Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker | ASPs Still Under Pressure | Weaker X-Border Volume? | (March 2024)

Monthly Chinese Express Tracker | March ASPs Fell, Again | Volumes Moderated, Including X-Border

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

ZTO Express Q3: Margins Plunge Vs Q2 | Abandons Pursuit of Share Gains | Is There a New Strategy?

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

Monthly Chinese Express Tracker | Industry ASP Fell to Record Low Last Month | (February 2024)

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

Which Hong Kong E-Comm Logistics IPO Is Right for You? We Compare SF Holding, J&T, and CaiNiao

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>In Q423, ZTO's parcel volumes grew by +32% Y/Y, faster than market growth</li>
<li>But weak pricing resulted in EPS growth of just +2% Y/Y in the period</li>
<li>In FY24, management expects parcel growth to roughly halve - AVOID</li>
</ul>


In Q423, ZTO's parcel volumes grew by +32% Y/Y, faster than market growth
But weak pricing resulted in EPS growth of just +2% Y/Y in the period
In FY24, management expects parcel growth to roughly halve - AVOID


Cainiao Smart Logistics Network (1437124D HK)

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

ZTO Express Cayman

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