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.

Equity Capital Markets

J&T Global Express / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express</a>, a global logistics service provider, is looking to raise about US$500m in its  Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



J&amp;T Global Express, a global logistics service provider, is looking to raise about US$500m in its  Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.


J&T Global Express IPO - Team Effort for Some Heavy Lifting

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>In this insight we consider what it would take to pull our valuation up closer to US$13 bn</li>
<li>Such a valuation would require solid revenue growth (+17-18% Y/Y or better), plus sustained progress on raising China and 'Other' EBITDA margins, which are currently negative</li>
<li>Even with these optimistic assumptions, J&amp;T would trade at 20x EV/2025 Adj EBITDA &amp; at historical EV/Revenue multiples far above more profitable Chinese express names</li>
</ul>


In this insight we consider what it would take to pull our valuation up closer to US$13 bn
Such a valuation would require solid revenue growth (+17-18% Y/Y or better), plus sustained progress on raising China and 'Other' EBITDA margins, which are currently negative
Even with these optimistic assumptions, J&amp;T would trade at 20x EV/2025 Adj EBITDA &amp; at historical EV/Revenue multiples far above more profitable Chinese express names


J&T Global Express Pre-IPO, Part 6 | How We Could Potentially Get Closer To US$13 Bn Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express</a>, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



J&amp;T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.


J&T Global Express Pre-IPO - Thoughts on Valuation

<ul>
<li>H1 results from KEX Thailand and Kerry Logistics can help us understand J&amp;T Global Express</li>
<li>Thailand likely to be a medium-term drag on J&amp;T's earnings, in our view</li>
<li>But if KLN's H1 results are representative, rest of SE Asia is probably OK</li>
</ul>


H1 results from KEX Thailand and Kerry Logistics can help us understand J&amp;T Global Express
Thailand likely to be a medium-term drag on J&amp;T's earnings, in our view
But if KLN's H1 results are representative, rest of SE Asia is probably OK


J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results

<ul>
<li>In this insight, we examine <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a>'s operation in SE Asia, where it's the region's dominant player, with market share of 22.5% by volume </li>
<li>We profile SE Asian demand and supply and compare these to the development of China's express industry, acknowledging the key role <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> has played there</li>
<li>We also present a framework for estimating the value of J&amp;T's SE Asian operation by identifying the most appropriate comps and EV valuation multiples</li>
</ul>


In this insight, we examine J&amp;T Global Express (1936374D CH)'s operation in SE Asia, where it's the region's dominant player, with market share of 22.5% by volume 
We profile SE Asian demand and supply and compare these to the development of China's express industry, acknowledging the key role Alibaba (ADR) (BABA US) has played there
We also present a framework for estimating the value of J&amp;T's SE Asian operation by identifying the most appropriate comps and EV valuation multiples


J&T Global Express Pre-IPO, Part 2: SE Asia Operation | Demand, Supply Profiles | Valuation Approach

Thailand

Kex Express is a nationwide parcel delivery company in Thailand, providing integrated logistics solutions for C2C, B2C, and B2B segments, including domestic and international parcel delivery. They also offer ocean freight, cross-border land transportation, and customs clearance services. The company is headquartered in Bangkok, Thailand, and was founded in 2006.

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Kex Express (KEX TB)

J&T Global Express IPO - Team Effort for Some Heavy Lifting

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its Hong Kong IPO. In this note, we talk about its...

Sumeet Singh

J&T Global Express Pre-IPO, Part 6 | How We Could Potentially Get Closer To US$13 Bn Valuation

In this insight we consider the assumptions for top-line growth and margin improvement that could conceivably get us (closer) to the company's...

Tracking Traffic

J&T Global Express Pre-IPO - Thoughts on Valuation

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results

We're pulling this insight out of the archives in light of J&T’s updated HKEX filing and its decision to begin pushing forward with its IPO this...

Tracking Traffic

J&T Global Express Pre-IPO, Part 2: SE Asia Operation | Demand, Supply Profiles | Valuation Approach

We're pulling this insight out of the archives in light of J&T's updated filing and its decision to begin pushing forward with its IPO in Hong Kong...

Tracking Traffic

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