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>Q424 revenue growth &amp; EBITDA margin both improved noticeably vs Q324 </li>
<li>Additionally, ZTO gave FY25 parcel volume guidance that implies an acceleration of growth</li>
<li>But "key" change in revenue mix is crushing cash returns (Q424 OpCF down -28% Y/Y)</li>
</ul>


Q424 revenue growth &amp; EBITDA margin both improved noticeably vs Q324 
Additionally, ZTO gave FY25 parcel volume guidance that implies an acceleration of growth
But "key" change in revenue mix is crushing cash returns (Q424 OpCF down -28% Y/Y)


Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

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

Cainiao Smart Logistics Network / Equity Bottom-Up

<ul>
<li>Alibaba logistics arm CaiNiao's revenue growth slowed in the June quarter</li>
<li>Our main takeaway is that Chinese X-border eComm continues to slow</li>
<li>We believe all of the large X-border eComm platforms may be affected</li>
</ul>


Alibaba logistics arm CaiNiao's revenue growth slowed in the June quarter
Our main takeaway is that Chinese X-border eComm continues to slow
We believe all of the large X-border eComm platforms may be affected


CaiNiao Q1FY Results: Most Interesting Read-Through Is Dramatic Slowdown in X-Border Activity

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

J&T Global Express (1519 HK)

Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

ZTO's revenue momentum and core margin improved in Q424, but at the cost of deteriorating Cash Flow. We view the strong recent growth of "key...

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

CaiNiao Q1FY Results: Most Interesting Read-Through Is Dramatic Slowdown in X-Border Activity

Given slower June quarter revenue growth at Alibaba's logistics arm CaiNiao and at the segment containing AliExpress, it's hard not to conclude...

Tracking Traffic

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)