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>On March 5 Chinese freight platform Full Truck Alliance posted another great set of results</li>
<li>Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins</li>
<li>We've upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target</li>
</ul>


On March 5 Chinese freight platform Full Truck Alliance posted another great set of results
Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins
We've upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target


Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

Equity Capital Markets

Hive Box Holdings / Equity Capital Markets

<ul>
<li>In this insight we compare Hive Box to InPost, a smart locker specialist</li>
<li>The firms play in different geographies, making apples:apples comps tough</li>
<li>In the absence of better comps, comparing Hive Box to InPost still useful</li>
</ul>


In this insight we compare Hive Box to InPost, a smart locker specialist
The firms play in different geographies, making apples:apples comps tough
In the absence of better comps, comparing Hive Box to InPost still useful


Hive Box Holdings Pre-IPO, Part 3: Hive Box Vs InPost Group: Similarities & (BIG) Differences

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Based on returns and margins, US-listed Full Truck Alliance is best comp</li>
<li>Lalatech probably deserves premium valuation multiples vs Full Truck Alliance </li>
<li>An equity valuation of US$11bn+ justifiable; will investors look at recent flops?</li>
</ul>


Based on returns and margins, US-listed Full Truck Alliance is best comp
Lalatech probably deserves premium valuation multiples vs Full Truck Alliance 
An equity valuation of US$11bn+ justifiable; will investors look at recent flops?


Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

<ul>
<li>We compare Lalatech's scale, P&amp;L, Balance Sheet, and Cash Flow to peers</li>
<li>On several measures, Lalatech is comparable to Full Truck Alliance, SF-Intra</li>
<li>Small, unprofitable GOGOX <em>not</em> an appropriate comp for Lalatech, in our view</li>
</ul>


We compare Lalatech's scale, P&amp;L, Balance Sheet, and Cash Flow to peers
On several measures, Lalatech is comparable to Full Truck Alliance, SF-Intra
Small, unprofitable GOGOX not an appropriate comp for Lalatech, in our view


Lalatech Compared to Full Truck Alliance, SF Intra-City, and GOGOX in Eleven Easy Charts

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.</li>
<li>The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. </li>
</ul>



Grab's 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.
The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.

Grab remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. 


Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

Full Truck Alliance reported impressive Q4 results on Wednesday in the US, featuring stronger-than-expected revenue growth & expert cost control....

Tracking Traffic

Hive Box Holdings Pre-IPO, Part 3: Hive Box Vs InPost Group: Similarities & (BIG) Differences

In this insight we compare Hive Box to InPost, a publicly-traded smart locker and e-comm fulfillment specialist based in Poland. It's not a perfect...

Tracking Traffic

Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

What are the best comps for Lalatech, which valuation multiples should we focus on, and does the company deserve a premium valuation relative to...

Tracking Traffic

Lalatech Compared to Full Truck Alliance, SF Intra-City, and GOGOX in Eleven Easy Charts

In this insight we compare Lalatech to listed peers Full Truck Alliance, SF Intra-city, and GOGOX on a range of factors, including scale, growth,...

Tracking Traffic

Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

Grab remains confident on the outlook with guidance revised upwards, with the company looking at some potentially interesting M&A, which should be...

Angus Mackintosh

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