Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker | August ASPs Plunge | Long SF / Short 'Ground'? | (September 2023)

CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

Full-Year Results for Alibaba's CaiNiao: Reduced Losses, Slower Growth, and A (Likely) 2024 IPO

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

With A Long-Anticipated IPO on the Horizon, Alibaba's Cainiao Posts Stellar June Quarter Results

SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

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


YTO Express (International) Holdings (6123 HK)

Cainiao Smart Logistics Network (1437124D HK)

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

S.F. Holding

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