Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

ZTO Express Q324 Results: Shift in Strategy Leads to Lower Core Margins & FY24 Guidance Cut | AVOID

J&T Global Express H124 Results: A Dramatic Turnaround? But Something Doesn't Make Sense

Monthly Chinese Express Tracker | Strong June Volume | Weak Pricing and Intl | (July 2024)

ZTO Express Q423 Results & Guidance in One Simple Table | +32% Volume --> +2% EPS?! | AVOID

SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

SF Holding Pre-IPO: FY23, Q124 Results Reviewed | Sales Mix Impacts | Recent Monthly Revenue Trend

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Headline numbers for ZTO in Q224 were +10% Revenue, +12% EBITDA</li>
<li>But gross margin in core express segment fell, as did Operating Cash Flow</li>
<li>ZTO left guidance unchanged for FY24; we recommend investors AVOID it</li>
</ul>


Headline numbers for ZTO in Q224 were +10% Revenue, +12% EBITDA
But gross margin in core express segment fell, as did Operating Cash Flow
ZTO left guidance unchanged for FY24; we recommend investors AVOID it


Cainiao Smart Logistics Network (1437124D HK)

ZTO Express Q224 Results: Slow Top-Line Growth | Margin Compression in Core Express Business | AVOID

ZTO Express Cayman

ZTO Express Q224 Results: Slow Top-Line Growth | Margin Compression in Core Express Business | AVOID