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 Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Chinese intra-city freight platform Lalatech has once again filed to list its shares in HK</li>
<li>Revenue growth accelerated in FY25, and both OPM% and Operating Cash Flow improved</li>
<li>If it comes to market, Full Truck Alliance and SF Intra are obvious (but imperfect) comps</li>
</ul>


Chinese intra-city freight platform Lalatech has once again filed to list its shares in HK
Revenue growth accelerated in FY25, and both OPM% and Operating Cash Flow improved
If it comes to market, Full Truck Alliance and SF Intra are obvious (but imperfect) comps


Lalatech Files to List Shares in HK (Again) | See Financial and Operating Performance Through 2025

Equity Bottom-Up

<ul>
<li>Lifted by strength in SE Asia and Others, total parcel volume growth in Q126 reached 26%</li>
<li>J &amp; T's China volume in Q126 grew by a modest 8% Y/Y -- a bit faster than the market</li>
<li>Chinese ground parcel fulfillment segment has slowed -- other modes are now rising</li>
</ul>


Lifted by strength in SE Asia and Others, total parcel volume growth in Q126 reached 26%
J &amp; T's China volume in Q126 grew by a modest 8% Y/Y -- a bit faster than the market
Chinese ground parcel fulfillment segment has slowed -- other modes are now rising


J&T Global Express Q126 Parcel Volumes | Strong Growth, but Only Outside of China

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

DZT Research

DZT 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 analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on MEITUAN, BYD Electronic, ALIBABA, CNOOC, HSBC, LI AUTO, CCB.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on MEITUAN, BYD Electronic, ALIBABA, CNOOC, HSBC, LI AUTO, CCB.


HSI Index Earning Revision (Apr): MEITUAN, BYD Electronic, ALIBABA, CNOOC, HSBC, LI AUTO, CCB

Zelos Technology / Equity Capital Markets

<ul>
<li>Late last week multiple media outlets reported Zelos Tech will seek an IPO in HK soon</li>
<li>In January this year Zelos took an investment from Alibaba's logistics subsidiary, CaiNiao</li>
<li>Zelos seems well-positioned to retain its lead in China's growing commercial AV segment</li>
</ul>


Late last week multiple media outlets reported Zelos Tech will seek an IPO in HK soon
In January this year Zelos took an investment from Alibaba's logistics subsidiary, CaiNiao
Zelos seems well-positioned to retain its lead in China's growing commercial AV segment


Media Reports: Alibaba-Backed Chinese 'Robovan' Maker Zelos Tech to Seek HK IPO, Could Raise US$600M

<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

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)

Lalatech Files to List Shares in HK (Again) | See Financial and Operating Performance Through 2025

Lalatech a Chinese online freight platform, has once again submitted listing documents to HKEX. In this insight we review the company's latest...

Tracking Traffic

J&T Global Express Q126 Parcel Volumes | Strong Growth, but Only Outside of China

J & T Global Express reported Q126 parcel volumes that showed strong growth in SE Asia and developing markets outside of East Asia, but modest...

Tracking Traffic

HSI Index Earning Revision (Apr): MEITUAN, BYD Electronic, ALIBABA, CNOOC, HSBC, LI AUTO, CCB

We analyzed HSI's consensus for Apr 2026 and highlighted changes of EPS in MEITUAN, BYD Electronic, ALIBABA, CNOOC, HSBC, LI AUTO, CCB.

Ke Yan, CFA, FRM

Media Reports: Alibaba-Backed Chinese 'Robovan' Maker Zelos Tech to Seek HK IPO, Could Raise US$600M

Chinese autonomous 'robovan' maker Zelos may soon seek an IPO in Hong Kong, according to recent media reports. We believe Zelos, an AV 'pure play',...

Tracking Traffic

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

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