Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

<ul>
<li>March demand growth improved vs weak February, but Q125 showed clear slowdown vs trend</li>
<li>Relatively strong demand growth for outbound travel is no longer lifting airline load factors</li>
<li>Near-Term, we no longer view Chinese travel as attractive, as stocks appear to lack catalysts</li>
</ul>


March demand growth improved vs weak February, but Q125 showed clear slowdown vs trend
Relatively strong demand growth for outbound travel is no longer lifting airline load factors
Near-Term, we no longer view Chinese travel as attractive, as stocks appear to lack catalysts


Monthly Chinese Tourism Tracker | March and Q125 Demand Growth Weak Vs Trend (April 2025)

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>FY24 revenue growth of 19% solid, but mostly driven by one operating segment</li>
<li>Gross margin in FY24 fell on mix, but platform monetization down, too</li>
<li>Sharp growth in FY24 working capital requires investors' close attention</li>
</ul>


FY24 revenue growth of 19% solid, but mostly driven by one operating segment
Gross margin in FY24 fell on mix, but platform monetization down, too
Sharp growth in FY24 working capital requires investors' close attention


Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Evergreen Marine Corp. (Taiwan) Ltd. transports freight by ships. The Company operates container ships to move freight throughout the world. Evergreen Marine has interests in terminals, airline operations and motor freight transportation, as well as container manufacturing.

<ul>
<li>For the first time since Q322, our price momentum index flipped to negative</li>
<li>We see few signs of US tariff impacts in the March data -- not surprising</li>
<li>New US levies on China-built ships unhelpful, but most carriers can adjust</li>
</ul>


For the first time since Q322, our price momentum index flipped to negative
We see few signs of US tariff impacts in the March data -- not surprising
New US levies on China-built ships unhelpful, but most carriers can adjust


Monthly Container Shipping Tracker | Price Turns Negative | Tariff, Ship Levy Impacts (April 2025)

Air China Limited provides passenger, cargo, and airline-related services in China.  The Company is primarily based in Beijing and a major hub for domestic and international air transportation.  Air China's airline-related services include aircraft maintenance, repair, overhaul service, ground services, and in-flight catering services.

<ul>
<li>Combined January-February activity indicates demand growth continues to slow down</li>
<li>Similarly, capacity restoration &amp; load factors on outbound flights appear to have stagnated </li>
<li>We expect shares of Chinese airlines to continue to outperform travel platform Trip.com</li>
</ul>


Combined January-February activity indicates demand growth continues to slow down
Similarly, capacity restoration &amp; load factors on outbound flights appear to have stagnated 
We expect shares of Chinese airlines to continue to outperform travel platform Trip.com


Monthly Chinese Tourism Tracker | Growth of Travel Demand Slowed in January-February (March 2025)

S. F. Holding Co., Ltd. offers express courier services. The Company provides logistics, order tracking, supply chain management, warehousing, and other services. S. F. Holding offers services worldwide.

<ul>
<li>By some measures, combined Jan-Feb volume growth slowed vs recent trend growth rates</li>
<li>Volume leader ZTO rejoining volume share game in FY25, -ive implications for pricing?</li>
<li>With concerns about mainstream price growing, we continue to favor only SF Holding</li>
</ul>


By some measures, combined Jan-Feb volume growth slowed vs recent trend growth rates
Volume leader ZTO rejoining volume share game in FY25, -ive implications for pricing?
With concerns about mainstream price growing, we continue to favor only SF Holding


Monthly Chinese Express Tracker | Volume, Price Trends | ZTO Rejoins Volume Game | (March 2025)

Daniel Hellberg
Asian Equities Analyst, Logistics & Transport
• Tracking Traffic

Monthly Chinese Tourism Tracker | March and Q125 Demand Growth Weak Vs Trend (April 2025)

Data from China's leading airlines and some popular regional destinations show a clear slowing of travel demand growth in March and Q125. For now,...

Tracking Traffic

Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Lalatech's latest IPO application in Hong Kong shows solid FY24 growth, but we identify three key issues that deserve investors' attention.

Tracking Traffic

Monthly Container Shipping Tracker | Price Turns Negative | Tariff, Ship Levy Impacts (April 2025)

In March we believe average deep-sea container rates fell Y/Y. Risks facing the carriers -- higher tariffs, new levies on Chinese ships in the US,...

Tracking Traffic

Monthly Chinese Tourism Tracker | Growth of Travel Demand Slowed in January-February (March 2025)

The growth of Chinese travel demand appeared to slow in the first two months of 2025. We believe the Chinese airlines can continue to outperform...

Tracking Traffic

Monthly Chinese Express Tracker | Volume, Price Trends | ZTO Rejoins Volume Game | (March 2025)

Combined January-February parcel volume growth moderated, but it's too early to say this is a departure from trend. We're now more concerned about...

Tracking Traffic