Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker: Fight For Parcel Volume Share Heated Up in Q424 (January 2025)

Monthly Air Cargo Tracker | Inaugural Edition | Low Cargo Load Factors and Moderating Demand Growth

Monthly Air Cargo Tracker | January: Soft Demand, Low LFs | Ocean Growth > Air Growth (March 2025)

Quick Take on J&T Global Express Q324: Volume Growth in All Segments Slowed Dramatically

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

Monthly Chinese Express Tracker | November Volume, ASPs | Review of YTD Performance (December 2024)

SF Holding Pre-IPO: Head-To-Head Comparison of SF Holding & JD Logistics

Monthly Chinese Express Tracker | October Volume Firmed | ZTO Disappoints | SF HK IPO This Week

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Q424 volume growth for J&amp;T's two main segments accelerated -- but how'd they do it?</li>
<li>In Chinese domestic segment last year, J&amp;T gained share vs market leader ZTO Express</li>
<li>We believe J&amp;T's volatile growth patterns could indicate painful price-volume tradeoffs</li>
</ul>


Q424 volume growth for J&amp;T's two main segments accelerated -- but how'd they do it?
In Chinese domestic segment last year, J&amp;T gained share vs market leader ZTO Express
We believe J&amp;T's volatile growth patterns could indicate painful price-volume tradeoffs


Cainiao Smart Logistics Network (1437124D HK)

ZTO FY24 & J&T Global Q424 Volume Growth Rates Suggest Painful Price-Volume Tradeoffs Continue