Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

Full Truck Alliance Q223 Earnings: Strong Top-Line | Sharp Margin Expansion | Shares Inexpensive

2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER

TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | 'Unbelievable' Cost Control | Hidden Competition

TRACKING TRAFFIC/Alibaba Logistics Arm CaiNiao May Seek HK IPO Soon

TRACKING TRAFFIC: Chinese Express / No Signs of a Sharp Recovery in Jan-Feb Data

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Down 66% from its 2021 IPO price, <a href="https://www.smartkarma.com/entities/full-truck-alliance" target="_blank" data-smartkarma-citation="entities:33429:1" rel="noopener">Full Truck Alliance (YMM US)</a> has been a loser for investors, though we would argue its underlying performance on fundamentals has been mixed</li>
<li>We believe FTA's narrow focus on expanding its lead in China's spot, inter-city FTL trucking market blinds management to the broader role it must pursue to ensure long-term growth</li>
<li>FTA should aggressively funnel users into its Transaction Commission segment and invest in building a Transportation Management Software offering to attract and retain customers</li>
</ul>


Down 66% from its 2021 IPO price, Full Truck Alliance (YMM US) has been a loser for investors, though we would argue its underlying performance on fundamentals has been mixed
We believe FTA's narrow focus on expanding its lead in China's spot, inter-city FTL trucking market blinds management to the broader role it must pursue to ensure long-term growth
FTA should aggressively funnel users into its Transaction Commission segment and invest in building a Transportation Management Software offering to attract and retain customers


Cainiao Smart Logistics Network (1437124D HK)

Full Truck Alliance: Currently Less Than 'Full Loaded', but Issues Are Fully Fixable