In today’s briefing:
- TUHU Car IPO: The Investment Case
- J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results
TUHU Car IPO: The Investment Case
- Tuhu Car (2007986D HK), a leading integrated online and offline platform for automotive service in China, is set to open books for its US$300 million IPO.
- Among independent aftermarket (IAM) stores in China, Tuhu ranked first in terms of both number of stores as of 31 December 2022 and annual automotive service revenue in 2022.
- The investment case rests on the return to growth, improving gross margin, a shift to profitability and a return to cash generation.
J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results
- H1 results from KEX Thailand and Kerry Logistics can help us understand J&T Global Express
- Thailand likely to be a medium-term drag on J&T’s earnings, in our view
- But if KLN’s H1 results are representative, rest of SE Asia is probably OK
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
