In today’s briefing:
- Zeekr Pre-IPO – The Positives – Has Been Growing Very Fast While Meeting Its Targets
- CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation
- Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global
Zeekr Pre-IPO – The Positives – Has Been Growing Very Fast While Meeting Its Targets
- Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing.
- Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
- In this note, we talk about the positive aspects of the deal.
CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation
- J&T debuted with a rich valuation, but little investor enthusiasm to date
- Focusing on J&T’s valuation alone could be a boon to CaiNiao’s valuation…
- …but, with few other comps, J&T’s lackluster early performance could be a drag
Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global
- 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&T
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