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

<ul>
<li>Parcel volume in Q1 accelerated, posting growth of 13% Y/Y, and Revenue was up 22%</li>
<li>But Cost of Revenue grew even faster due to an increase in Key Account (KA) customers</li>
<li>With Net Income growth of just 5%, and unchanged guidance, little to excite investors</li>
</ul>


Parcel volume in Q1 accelerated, posting growth of 13% Y/Y, and Revenue was up 22%
But Cost of Revenue grew even faster due to an increase in Key Account (KA) customers
With Net Income growth of just 5%, and unchanged guidance, little to excite investors


ZTO Express Q126: Volume, Revenue Accelerate, But Net Profit Lags as 'Key Accounts' Crush Margins

<ul>
<li>Lifted by strength in SE Asia and Others, total parcel volume growth in Q126 reached 26%</li>
<li>J &amp; T's China volume in Q126 grew by a modest 8% Y/Y -- a bit faster than the market</li>
<li>Chinese ground parcel fulfillment segment has slowed -- other modes are now rising</li>
</ul>


Lifted by strength in SE Asia and Others, total parcel volume growth in Q126 reached 26%
J &amp; T's China volume in Q126 grew by a modest 8% Y/Y -- a bit faster than the market
Chinese ground parcel fulfillment segment has slowed -- other modes are now rising


J&T Global Express Q126 Parcel Volumes | Strong Growth, but Only Outside of China

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>The four China-listed express companies reported divergent March volume, price trends</li>
<li>It appears March and Q126 volume growth remained soft, but ASPs mostly improved Y/Y</li>
<li>STO Express, aligned with Alibaba and CaiNiao, showed the strangest March / Q126 data</li>
</ul>


The four China-listed express companies reported divergent March volume, price trends
It appears March and Q126 volume growth remained soft, but ASPs mostly improved Y/Y
STO Express, aligned with Alibaba and CaiNiao, showed the strangest March / Q126 data


Monthly Chinese Express Tracker | March and Q126 Data From Four China-Listed Firms? All Over the Map

<ul>
<li>In FY25, for the first time, all of J &amp; T's reporting segments were profitable (Adj EBITDA)</li>
<li>Revenue growth and margin expansion both accelerated in H225 vs H125</li>
<li>Margin expansion in most segments offset lower China margins in FY25</li>
</ul>


In FY25, for the first time, all of J &amp; T's reporting segments were profitable (Adj EBITDA)
Revenue growth and margin expansion both accelerated in H225 vs H125
Margin expansion in most segments offset lower China margins in FY25


Solid FY25 Results from J & T Global Express | All Lines of Business Profitable

Hong Kong

Cainiao Smart Logistics Network Ltd. operates as an investment company. The Company provides equity investments, investment management, and other services. Cainiao Smart Logistics Network is located in Hong Kong.

Cainiao Smart Logistics Network (1437124D HK)

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Cainiao Smart Logistics Network (1437124D HK)

ZTO Express Q126: Volume, Revenue Accelerate, But Net Profit Lags as 'Key Accounts' Crush Margins

ZTO in Q126 reported faster volume and Revenue growth in Q126, but Net Income growth lagged, up just 5% Y/Y. We blame increased exposure to 'Key...

Tracking Traffic

J&T Global Express Q126 Parcel Volumes | Strong Growth, but Only Outside of China

J & T Global Express reported Q126 parcel volumes that showed strong growth in SE Asia and developing markets outside of East Asia, but modest...

Tracking Traffic

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

Monthly Chinese Express Tracker | March and Q126 Data From Four China-Listed Firms? All Over the Map

The four China-listed express companies reported oddly divergent numbers again in March. Overall, it appears parcel volume for this group grew at...

Tracking Traffic

Solid FY25 Results from J & T Global Express | All Lines of Business Profitable

J & T Global Express reported a solid set of FY25 results earlier this week. We admit we were surprised to see New Markets and X-Border both turn...

Tracking Traffic

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