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

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>Led by international activity, CaiNiao booked +25% Y/Y revenue growth in FYQ2</li>
<li>FYQ2 EBITA margin improved Y/Y and Q/Q, even as express companies struggled</li>
<li>Result bolsters CaiNiao status as vehicle to access BABA's international growth</li>
</ul>


Led by international activity, CaiNiao booked +25% Y/Y revenue growth in FYQ2
FYQ2 EBITA margin improved Y/Y and Q/Q, even as express companies struggled
Result bolsters CaiNiao status as vehicle to access BABA's international growth


CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

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/ JD/ PDD/ 1024.HK/ ZTO/ 1519.HK: Double 11 eCommerce update (+)</li>
<li>BABA/BIDU/700HK: Alibaba Cloud crashed for several hours during the weekend (-/+/+)</li>
<li>On November 12, 2023 Alibaba Cloud reportedly crashed for several hours, and in the process resulted in outages for Alibaba services and customer websites that stopped functioning properly.</li>
</ul>


BABA/ JD/ PDD/ 1024.HK/ ZTO/ 1519.HK: Double 11 eCommerce update (+)
BABA/BIDU/700HK: Alibaba Cloud crashed for several hours during the weekend (-/+/+)
On November 12, 2023 Alibaba Cloud reportedly crashed for several hours, and in the process resulted in outages for Alibaba services and customer websites that stopped functioning properly.


[Blue Lotus Daily] BABA/JD/PDD/1024.HK/ZTO/1519.HK/BIDU/Tencent 700.HK

<ul>
<li>J&amp;T debuted with a rich valuation, but little investor enthusiasm to date</li>
<li>Focusing on J&amp;T's valuation alone could be a boon to CaiNiao's valuation...</li>
<li>...but, with few other comps, J&amp;T's lackluster early performance could be a drag</li>
</ul>


J&amp;T debuted with a rich valuation, but little investor enthusiasm to date
Focusing on J&amp;T's valuation alone could be a boon to CaiNiao's valuation...
...but, with few other comps, J&amp;T's lackluster early performance could be a drag


CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

J&T Global Express  / Equity Capital Markets

<ul>
<li>KEX's EBIT margin fell to -38% in Q323, but showed Q/Q improvement vs Q223</li>
<li>Q/Q progress on margin most likely due to KEX initiatives, not market recovery</li>
<li>Ongoing weakness in Thai domestic express market marginally negative for J&amp;T </li>
</ul>


KEX's EBIT margin fell to -38% in Q323, but showed Q/Q improvement vs Q223
Q/Q progress on margin most likely due to KEX initiatives, not market recovery
Ongoing weakness in Thai domestic express market marginally negative for J&amp;T 


Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

<ul>
<li>BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+)</li>
<li>BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November</li>
<li>XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)</li>
</ul>


BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+)
BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November
XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)


[Blue Lotus Daily]: BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

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)

CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

CaiNiao's FYQ2 revenue growth was solid, and core margins improved. The company has emerged as a vehicle for gaining access to Alibaba's...

Tracking Traffic

[Blue Lotus Daily] BABA/JD/PDD/1024.HK/ZTO/1519.HK/BIDU/Tencent 700.HK

Double 11 eCommerce update;Alibaba Cloud reportedly crashed for several hours during last weekend, third-party Alibaba Cloud Customers were also...

Blue Lotus Research Institute

CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

For better or worse, we believe investors will view J&T Global Express' recent IPO as the primary reference point for CaiNiao's planned IPO in Hong...

Tracking Traffic

Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

Q323 was another quarter of Y/Y declines in revenue and margins for KEX, though profitability actually improved versus Q2. The read-through for...

Tracking Traffic

[Blue Lotus Daily]: BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Daily news including JD.com, Alibaba, PDD Holdings, ZTO Express Cayman, J&T Global Express, KE Holdings, XPeng, and Li Auto.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

CaiNiao's FYQ2 revenue growth was solid, and core margins improved. The company has emerged as a vehicle for gaining access to Alibaba's...

Tracking Traffic

[Blue Lotus Daily] BABA/JD/PDD/1024.HK/ZTO/1519.HK/BIDU/Tencent 700.HK

​Double 11 eCommerce update;Alibaba Cloud reportedly crashed for several hours during last weekend, third-party Alibaba Cloud Customers were also...

Blue Lotus Research Institute

CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

For better or worse, we believe investors will view J&T Global Express' recent IPO as the primary reference point for CaiNiao's planned IPO in Hong...

Tracking Traffic

Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

Q323 was another quarter of Y/Y declines in revenue and margins for KEX, though profitability actually improved versus Q2. The read-through for...

Tracking Traffic

[Blue Lotus Daily]: BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Daily news including JD.com, Alibaba, PDD Holdings, ZTO Express Cayman, J&T Global Express, KE Holdings, XPeng, and Li Auto.

Blue Lotus Research Institute

Double 11 eCommerce update;Alibaba Cloud reportedly crashed for several hours during last weekend, third-party Alibaba Cloud Customers were also...