Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker | A New Price War Among China's 'Sort & Transport' Express Names

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

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

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

Cainiao Smart Logistics Network / Equity Bottom-Up

Cainiao Smart Logistics Network (1437124D HK)

<ul>
<li>For certain companies now seeking IPOs, X-border volumes may serve as demand proxy</li>
<li>In 2023, Chinese X-border volume growth has accelerated, up +55% Y/Y through September</li>
<li>In developing X-border express market, lower ASPs are actually a good thing, in our view</li>
</ul>


For certain companies now seeking IPOs, X-border volumes may serve as demand proxy
In 2023, Chinese X-border volume growth has accelerated, up +55% Y/Y through September
In developing X-border express market, lower ASPs are actually a good thing, in our view


YTO Express (International) Holdings (6123 HK)

Introducing Monthly Tracking of Chinese X-Border Express Parcel Data | YTD Volume up +55%, ASPs -25%