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>The Taiwanese air cargo specialists CAL and EVA reported slowing growth, lower LF in April</li>
<li>Despite a few outliers, tonnage growth and utilization at other Asian carriers also weaker</li>
<li>All signs point to sluggish US demand, which is unlikely to recover any time soon</li>
</ul>


The Taiwanese air cargo specialists CAL and EVA reported slowing growth, lower LF in April
Despite a few outliers, tonnage growth and utilization at other Asian carriers also weaker
All signs point to sluggish US demand, which is unlikely to recover any time soon


Monthly Air Cargo Tracker | April Data Shows Slowing Demand, Low (And Falling) Capacity Utilization

<ul>
<li>The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y</li>
<li>But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months</li>
<li>With strong pricing power, we still prefer China's airlines over travel platform Trip.com </li>
</ul>


The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y
But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months
With strong pricing power, we still prefer China's airlines over travel platform Trip.com 


Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 15 May, Hanjin KAL Corp (180640 KS) announced that it will contribute 440,044 shares of its treasury stock to the company’s welfare fund, representing 0.7% of its common shares. </li>
<li>This is a clear indication of Hanjin Kal Chairman Cho Won-Tae and his allies launching a management rights defense against Hoban Group which recently increased its stake in Hanjin Kal. </li>
<li>The higher probability scenario is for Hanjin Kal's shares to retrace down to below 100,000 won level as a full blown M&amp;A fight is not likely in the near future. </li>
</ul>


On 15 May, Hanjin KAL Corp (180640 KS) announced that it will contribute 440,044 shares of its treasury stock to the company’s welfare fund, representing 0.7% of its common shares. 
This is a clear indication of Hanjin Kal Chairman Cho Won-Tae and his allies launching a management rights defense against Hoban Group which recently increased its stake in Hanjin Kal. 
The higher probability scenario is for Hanjin Kal's shares to retrace down to below 100,000 won level as a full blown M&amp;A fight is not likely in the near future. 


Hanjin Group Chairman Cho Fights Back Against Hoban Group for Control of Hanjin Kal

<ul>
<li>On 28 March, it was reported that Hoban Construction will acquire a 17.43% stake in Hanjin KAL Corp (180640 KS) from KCGI becoming the second largest shareholder of the company. </li>
<li>There are some further possibilities of Hoban Construction forming an alliance with Bando Construction later on which could make the shareholding structure of HanjinKal very interesting. </li>
<li>There has been an increased increase in the travel/leisure related plays (including HanjinKal) with the opening up of travel and fewer COVID restrictions in some countries including in South Korea.</li>
</ul>


On 28 March, it was reported that Hoban Construction will acquire a 17.43% stake in Hanjin KAL Corp (180640 KS) from KCGI becoming the second largest shareholder of the company. 
There are some further possibilities of Hoban Construction forming an alliance with Bando Construction later on which could make the shareholding structure of HanjinKal very interesting. 
There has been an increased increase in the travel/leisure related plays (including HanjinKal) with the opening up of travel and fewer COVID restrictions in some countries including in South Korea.


Hoban Construction Acquires a 17.4% Stake in HanjinKal

<ul>
<li>Even before US tariff and <em>de minimis</em> changes, Asian air cargo conditions had turned weaker</li>
<li>Carrier load factors were up seasonally in March, but down Y/Y, and remain quite low</li>
<li>Data from Taiwanese carriers suggests shift away from Transpacific to short-haul routes</li>
</ul>


Even before US tariff and de minimis changes, Asian air cargo conditions had turned weaker
Carrier load factors were up seasonally in March, but down Y/Y, and remain quite low
Data from Taiwanese carriers suggests shift away from Transpacific to short-haul routes


Monthly Air Cargo Tracker | Even Before US Tariff Chaos, Conditions Had Turned Weaker (May 2025)

South Korea

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

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Korean Air Lines (003490 KS)

Monthly Air Cargo Tracker | April Data Shows Slowing Demand, Low (And Falling) Capacity Utilization

April data from Asian carriers and a range of air cargo gateways on both sides of the Pacific suggest moderating demand growth and low carrier...

Tracking Traffic

Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

The growth of Chinese domestic air travel activity in April accelerated to almost 8% after slumping to < 1% in Q125. High domestic passenger load...

Tracking Traffic

Hanjin Group Chairman Cho Fights Back Against Hoban Group for Control of Hanjin Kal

On 15 May, Hanjin KAL Corp (180640 KS) announced that it will contribute 440,044 shares of its treasury stock to the company’s welfare fund,...

Douglas Kim

Hoban Construction Acquires a 17.4% Stake in HanjinKal

It was reported after market close on KRX that Hoban Construction, the second-largest shareholder of Hanjin KAL Corp (180640 KS), increased its...

Douglas Kim

Monthly Air Cargo Tracker | Even Before US Tariff Chaos, Conditions Had Turned Weaker (May 2025)

Even before US tariff increases and the end of the de minimis exemption, conditions in the Transpacific air cargo market were clearly turning weaker.

Tracking Traffic

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