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

<ul>
<li>Biden Administration rule would make "de minimis" items subject to tariffs</li>
<li>Besides adding to landed cost of those items, reporting requirements would rise</li>
<li>In addition, US/EU governments launch probes of SHEIN/Temu product safety</li>
</ul>


Biden Administration rule would make "de minimis" items subject to tariffs
Besides adding to landed cost of those items, reporting requirements would rise
In addition, US/EU governments launch probes of SHEIN/Temu product safety


SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War"  Vs DTC Platforms

<ul>
<li>For first time since 2022, carriers' cargo revenue, yield, load factor all rising</li>
<li>Asia outbound, US inbound air cargo tons both improving in early 2024</li>
<li>SHEIN, Temu could account for 40%+ of US inbound air tons from CH, HK, TW</li>
</ul>


For first time since 2022, carriers' cargo revenue, yield, load factor all rising
Asia outbound, US inbound air cargo tons both improving in early 2024
SHEIN, Temu could account for 40%+ of US inbound air tons from CH, HK, TW


Growth of SHEIN, Temu Appears to Be Boosting Asia-US Air Cargo Volume & Pricing

<ul>
<li>Review of Q2/H1 results, including impact from international, Kerry Logistics Network</li>
<li>Refining idea of "internationalization", which we believe is driving force behind SF's HK IPO</li>
<li>Testing thesis: did air and international exposure help or hurt SF margins in H1?</li>
</ul>


Review of Q2/H1 results, including impact from international, Kerry Logistics Network
Refining idea of "internationalization", which we believe is driving force behind SF's HK IPO
Testing thesis: did air and international exposure help or hurt SF margins in H1?


SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third successive quarter.</li><li>This is attributed to the FedEx team's prompt customer service and progress with transformation initiatives.</li><li>Although revenues declined, operating income and profit margin showed growth—a dynamic the CEO attributed to FedEx's transformation and its management prowess in controlling what is within its purview.</li></ul>

According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third successive quarter.This is attributed to the FedEx team's prompt customer service and progress with transformation initiatives.Although revenues declined, operating income and profit margin showed growth—a dynamic the CEO attributed to FedEx's transformation and its management prowess in controlling what is within its purview.

FedEx Corporation: Will The Implementation Of The One FedEx Strategy Pay Off? - Major Drivers

<ul>
<li>A listing in London would not remove de minimis reform risk in US market</li>
<li>A new report quantifies the potential cost of changes to US de minimis rules</li>
<li>Europe's rigorous new 'digital services' laws are an emerging threat to SHEIN</li>
</ul>


A listing in London would not remove de minimis reform risk in US market
A new report quantifies the potential cost of changes to US de minimis rules
Europe's rigorous new 'digital services' laws are an emerging threat to SHEIN


Shifting Its Planned IPO from New York to London Won't Address Key Risks Facing SHEIN

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

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FedEx Corp (FDX US)

SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War" Vs DTC Platforms

The Biden administration announced dramatic changes which could threaten SHEIN and Temu. Elsewhere, US & EU authorities launched efforts to test...

Tracking Traffic

Growth of SHEIN, Temu Appears to Be Boosting Asia-US Air Cargo Volume & Pricing

There are signs that SHEIN and Temu are boosting Asia-to-US air cargo volume and pricing. We estimate the two platforms account for as much as 40%+...

Tracking Traffic

SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

FedEx Corporation: Will The Implementation Of The One FedEx Strategy Pay Off? - Major Drivers

According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third...

Baptista Research

Shifting Its Planned IPO from New York to London Won't Address Key Risks Facing SHEIN

Shifting SHEIN's IPO from New York to London would not mitigate the risk of US de minimis reforms; plus, new EU rules for large e-comm and social...

Tracking Traffic

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