Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Tourism Tracker | Decision to Slow Capacity Rebuild in Mid-2023 Now Looks Prudent

Monthly Chinese Tourism Tracker | Outbound Recovery Continues, but Some Regional Destinations Lag

Monthly Chinese Tourism Tracker | Outbound Grinds Forward | Domestic Weakness Not New | (May 2024)

Trip.com Q4 Quick Take: Strong Top-Line Growth | Impressive Expense Control | And Not Expensive

Monthly Chinese Tourism Tracker | China's 2023 Recovery in Ten Charts | (January 2024)

China's Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Adjusting for impact of LNY timing, January numbers still seem firm</li>
<li>Headline February / LNY 2024 traffic growth also appears solid</li>
<li>Our thesis remains that tourism recovery takes longer, strongest in H124</li>
</ul>


Adjusting for impact of LNY timing, January numbers still seem firm
Headline February / LNY 2024 traffic growth also appears solid
Our thesis remains that tourism recovery takes longer, strongest in H124


Mandarin Oriental International (MAND SP)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Monthly Chinese Tourism Tracker | January & Initial Read On February Both Indicate Solid Growth