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>Overall US border crossings fell in November 2025, but crossings by air were up Y/Y (again)</li>
<li>Northern crossings fell sharply, down -14% Y/Y; local businesses in US, Canada hit hardest</li>
<li>But crossings at Western air gateways surged, which could imply Asian tourism reslience</li>
</ul>


Overall US border crossings fell in November 2025, but crossings by air were up Y/Y (again)
Northern crossings fell sharply, down -14% Y/Y; local businesses in US, Canada hit hardest
But crossings at Western air gateways surged, which could imply Asian tourism reslience


US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer

<ul>
<li>Based on a wide range of sources, air cargo tonnage growth improved in November 2025</li>
<li>But air cargo load factors generally remain very low, with lots of slack in the system</li>
<li>November could mark the beginning of a modest recovery in air activity (but two caveats)</li>
</ul>


Based on a wide range of sources, air cargo tonnage growth improved in November 2025
But air cargo load factors generally remain very low, with lots of slack in the system
November could mark the beginning of a modest recovery in air activity (but two caveats)


Monthly Air Cargo Tracker | Conditions Improved in November | But Improvement Could Be Short-Lived

<ul>
<li>Despite a few pockets of improved demand, key Transpacific trade remains weak</li>
<li>Most carriers reported low (48% - 68%) but stable cargo load factors in August</li>
<li>For carriers, still lots of empty space to sell; macro view shows no "snap-back"</li>
</ul>


Despite a few pockets of improved demand, key Transpacific trade remains weak
Most carriers reported low (48% - 68%) but stable cargo load factors in August
For carriers, still lots of empty space to sell; macro view shows no "snap-back"


Monthly Air Cargo Tracker | August Shows Pockets of Growth | But LF, Pricing Both Still Very Weak

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 15th. The aggregated short interest was USD26.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology, Mega Financial, Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 15th. The aggregated short interest was USD26.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology, Mega Financial, Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology.


TWSE Short Interest Weekly (Aug 15th): Taishin Financial, Lite-On Technology, Taiwan Glass Ind

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,885mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.
We estimate that foreign flows to be inflows of USD2,885mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.


TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

Taiwan

China Airlines Limited provides scheduled international air transportation for passengers and cargo freight throughout cities in Europe, America, Asia, and Australia.

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China Airlines (2610 TT)

US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer

US border crossing data from November 2025 shows weakness in travel activity in most regions and by most travel modes. But air crossings in the...

Tracking Traffic

Monthly Air Cargo Tracker | Conditions Improved in November | But Improvement Could Be Short-Lived

Based on a wide range of sources, air cargo market conditions in the Transpacific generally improved in November. But we believe the nascent...

Tracking Traffic

Monthly Air Cargo Tracker | August Shows Pockets of Growth | But LF, Pricing Both Still Very Weak

August air cargo data from a range of carriers and cargo gateways around the Pacific Rim show uneven demand, but still-low utilization and weak...

Tracking Traffic

TWSE Short Interest Weekly (Aug 15th): Taishin Financial, Lite-On Technology, Taiwan Glass Ind

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Lite-On Technology...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Technologies, UMC, Asia Vital...

Ke Yan, CFA, FRM

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