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>Two years after most Covid restrictions ended, pace of travel recovery has slowed, naturally</li>
<li>Gov't estimates ahead of LNY travel period seem tepid, actual growth could exceed them</li>
<li>Trip.com has been stellar performer in segment, but in recent months airlines outperformed</li>
</ul>


Two years after most Covid restrictions ended, pace of travel recovery has slowed, naturally
Gov't estimates ahead of LNY travel period seem tepid, actual growth could exceed them
Trip.com has been stellar performer in segment, but in recent months airlines outperformed


Monthly Chinese Tourism Tracker | Dec & Q424 Numbers | Airlines Outperform Trip.com (January 2025)

<ul>
<li>Tracking Asian air cargo trends can uncover investment opportunities &amp; offer read-throughs</li>
<li>In November 2024, no clear signs of market tightness in data from Taiwanese, Chinese carriers</li>
<li>A quick look at numbers from CX, SIA, LAX also suggests ample available cargo space</li>
</ul>


Tracking Asian air cargo trends can uncover investment opportunities &amp; offer read-throughs
In November 2024, no clear signs of market tightness in data from Taiwanese, Chinese carriers
A quick look at numbers from CX, SIA, LAX also suggests ample available cargo space


Quick Update on Asian Air Cargo Trends: No Signs of Market Tightness in These Numbers

<ul>
<li>In container shipping, 'normalization' means lower rates, lower margins, &amp; lower returns</li>
<li>In Chinese express, a potential recovery in ground segment, more risks in X-border business</li>
<li>In Chinese tourism, how will investors react to inevitable slowing</li>
</ul>


In container shipping, 'normalization' means lower rates, lower margins, &amp; lower returns
In Chinese express, a potential recovery in ground segment, more risks in X-border business
In Chinese tourism, how will investors react to inevitable slowing


Crystal Baller: Tracking Traffic's Key 2025 Themes & Events: Containers | Express | Chinese Tourism

China Southern Airlines / Equity Bottom-Up

<ul>
<li>Almost two years into China's travel recovery, November outbound activity grew strongly</li>
<li>Domestic air travel demand also showed solid growth, has accelerated since Spring '24</li>
<li>Trip.com best performing stock in this group in '24, but it no longer offers much value</li>
</ul>


Almost two years into China's travel recovery, November outbound activity grew strongly
Domestic air travel demand also showed solid growth, has accelerated since Spring '24
Trip.com best performing stock in this group in '24, but it no longer offers much value


Monthly Chinese Tourism Tracker | Outbound, Domestic Both Solid | TCOM: 2024's Best (December 2024)

<ul>
<li>In this insight we chart the progress of China's tourism recovery vs pre-pandemic levels</li>
<li>In October 2024, Chinese <em>outbound</em> (international) demand finally reached pre-Covid levels</li>
<li>The recovery in <em>domestic</em> activity was completed earlier and more quickly than outbound</li>
</ul>


In this insight we chart the progress of China's tourism recovery vs pre-pandemic levels
In October 2024, Chinese outbound (international) demand finally reached pre-Covid levels
The recovery in domestic activity was completed earlier and more quickly than outbound


Monthly Chinese Tourism Tracker | Five Easy Charts Showing China's Tourism Recovery To Date

China

China Eastern Airlines Corporation Limited, together with its subsidiaries, operates in the civil aviation industry. It offers passenger, cargo, mail delivery, ground, cargo handling, and other extended transportation services.

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China Eastern Airlines (670 HK)

Monthly Chinese Tourism Tracker | Dec & Q424 Numbers | Airlines Outperform Trip.com (January 2025)

December 2024 travel growth moderated, as the post-pandemic recovery has by now largely run its course. After a stellar 2023-24 run, shares of...

Tracking Traffic

Quick Update on Asian Air Cargo Trends: No Signs of Market Tightness in These Numbers

Our review of Asian air cargo data aims to uncover investment ideas and potentially provide "read-throughs" to adjacent segments. In the November...

Tracking Traffic

Crystal Baller: Tracking Traffic's Key 2025 Themes & Events: Containers | Express | Chinese Tourism

In this insight we outline the important 2025 themes & events facing the three sectors we cover in our monthly Tracking Traffic series: Container...

Tracking Traffic

Monthly Chinese Tourism Tracker | Outbound, Domestic Both Solid | TCOM: 2024's Best (December 2024)

In November, both outbound and domestic travel activity were solid in China. Among the Chinese tourism related stocks we track, Trip.com was the...

Tracking Traffic

Monthly Chinese Tourism Tracker | Five Easy Charts Showing China's Tourism Recovery To Date

In this insight we illustrate the trajectory of China's ongoing recovery in outbound and domestic travel activity in five easy charts.

Tracking Traffic

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