traffic

China TMT Update-Meituan/Ctrip/Atour/Baba/ZTO/Tencent/-Cainiao/WeChat Ads Conference/Outbound Travel

MCT announce the third batch of destination list for outbound group travel;Cainiao Guoguo launches RMB 1.3bn in logistics subsidies;Tencent 2023...

Blue Lotus Research Institute

China TMT Update-LI/BABA/JD/3690hk/TCOM-L9 Pro Trim/Cainiao Half Day Delivery/Meituan and Amadeus

LI: Li Auto adds L9 Pro trim to L9 series (+);BABA/JD: Cainiao started half day delivery in 8 cities;3690HK/TCOM: Meituan established a strategic...

Blue Lotus Research Institute

Monthly Chinese Tourism Tracker | Outbound: Mixed Signals | Domestic: Steady | (July 2023)

We see mixed signals in June outbound travel activity, and the recovery in domestic activity continued at its modest pace. For value investors,...

Tracking Traffic

Travelsky (696): Time to Fly

Travelsky, a good proxy to Chinese tourism recovery besides Ctrip, has reported a profit alert, and the share price is still down YTD, presenting a...

Henry Soediarko

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