Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In today's edition: • Dutch politics | D66, VVD and CDA present coalition agreement • Dutch retail sales | up 3.0% YoY in December and up 3.6% in FY25 • E-commerce & logistics | Italy plans to abandon plan for unilateral handling charge • Corporate agenda | week 6 - 10</li></ul>

In today's edition: • Dutch politics | D66, VVD and CDA present coalition agreement • Dutch retail sales | up 3.0% YoY in December and up 3.6% in FY25 • E-commerce & logistics | Italy plans to abandon plan for unilateral handling charge • Corporate agenda | week 6 - 10

Sligro Food Group NV - What's News in Amsterdam

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Industry parcel volume growth slowed dramatically in Q425, but SF gained volume share</li>
<li>ZTO Express continued to report slow growth, insufficient to drive down unit costs</li>
<li>Did growth of Chinese "instant retail" impact mainstream express segment in Q425?</li>
</ul>


Industry parcel volume growth slowed dramatically in Q425, but SF gained volume share
ZTO Express continued to report slow growth, insufficient to drive down unit costs
Did growth of Chinese "instant retail" impact mainstream express segment in Q425?


Monthly Chinese Express Tracker | Q425 Volume, ASP Data Show SF Holding Strength, ZTO Struggles

<ul>
<li>A new cross-shareholding agreement between SF and J&amp;T is a neat strategic fit for both</li>
<li>SF gains improved distribution in SE Asia (and beyond), J&amp;T gets access to X-border assets</li>
<li>Listed Chinese express names mostly unaffected, but deal challenges Alibaba, DHL, Flash</li>
</ul>


A new cross-shareholding agreement between SF and J&amp;T is a neat strategic fit for both
SF gains improved distribution in SE Asia (and beyond), J&amp;T gets access to X-border assets
Listed Chinese express names mostly unaffected, but deal challenges Alibaba, DHL, Flash


SF Hldg and J&T Announce New Cross-Shareholding | Good Strategic Fit | Losers Are BABA, DHL, Flash

<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

Event-Driven

<ul>
<li>InPost’s disclosure that it has received an indicative proposal for the acquisition of all outstanding shares has materially increased the likelihood of a take-private transaction.</li>
<li>While the company initially provided no details, subsequent reporting by Bloomberg strongly supports the scenario outlined in our earlier analysis.</li>
<li>Strategically, a take-private makes sense.</li>
</ul>


InPost’s disclosure that it has received an indicative proposal for the acquisition of all outstanding shares has materially increased the likelihood of a take-private transaction.
While the company initially provided no details, subsequent reporting by Bloomberg strongly supports the scenario outlined in our earlier analysis.
Strategically, a take-private makes sense.


InPost | Coming Back to the Nest? (Part II)

Germany

Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services.

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Deutsche Post (DHL GR)

Sligro Food Group NV - What's News in Amsterdam

In today's edition: • Dutch politics | D66, VVD and CDA present coalition agreement • Dutch retail sales | up 3.0% YoY in December and up 3.6% in...

The IDEA!

Monthly Chinese Express Tracker | Q425 Volume, ASP Data Show SF Holding Strength, ZTO Struggles

China's listed express parcel companies reported highly diverse volume and price data for Q425. The numbers show strong share gains for SF Holding,...

Tracking Traffic

SF Hldg and J&T Announce New Cross-Shareholding | Good Strategic Fit | Losers Are BABA, DHL, Flash

A cross-shareholding agreement between Chinese express firms SF Holding and J&T Global could address each company's weaknesses outside of China....

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

InPost | Coming Back to the Nest? (Part II)

We issued a follow-up report (5 pages) featuring InPost. IWe issued a follow-up report (5 pages) featuring InPost. Earlier this week, we...

The IDEA!

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