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

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

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

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 ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.</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 ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.


HSI Index Earning Revision (Mar): Oil and Tech

<ul>
<li>February numbers noisy, so we look at combined January-February change in volume</li>
<li>In the first two months of 2026, four China-listed companies' parcel volume up &lt; 8%</li>
<li>Single-Digit growth makes cost cuts tough, puts ZTO's 10%+ growth target into context</li>
</ul>


February numbers noisy, so we look at combined January-February change in volume
In the first two months of 2026, four China-listed companies' parcel volume up &lt; 8%
Single-Digit growth makes cost cuts tough, puts ZTO's 10%+ growth target into context


Monthly Chinese Express Tracker | Sluggish < 8% Volume Growth YTD from Four China-Listed Companies

<ul>
<li>Core Adjusted EBITDA margins worsened again in Q425, down -650 bps Y/Y</li>
<li>FY26 guidance calls for tepid volume growth (10-13% Y/Y), slower than in FY25</li>
<li>ZTO focus has shifted from growth to higher rates of shareholder returns</li>
</ul>


Core Adjusted EBITDA margins worsened again in Q425, down -650 bps Y/Y
FY26 guidance calls for tepid volume growth (10-13% Y/Y), slower than in FY25
ZTO focus has shifted from growth to higher rates of shareholder returns


ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

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)

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

HSI Index Earning Revision (Mar): Oil and Tech

We analyzed HSI's consensus for Mar 2026 and highlighted changes of EPS in ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.

Ke Yan, CFA, FRM

Monthly Chinese Express Tracker | Sluggish < 8% Volume Growth YTD from Four China-Listed Companies

Combined January-February parcel volume grew by <8%, continuing the trend of sub-10% growth seen in Q425. Under these conditions it will be...

Tracking Traffic

ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

On March 17 ZTO reported Q425 results that showed a steep decline in profitability, and a possible shift to higher rates of returns to shareholders

Tracking Traffic

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