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 Capital Markets

Zelos Technology / Equity Capital Markets

<ul>
<li>Late last week multiple media outlets reported Zelos Tech will seek an IPO in HK soon</li>
<li>In January this year Zelos took an investment from Alibaba's logistics subsidiary, CaiNiao</li>
<li>Zelos seems well-positioned to retain its lead in China's growing commercial AV segment</li>
</ul>


Late last week multiple media outlets reported Zelos Tech will seek an IPO in HK soon
In January this year Zelos took an investment from Alibaba's logistics subsidiary, CaiNiao
Zelos seems well-positioned to retain its lead in China's growing commercial AV segment


Media Reports: Alibaba-Backed Chinese 'Robovan' Maker Zelos Tech to Seek HK IPO, Could Raise US$600M

<ul>
<li>Shocking performance from International segment caused large Adj EBITA loss in Q425</li>
<li>The core Chinese ridehailing business continues to grow and generate improving margins</li>
<li>Ahead of a potential HK IPO, Didi must offer a pathway towards International recovery </li>
</ul>


Shocking performance from International segment caused large Adj EBITA loss in Q425
The core Chinese ridehailing business continues to grow and generate improving margins
Ahead of a potential HK IPO, Didi must offer a pathway towards International recovery 


Didi Q425 Results | China Biz Hums, International Losses Explode | Before an IPO, Didi Needs a Plan

Equity Bottom-Up

<ul>
<li>As expected, the pace of top-line growth slowed in Q425 following a strategic change in Q325</li>
<li>We're encouraged by the company's strong improvement in Q425 Adjusted OpInc margin</li>
<li>Modest forward PER and strong capital returns suggest BUY closer to US$8 per ADS</li>
</ul>


As expected, the pace of top-line growth slowed in Q425 following a strategic change in Q325
We're encouraged by the company's strong improvement in Q425 Adjusted OpInc margin
Modest forward PER and strong capital returns suggest BUY closer to US$8 per ADS


Full Truck Alliance Q425 Results: Q325 Change Hit Top-Line Growth, but Lifted OPM%; Buy near US$8

<ul>
<li>Didi's China business showed solid Y/Y growth, but International worsened dramatically</li>
<li>Spending on Sales &amp; Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%</li>
<li>Should it seek an IPO soon, Didi will have to show a path to profits for International segment</li>
</ul>


Didi's China business showed solid Y/Y growth, but International worsened dramatically
Spending on Sales &amp; Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%
Should it seek an IPO soon, Didi will have to show a path to profits for International segment


Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?

<ul>
<li>The company's decision to de-emphasize Freight Brokerage Services undermined Q3 results</li>
<li>The rest of the company's reporting segments performed well in all respects</li>
<li>Look for opportunity to buy YMM shares at US$9/ADS or better</li>
</ul>


The company's decision to de-emphasize Freight Brokerage Services undermined Q3 results
The rest of the company's reporting segments performed well in all respects
Look for opportunity to buy YMM shares at US$9/ADS or better


Full Truck Alliance Q325 Results: Trimming Freight Brokerage Services Means Slower Near-Term Growth

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Media Reports: Alibaba-Backed Chinese 'Robovan' Maker Zelos Tech to Seek HK IPO, Could Raise US$600M

Chinese autonomous 'robovan' maker Zelos may soon seek an IPO in Hong Kong, according to recent media reports. We believe Zelos, an AV 'pure play',...

Tracking Traffic

Didi Q425 Results | China Biz Hums, International Losses Explode | Before an IPO, Didi Needs a Plan

Didi Q425 results showed a solid performance in China ridehailing and a shocking loss in the International segment. Management needs to formulate a...

Tracking Traffic

Full Truck Alliance Q425 Results: Q325 Change Hit Top-Line Growth, but Lifted OPM%; Buy near US$8

In Q425, top-line growth slowed, but OpInc margin improved dramatically. Trading on 15x forward Adjusted Net Income, and supported by healthy cash...

Tracking Traffic

Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?

Didi Global's Q325 results show continued improvement in the main China business, but also a dramatic worsening of losses in the International...

Tracking Traffic

Full Truck Alliance Q325 Results: Trimming Freight Brokerage Services Means Slower Near-Term Growth

Full Truck Alliance's Q325 results were the first to reflect the company's decision to de-emphasize its Freight Brokerage Services segment, a...

Tracking Traffic

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