Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>700HK/ NTES: NPPA publishes domestic game code for December, NetEase and Tencent received game approval (+)</li>
<li>PDD/ VIPS/ BABA/ JD/ ZTO/ 2618.HK/ 1519.HK: Express Parcel Volume collected grows +68% YoY last week (+)</li>
<li>BABA/ PDD/ JD/ VIPS/ ZTO/ 1519.HK: Taobao launches refund without returning the product (+/-/-/-/-)</li>
</ul>


700HK/ NTES: NPPA publishes domestic game code for December, NetEase and Tencent received game approval (+)
PDD/ VIPS/ BABA/ JD/ ZTO/ 2618.HK/ 1519.HK: Express Parcel Volume collected grows +68% YoY last week (+)
BABA/ PDD/ JD/ VIPS/ ZTO/ 1519.HK: Taobao launches refund without returning the product (+/-/-/-/-)


[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>For segments we cover -- express, containers, tourism -- 2023 was challenging</li>
<li>In this note we highlight each segment's key trends and themes from 2023</li>
<li>We conclude with a look at 2023 share performance and a peak into 2024</li>
</ul>


For segments we cover -- express, containers, tourism -- 2023 was challenging
In this note we highlight each segment's key trends and themes from 2023
We conclude with a look at 2023 share performance and a peak into 2024


Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

Equity Bottom-Up

<ul>
<li>In November, domestic parcel volume growth accelerated vs recent months</li>
<li>International remains very strong; STO keeps taking share from Yunda</li>
<li>Avoid domestic 'ground' segment, seek international growth in SF, CaiNiao</li>
</ul>


In November, domestic parcel volume growth accelerated vs recent months
International remains very strong; STO keeps taking share from Yunda
Avoid domestic 'ground' segment, seek international growth in SF, CaiNiao


Monthly Chinese Express Tracker | Prices Keep Sliding, Volume Share Keeps Shifting (December 2023)

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>With a solid track record in Southeast Asia’s express delivery sector, we believe J&amp;T Global Express (“J&amp;T Global”) is set to replicate its success story in Latin America and the Middle East market. </li><li>Meanwhile, we expect J&amp;T Global to narrow the loss significantly in China market, which will serve as a risk reduction driver.</li><li>We forecast J&amp;T Global to achieve net profit in 2024E. We initiate coverage on J&amp;T Global with a HOLD rating and SOTP-based TP of HK$14.2. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

With a solid track record in Southeast Asia’s express delivery sector, we believe J&amp;T Global Express (“J&amp;T Global”) is set to replicate its success story in Latin America and the Middle East market. Meanwhile, we expect J&amp;T Global to narrow the loss significantly in China market, which will serve as a risk reduction driver.We forecast J&amp;T Global to achieve net profit in 2024E. We initiate coverage on J&amp;T Global with a HOLD rating and SOTP-based TP of HK$14.2. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J&T Express (1519 HK) – Largest Express Delivery Operator in SEA to Expand Globally

Equity Capital Markets

<ul>
<li>Since SEC operates in US executive branch, Congress lacks power to stop IPOs</li>
<li>But by passing new laws, Congress could potentially undermine SHEIN's IPO</li>
<li>Given current political climate in the US, SHEIN IPO faces real political risks</li>
</ul>


Since SEC operates in US executive branch, Congress lacks power to stop IPOs
But by passing new laws, Congress could potentially undermine SHEIN's IPO
Given current political climate in the US, SHEIN IPO faces real political risks


Could US Lawmakers Actually Stop SHEIN's US IPO? No, But They Sure Could Make Things Difficult

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
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J&T Global Express (1519 HK)

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Blue Lotus Research Institute

Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

In this insight we look at the important trends and themes we've covered this year in the express, containers, and tourism sectors. We also...

Tracking Traffic

J&T Express (1519 HK) – Largest Express Delivery Operator in SEA to Expand Globally

With a solid track record in Southeast Asia’s express delivery sector, we believe J&T Global is set to replicate its success story in Latin America...

CMB International

Could US Lawmakers Actually Stop SHEIN's US IPO? No, But They Sure Could Make Things Difficult

US lawmakers are making noise about "blocking" SHEIN's expected US IPO. Though they do not have a formal role in the IPO process, lawmakers could...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

​NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Blue Lotus Research Institute

Key 2023 Trends & Themes in Asian Express, Containers, Tourism | Plus A Peak Into 2024

In this insight we look at the important trends and themes we've covered this year in the express, containers, and tourism sectors. We also...

Tracking Traffic

Monthly Chinese Express Tracker | Prices Keep Sliding, Volume Share Keeps Shifting (December 2023)

Although domestic parcel volume has strengthened in recent months, pricing continues to weaken, and China's 'sort & transport' express companies...

Tracking Traffic

J&T Express (1519 HK) – Largest Express Delivery Operator in SEA to Expand Globally

With a solid track record in Southeast Asia’s express delivery sector, we believe J&T Global is set to replicate its success story in Latin America...

CMB International

Could US Lawmakers Actually Stop SHEIN's US IPO? No, But They Sure Could Make Things Difficult

US lawmakers are making noise about "blocking" SHEIN's expected US IPO. Though they do not have a formal role in the IPO process, lawmakers could...

Tracking Traffic

NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.