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>HK-Listed SF Intra is a leading player in Chinese on-demand delivery</li>
<li>H1 results show strong top-line growth, but thin margins, -ive OpCF</li>
<li>SF Intra's structure suggests no fat to cut in local eComm fulfillment expense</li>
</ul>


HK-Listed SF Intra is a leading player in Chinese on-demand delivery
H1 results show strong top-line growth, but thin margins, -ive OpCF
SF Intra's structure suggests no fat to cut in local eComm fulfillment expense


Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

<ul>
<li>On March 5 Chinese freight platform Full Truck Alliance posted another great set of results</li>
<li>Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins</li>
<li>We've upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target</li>
</ul>


On March 5 Chinese freight platform Full Truck Alliance posted another great set of results
Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins
We've upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target


Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

Equity Capital Markets

Hive Box Holdings / Equity Capital Markets

<ul>
<li>In this insight we compare Hive Box to InPost, a smart locker specialist</li>
<li>The firms play in different geographies, making apples:apples comps tough</li>
<li>In the absence of better comps, comparing Hive Box to InPost still useful</li>
</ul>


In this insight we compare Hive Box to InPost, a smart locker specialist
The firms play in different geographies, making apples:apples comps tough
In the absence of better comps, comparing Hive Box to InPost still useful


Hive Box Holdings Pre-IPO, Part 3: Hive Box Vs InPost Group: Similarities & (BIG) Differences

<ul>
<li>In this insight we provide an overview of Hive Box's business and its history</li>
<li>We then go into detail on key relationships &amp; investors, focusing on SF Holding</li>
<li>We end with some initial questions and what's up next in the IPO process</li>
</ul>


In this insight we provide an overview of Hive Box's business and its history
We then go into detail on key relationships &amp; investors, focusing on SF Holding
We end with some initial questions and what's up next in the IPO process


Hive Box Holdings Pre-IPO, Part 1: What They Do, History, Relationships, & What's Next

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Based on returns and margins, US-listed Full Truck Alliance is best comp</li>
<li>Lalatech probably deserves premium valuation multiples vs Full Truck Alliance </li>
<li>An equity valuation of US$11bn+ justifiable; will investors look at recent flops?</li>
</ul>


Based on returns and margins, US-listed Full Truck Alliance is best comp
Lalatech probably deserves premium valuation multiples vs Full Truck Alliance 
An equity valuation of US$11bn+ justifiable; will investors look at recent flops?


Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

China

Hangzhou SF Intra-city Industrial Co., Ltd. operates as a third-party direct-run real-time logistics service provider. The Company provides intra-city logistics, new retail store distribution, and other services. Hangzhou SF Intra-city Industrial conducts businesses in China.

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SF Intra-City (9699 HK)

Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

SF Intra's H125 results give us some valuable insights into China's on-demand retail segment, which has shown strong growth in recent periods.

Tracking Traffic

Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

Full Truck Alliance reported impressive Q4 results on Wednesday in the US, featuring stronger-than-expected revenue growth & expert cost control....

Tracking Traffic

Hive Box Holdings Pre-IPO, Part 3: Hive Box Vs InPost Group: Similarities & (BIG) Differences

In this insight we compare Hive Box to InPost, a publicly-traded smart locker and e-comm fulfillment specialist based in Poland. It's not a perfect...

Tracking Traffic

Hive Box Holdings Pre-IPO, Part 1: What They Do, History, Relationships, & What's Next

Chinese smart locker operator Hive Box has filed to go public in Hong Kong. In this insight we offer an overview of its business, a corporate...

Tracking Traffic

Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

What are the best comps for Lalatech, which valuation multiples should we focus on, and does the company deserve a premium valuation relative to...

Tracking Traffic

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