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

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

The Four Listed Chinese Express Companies Suffered Significant Margin Erosion in Q323

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

ZTO Express Q1 Results Surprise: Despite Lower Pricing, Margins Up Y/Y | Mgmt Raises Volume Guidance

Monthly Chinese Express Tracker | Mainstream ASPs Down 10% in June | J&T IPO Impact? | (July 2023)

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

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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Solid Q2 results from ZTO, with deep unit cost reductions offseting weak pricing</li>
<li>But ultimately, Q2/H1 results are merely in-line with guidance -- not better, nor worse</li>
<li>In this environment, it's difficult to see what will move ZTO out of recent trading range</li>
</ul>


Solid Q2 results from ZTO, with deep unit cost reductions offseting weak pricing
But ultimately, Q2/H1 results are merely in-line with guidance -- not better, nor worse
In this environment, it's difficult to see what will move ZTO out of recent trading range


Cainiao Smart Logistics Network (1437124D HK)

ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

ZTO Express Cayman

ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher