Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express</a>, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and its PHIP updates in our earlier notes. In this note we will undertake a peer comparison.</li>
</ul>



J&amp;T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and its PHIP updates in our earlier notes. In this note we will undertake a peer comparison.


J&T Global Express Pre-IPO - Peer Comparison

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.</li>
</ul>



Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.


Lalatech Holdings Pre-IPO - Refiling Updates - Growth and Profit Pickup but Valuation Gap Remains

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a>, a leading express delivery business in Southeast Asia and China, is pre-marketing a HKEx IPO to raise US$500 million, according to press reports.   </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104964" rel="noopener">J&amp;T Global Express IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105041" rel="noopener">J&amp;T Global Express IPO: The Bear Case</a>. </li>
<li>The PHIP filing favours the bull case due to a return to organic growth across the main geographies, maiden profitability, stabilization in contract liabilities and declining FCF burn.</li>
</ul>



J&amp;T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China, is pre-marketing a HKEx IPO to raise US$500 million, according to press reports.   
We previously discussed the IPO in J&amp;T Global Express IPO: The Bull Case and J&amp;T Global Express IPO: The Bear Case. 
The PHIP filing favours the bull case due to a return to organic growth across the main geographies, maiden profitability, stabilization in contract liabilities and declining FCF burn.


J&T Global Express IPO: Updates Tilts the Balance Positively

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>H1 results from KEX Thailand and Kerry Logistics can help us understand J&amp;T Global Express</li>
<li>Thailand likely to be a medium-term drag on J&amp;T's earnings, in our view</li>
<li>But if KLN's H1 results are representative, rest of SE Asia is probably OK</li>
</ul>


H1 results from KEX Thailand and Kerry Logistics can help us understand J&amp;T Global Express
Thailand likely to be a medium-term drag on J&amp;T's earnings, in our view
But if KLN's H1 results are representative, rest of SE Asia is probably OK


J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results

<ul>
<li>In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021</li>
<li>We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms</li>
<li>Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO</li>
</ul>


In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021
We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms
Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO


J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'

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.

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

ZTO Express Cayman (ZTO US)

J&T Global Express Pre-IPO - Peer Comparison

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we...

Sumeet Singh

Lalatech Holdings Pre-IPO - Refiling Updates - Growth and Profit Pickup but Valuation Gap Remains

Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO. In this note we talk about the refiling updates.

Sumeet Singh

J&T Global Express IPO: Updates Tilts the Balance Positively

The PHIP filing favours the bull case due to a return to organic growth across the main geographies, maiden profitability, stabilization in...

Arun George

J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results

We're pulling this insight out of the archives in light of J&T’s updated HKEX filing and its decision to begin pushing forward with its IPO this...

Tracking Traffic

J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'

We're pulling this insight out of the archives in light of J&T's updated HKEX filing and its decision to begin pushing forward with its IPO this...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)