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>In this insight we preview J&amp;T's maiden earnings report as a listed company</li>
<li>We focus on revenue growth &amp; margin trends in the China &amp; SE Asia businesses</li>
<li>We fear slowing organic growth &amp; margin deterioration could spook investors</li>
</ul>


In this insight we preview J&amp;T's maiden earnings report as a listed company
We focus on revenue growth &amp; margin trends in the China &amp; SE Asia businesses
We fear slowing organic growth &amp; margin deterioration could spook investors


J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

Thematic (Sector/Industry)

<ul>
<li>For segments we cover -- express, containers, tourism -- 2023 was challenging</li>
<li>In this note we highlight each segment's key trends and themes from 2023</li>
<li>We conclude with a look at 2023 share performance and a peak into 2024</li>
</ul>


For segments we cover -- express, containers, tourism -- 2023 was challenging
In this note we highlight each segment's key trends and themes from 2023
We conclude with a look at 2023 share performance and a peak into 2024


Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

Equity Bottom-Up

<ul>
<li>In November, domestic parcel volume growth accelerated vs recent months</li>
<li>International remains very strong; STO keeps taking share from Yunda</li>
<li>Avoid domestic 'ground' segment, seek international growth in SF, CaiNiao</li>
</ul>


In November, domestic parcel volume growth accelerated vs recent months
International remains very strong; STO keeps taking share from Yunda
Avoid domestic 'ground' segment, seek international growth in SF, CaiNiao


Monthly Chinese Express Tracker | Prices Keep Sliding, Volume Share Keeps Shifting (December 2023)

<ul>
<li>Recently, Yunda Holding has lost volume share to rival STO Express </li>
<li>One reason could be Alibaba's transfer of its 25% stake in STO to CaiNiao</li>
<li>For Yunda, this dynamic adds to intense near-term pressure on margins</li>
</ul>


Recently, Yunda Holding has lost volume share to rival STO Express 
One reason could be Alibaba's transfer of its 25% stake in STO to CaiNiao
For Yunda, this dynamic adds to intense near-term pressure on margins


Beyond ASP Declines, Additional Dynamic Undermines Yunda | We Explain Roles of STO, BABA, CaiNiao

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>In this insight we review important e-comm logistics transactions from 2023</li>
<li>We also provide a preview of potential e-comm logistics deals in 2024</li>
<li>Interested readers can also find links to HKEX filings and our earlier insights</li>
</ul>


In this insight we review important e-comm logistics transactions from 2023
We also provide a preview of potential e-comm logistics deals in 2024
Interested readers can also find links to HKEX filings and our earlier insights


Asian E-Comm Logistics | Review of 2023 ECM and M&A Activity | Preview of 2024 Deals

China

YTO Express Group Co., Ltd. provides global express services. The Company also provides general cargo warehousing, domestic air transport agency, car rental, supply chain management, and other related services throughout China..

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

YTO Express (600233 CH)

J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

In our preview of the newly-listed express company's full-year and H223 earnings, we explain why we expect to see slowing organic revenue growth...

Tracking Traffic

Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

In this insight we look at the important trends and themes we've covered this year in the express, containers, and tourism sectors. We also...

Tracking Traffic

Beyond ASP Declines, Additional Dynamic Undermines Yunda | We Explain Roles of STO, BABA, CaiNiao

A loss of volume share to rival STO is adding to existing margin pressure at Yunda related to declining prices. This new dynamic could be related...

Tracking Traffic

Asian E-Comm Logistics | Review of 2023 ECM and M&A Activity | Preview of 2024 Deals

In this insight readers can find a review of ECM and M&A activity in the Asian E-comm logistics space in 2023, plus a preview of potential...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

In our preview of the newly-listed express company's full-year and H223 earnings, we explain why we expect to see slowing organic revenue growth...

Tracking Traffic

Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

In this insight we look at the important trends and themes we've covered this year in the express, containers, and tourism sectors. We also...

Tracking Traffic

Monthly Chinese Express Tracker | Prices Keep Sliding, Volume Share Keeps Shifting (December 2023)

Although domestic parcel volume has strengthened in recent months, pricing continues to weaken, and China's 'sort & transport' express companies...

Tracking Traffic

Beyond ASP Declines, Additional Dynamic Undermines Yunda | We Explain Roles of STO, BABA, CaiNiao

A loss of volume share to rival STO is adding to existing margin pressure at Yunda related to declining prices. This new dynamic could be related...

Tracking Traffic

Asian E-Comm Logistics | Review of 2023 ECM and M&A Activity | Preview of 2024 Deals

In this insight readers can find a review of ECM and M&A activity in the Asian E-comm logistics space in 2023, plus a preview of potential...

Tracking Traffic