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>In FY25, for the first time, all of J &amp; T's reporting segments were profitable (Adj EBITDA)</li>
<li>Revenue growth and margin expansion both accelerated in H225 vs H125</li>
<li>Margin expansion in most segments offset lower China margins in FY25</li>
</ul>


In FY25, for the first time, all of J &amp; T's reporting segments were profitable (Adj EBITDA)
Revenue growth and margin expansion both accelerated in H225 vs H125
Margin expansion in most segments offset lower China margins in FY25


Solid FY25 Results from J & T Global Express | All Lines of Business Profitable

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 2nd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Tencent (700 HK), Bidu (9888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Bilibili (9626 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 2nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Tencent (700 HK), Bidu (9888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Bilibili (9626 HK).


Hong Kong Buybacks Weekly (Oct 2nd): HSBC, Tencent, Bidu

<ul>
<li>In H1 and Q2 this year, JD Logistics' top-line growth remained strong, growing by 20%+</li>
<li>But margins have continued to erode in recent periods, probably due to changes in mix</li>
<li>Down close to HK$10 per share, we believe lots of negativity is "baked in" to price</li>
</ul>


In H1 and Q2 this year, JD Logistics' top-line growth remained strong, growing by 20%+
But margins have continued to erode in recent periods, probably due to changes in mix
Down close to HK$10 per share, we believe lots of negativity is "baked in" to price


JD Logistics H1/Q2 Results | Momentum, Profitability Show Mixed Signals | Shares Drained Of Optimism

<ul>
<li>H1/Q2 results largely match tone of management guidance from the IPO process</li>
<li>Revenue barely grew, and margins shrank due to higher Fulfilment costs (tied to oil)</li>
<li>Shares are down over 27% from IPO; any break from fuel costs could boost bottom-line</li>
</ul>


H1/Q2 results largely match tone of management guidance from the IPO process
Revenue barely grew, and margins shrank due to higher Fulfilment costs (tied to oil)
Shares are down over 27% from IPO; any break from fuel costs could boost bottom-line


SHEIN H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply

China

J&T Global Express is an investment holding company primarily engaged in providing integrated express delivery and global logistics services. The company offers parcel sorting, line-haul transportation, dispatching, cross-border services, and cash-on-delivery. It was founded in 2015 and is headquartered in Shanghai, China.

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J&T Global Express (1519 HK)

Solid FY25 Results from J & T Global Express | All Lines of Business Profitable

J & T Global Express reported a solid set of FY25 results earlier this week. We admit we were surprised to see New Markets and X-Border both turn...

Tracking Traffic

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Oct 2nd): HSBC, Tencent, Bidu

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were HSBC (5 HK),...

Ke Yan, CFA, FRM

JD Logistics H1/Q2 Results | Momentum, Profitability Show Mixed Signals | Shares Drained Of Optimism

Shares have "round tripped" since March 2026 and at HK$10 there appears to be lots of negativity baked into the price. At just 8x consensus 2026F...

Tracking Traffic

SHEIN H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply

SHEIN disclosed H126 financial results, which show few surprises: revenue growth is still depressed, and margins continue to shrink due to high...

Tracking Traffic

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