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>H126 revenue up 6%, but EBITDA margin softened by around 50 bps versus H125</li>
<li>We believe higher fuel costs and a change in revenue mix explain margin compression</li>
<li>SF Hldg: cheap, but absent a potential boost from lower fuel, near-term seems unexciting</li>
</ul>


H126 revenue up 6%, but EBITDA margin softened by around 50 bps versus H125
We believe higher fuel costs and a change in revenue mix explain margin compression
SF Hldg: cheap, but absent a potential boost from lower fuel, near-term seems unexciting


SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

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>JD/BABA/2618.HK/6690.HK/000333.SH/000651.SH/1810.HK: Some cities have begun to roll out “Trade Old in for New” home appliance  subsidies (+)</li>
<li>700 HK: Source suggested that &lt;Black Myth: Wukong&gt; will commence pre-sales on Tencent's WeGame platform on May 19th.(+)</li>
<li>SHEIN: SHEIN launches support for self-operating 3P merchants in Europe (+)</li>
</ul>


JD/BABA/2618.HK/6690.HK/000333.SH/000651.SH/1810.HK: Some cities have begun to roll out “Trade Old in for New” home appliance  subsidies (+)
700 HK: Source suggested that &lt;Black Myth: Wukong&gt; will commence pre-sales on Tencent's WeGame platform on May 19th.(+)
SHEIN: SHEIN launches support for self-operating 3P merchants in Europe (+)


[Blue Lotus Daily - TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

<ul>
<li>PDD US: Temu merchants report a new round of forced price reductions (+)</li>
<li>3690 HK: Meituan Restructures Delivery Business to Boost Efficiency, Refine Operations Amid Slowing Order Growth(+)</li>
<li>Douyin/1797 HK/2618 HK/3690 HK: JD Logistics Partners with EastBuy to Launch "Delivery in hours" Service, Directly Competing with Meituan(+/-)</li>
</ul>


PDD US: Temu merchants report a new round of forced price reductions (+)
3690 HK: Meituan Restructures Delivery Business to Boost Efficiency, Refine Operations Amid Slowing Order Growth(+)
Douyin/1797 HK/2618 HK/3690 HK: JD Logistics Partners with EastBuy to Launch "Delivery in hours" Service, Directly Competing with Meituan(+/-)


[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>A month into SHEIN's IPO process, its near-term (FY26) growth prospects are downbeat</li>
<li>Here we present an array of FY27e PERs based on a range of top-line, OPM% estimates</li>
<li>Objective is to show combinations of revenue growth, margin that make SHEIN cheap-ish</li>
</ul>


A month into SHEIN's IPO process, its near-term (FY26) growth prospects are downbeat
Here we present an array of FY27e PERs based on a range of top-line, OPM% estimates
Objective is to show combinations of revenue growth, margin that make SHEIN cheap-ish


SHEIN IPO in Hong Kong: What 2027E Revenue Growth, OPM% Assumptions Are Needed to Make It Cheap-Ish?

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Hong Kong / In Depth: Hong Kong embarks on economic makeover</li><li>Two Sessions /China adds six more European countries to visa-free list on trial basis</li><li>Payment /China’s digital payment behemoths try to improve foreign user experience</li></ul>

Hong Kong / In Depth: Hong Kong embarks on economic makeoverTwo Sessions /China adds six more European countries to visa-free list on trial basisPayment /China’s digital payment behemoths try to improve foreign user experience

CX Daily: Hong Kong Embarks on Economic Makeover 

China

JD Logistics is a technology-driven supply chain solutions and logistics services provider, offering warehousing, distribution, and express and freight delivery. It serves various industries including fast-moving consumer goods, apparel, and automotive. The company is headquartered in Beijing, China, and was founded in 2007.

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JD Logistics (2618 HK)

SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

SF Holding's H126 results were uninspiring, with Revenue climbing 6% but margins falling vs H125. We believe high fuel costs and changing sales mix...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

Some cities begun to roll out “Trade Old in for New” subsidies. will commence pre-sales on Tencent's WeGame on May.SHEIN launches support for self...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...

Blue Lotus Research Institute

SHEIN IPO in Hong Kong: What 2027E Revenue Growth, OPM% Assumptions Are Needed to Make It Cheap-Ish?

In this insight we present a matrix of Revenue and OP margin assumptions so readers can see which combinations could potentially generate strong...

Tracking Traffic

CX Daily: Hong Kong Embarks on Economic Makeover

Hong Kong / In Depth: Hong Kong embarks on economic makeover Hong Kong has set in motion an ambitious strategy to revive growth, aimed at...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

SF Holding's H126 results were uninspiring, with Revenue climbing 6% but margins falling vs H125. We believe high fuel costs and changing sales mix...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

Some cities begun to roll out “Trade Old in for New” subsidies. will commence pre-sales on Tencent's WeGame on May.SHEIN launches support for self...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

​Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...

Blue Lotus Research Institute

SHEIN IPO in Hong Kong: What 2027E Revenue Growth, OPM% Assumptions Are Needed to Make It Cheap-Ish?

In this insight we present a matrix of Revenue and OP margin assumptions so readers can see which combinations could potentially generate strong...

Tracking Traffic

CX Daily: Hong Kong Embarks on Economic Makeover

Hong Kong / In Depth: Hong Kong embarks on economic makeover Hong Kong has set in motion an ambitious strategy to revive growth, aimed at...

Caixin Global

Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...