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

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Chinese intra-city freight platform Lalatech has once again filed to list its shares in HK</li>
<li>Revenue growth accelerated in FY25, and both OPM% and Operating Cash Flow improved</li>
<li>If it comes to market, Full Truck Alliance and SF Intra are obvious (but imperfect) comps</li>
</ul>


Chinese intra-city freight platform Lalatech has once again filed to list its shares in HK
Revenue growth accelerated in FY25, and both OPM% and Operating Cash Flow improved
If it comes to market, Full Truck Alliance and SF Intra are obvious (but imperfect) comps


Lalatech Files to List Shares in HK (Again) | See Financial and Operating Performance Through 2025

<ul>
<li>Didi reported solid top-line growth, improving core margins (and OpCF) in Q125</li>
<li>Drivers of Q125 top-line growth were broad-based, but note F/X impact on International</li>
<li>We believe Didi should move to re-list shares while earnings &amp; conditions are supportive</li>
</ul>


Didi reported solid top-line growth, improving core margins (and OpCF) in Q125
Drivers of Q125 top-line growth were broad-based, but note F/X impact on International
We believe Didi should move to re-list shares while earnings &amp; conditions are supportive


Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

<ul>
<li>FY24 revenue growth of 19% solid, but mostly driven by one operating segment</li>
<li>Gross margin in FY24 fell on mix, but platform monetization down, too</li>
<li>Sharp growth in FY24 working capital requires investors' close attention</li>
</ul>


FY24 revenue growth of 19% solid, but mostly driven by one operating segment
Gross margin in FY24 fell on mix, but platform monetization down, too
Sharp growth in FY24 working capital requires investors' close attention


Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Haier plans to acquire all shares of Autohome and dismiss 30% of Autohome’s employees.</li>
<li>In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle.</li>
<li>In 3Q24, Tongcheng Travel's revenue increased by 51% YoY with gross profit up by 29% YoY.</li>
</ul>


Haier plans to acquire all shares of Autohome and dismiss 30% of Autohome’s employees.
In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle.
In 3Q24, Tongcheng Travel's revenue increased by 51% YoY with gross profit up by 29% YoY.


China Consumption Weekly (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

<ul>
<li>Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%</li>
<li>Improved revenue mix and effective OpEx control contributed to higher margins</li>
<li>Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8</li>
</ul>


Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%
Improved revenue mix and effective OpEx control contributed to higher margins
Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8


Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

China

Full Truck Alliance Co. Ltd. operates as a software company. The Company develops digital freight and logistics platform.

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Full Truck Alliance (YMM US)

Lalatech Files to List Shares in HK (Again) | See Financial and Operating Performance Through 2025

Lalatech a Chinese online freight platform, has once again submitted listing documents to HKEX. In this insight we review the company's latest...

Tracking Traffic

Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

Didi Global reported another set of strong earnings results last week. We believe the company should move forward with plans to re-list shares...

Tracking Traffic

Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Lalatech's latest IPO application in Hong Kong shows solid FY24 growth, but we identify three key issues that deserve investors' attention.

Tracking Traffic

China Consumption Weekly (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

Haier plans to acquire Autohome. In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle. Tongcheng Travel revenue increased...

Ming Lu

Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

Full Truck Alliance's shares shot up 15% on November 20 after the company reported another set of impressive results. We still like the company but...

Tracking Traffic

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