Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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>BABA US/9699 HK/DADA US /JD US /PDD US /ZTO US /1519 HK/3690 HK:Taobao/Tmall to open one-hour delivery option to merchants on its platform (+/+/+/-/-/-/-/-)</li>
<li>NTES US: NetEase showcased their latest tactical shooter game, &lt;FragPunk&gt;, which is expected to launch in 2025.(+)</li>
<li>TCOM US/ATAT US : Travel consumption remained moderate during the Dragon Boat Festival.(-/-)</li>
</ul>


BABA US/9699 HK/DADA US /JD US /PDD US /ZTO US /1519 HK/3690 HK:Taobao/Tmall to open one-hour delivery option to merchants on its platform (+/+/+/-/-/-/-/-)
NTES US: NetEase showcased their latest tactical shooter game, &lt;FragPunk&gt;, which is expected to launch in 2025.(+)
TCOM US/ATAT US : Travel consumption remained moderate during the Dragon Boat Festival.(-/-)


[Blue Lotus Daily - TMT Update]:BABA /9699HK/DADA/JD/PDD/ZTO/1519 HK/3690 HK/NTES/TCOM/ATAT

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

<ul>
<li>CaiNiao and JD Logistics have grown far faster than their parents' platforms in recent years, and also far faster than "plain vanilla" Chinese express companies</li>
<li>CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China's domestic e-commerce activity</li>
<li>In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF's "plain vanilla" peers in express</li>
</ul>


CaiNiao and JD Logistics have grown far faster than their parents' platforms in recent years, and also far faster than "plain vanilla" Chinese express companies
CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China's domestic e-commerce activity
In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF's "plain vanilla" peers in express


CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

<ul>
<li>Kerry Logistics Network will pay a special dividend in the form of KEX shares</li>
<li>This will trigger a general offer by SF Holding for all KEX shares at THB 5.50</li>
<li>Why is SF Holding doing this, &amp; how could its int'l express business change?</li>
</ul>


Kerry Logistics Network will pay a special dividend in the form of KEX shares
This will trigger a general offer by SF Holding for all KEX shares at THB 5.50
Why is SF Holding doing this, &amp; how could its int'l express business change?


Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding's Role & Objectives

<ul>
<li>Review of Q2/H1 results, including impact from international, Kerry Logistics Network</li>
<li>Refining idea of "internationalization", which we believe is driving force behind SF's HK IPO</li>
<li>Testing thesis: did air and international exposure help or hurt SF margins in H1?</li>
</ul>


Review of Q2/H1 results, including impact from international, Kerry Logistics Network
Refining idea of "internationalization", which we believe is driving force behind SF's HK IPO
Testing thesis: did air and international exposure help or hurt SF margins in H1?


SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>After CaiNiao halted IPO in late March, company reported lower Q4 margins</li>
<li>What drove Q4 margin deterioration, retention payments or weaker X-border?</li>
<li>With IPO off the table, supporting AliExpress becomes CaiNiao's main role</li>
</ul>


After CaiNiao halted IPO in late March, company reported lower Q4 margins
What drove Q4 margin deterioration, retention payments or weaker X-border?
With IPO off the table, supporting AliExpress becomes CaiNiao's main role


CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (ZTO US)

[Blue Lotus Daily - TMT Update]:BABA /9699HK/DADA/JD/PDD/ZTO/1519 HK/3690 HK/NTES/TCOM/ATAT

Taobao/Tmall offers one-hour delivery to merchants, NetEase unveils new game FragPunk for 2025 launch, travel consumption during Dragon Boat...

Blue Lotus Research Institute

CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding's Role & Objectives

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

Alibaba's logistics subsidiary CaiNiao reported an EBITA loss in its Q4 results, the first in FY24. Was it the result of retention payments after...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:BABA /9699HK/DADA/JD/PDD/ZTO/1519 HK/3690 HK/NTES/TCOM/ATAT

​Taobao/Tmall offers one-hour delivery to merchants, NetEase unveils new game FragPunk for 2025 launch, travel consumption during Dragon Boat...

Blue Lotus Research Institute

CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding's Role & Objectives

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

Alibaba's logistics subsidiary CaiNiao reported an EBITA loss in its Q4 results, the first in FY24. Was it the result of retention payments after...

Tracking Traffic

Taobao/Tmall offers one-hour delivery to merchants, NetEase unveils new game FragPunk for 2025 launch, travel consumption during Dragon Boat...