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>In this insight we show drivers of LalaTech's +US$1bn turnaround in OpInc</li>
<li>We also evaluate which drivers are likely to generate future improvements</li>
<li>Lalatech won't repeat incredible 2021-23 CoR, OpEx performances, in our view</li>
</ul>


In this insight we show drivers of LalaTech's +US$1bn turnaround in OpInc
We also evaluate which drivers are likely to generate future improvements
Lalatech won't repeat incredible 2021-23 CoR, OpEx performances, in our view


Lalatech IPO: New Filing Shows March From Losses To Profits Between 2021 and 2023

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a>’s 180-day IPO lock-up period for 88% of outstanding shares expires on 24 April. The shares exiting the lock-up period are worth US$9.9 billion.</li>
<li>The likely sellers will be the Series pre-A1, pre-A2, A and B investors as are they are materially in the money at the last close price.</li>
<li>J&amp;T has returned to organic growth with a shift to profits and declining cash burn. While the last close is 17% below the IPO price, the shares are fairly valued. </li>
</ul>



J&amp;T Global Express (1519 HK)’s 180-day IPO lock-up period for 88% of outstanding shares expires on 24 April. The shares exiting the lock-up period are worth US$9.9 billion.
The likely sellers will be the Series pre-A1, pre-A2, A and B investors as are they are materially in the money at the last close price.
J&amp;T has returned to organic growth with a shift to profits and declining cash burn. While the last close is 17% below the IPO price, the shares are fairly valued. 


J&T Global Express (1519 HK): The US$9.9 Billion Lock up Expiry

Equity Bottom-Up

<ul>
<li>ASPs remain under pressure as STO, J&amp;T gain volume share in ground segment</li>
<li>March showed a surprising slowdown in pace of international volume growth</li>
<li>We believe Q423 and Q124 company-level profitability will mostly disappoint</li>
</ul>


ASPs remain under pressure as STO, J&amp;T gain volume share in ground segment
March showed a surprising slowdown in pace of international volume growth
We believe Q423 and Q124 company-level profitability will mostly disappoint


Monthly Chinese Express Tracker | March ASPs Fell, Again | Volumes Moderated, Including X-Border

Cainiao Smart Logistics Network / Equity Bottom-Up

<ul>
<li>A few weeks ago, Alibaba announced it would not seek IPO for CaiNiao</li>
<li>The change of plans could force BABA/CaiNiao to re-focus on profitability</li>
<li>BABA will reportedly buy rest of CaiNiao at US$10.2 bn valuation -- cheap!</li>
</ul>


A few weeks ago, Alibaba announced it would not seek IPO for CaiNiao
The change of plans could force BABA/CaiNiao to re-focus on profitability
BABA will reportedly buy rest of CaiNiao at US$10.2 bn valuation -- cheap!


Cancelling CaiNiao's IPO: What It Means for China's Express Sector (+Comment on Implied Valuation)

<ul>
<li>On April 9, J&amp;T disclosed operating stats from Q124 -- a positive surprise</li>
<li>We welcome the disclosure, but J&amp;T should also explain X-border's demise</li>
<li>We believe J&amp;T's China operation remains far less profitable than its peers'</li>
</ul>


On April 9, J&amp;T disclosed operating stats from Q124 -- a positive surprise
We welcome the disclosure, but J&amp;T should also explain X-border's demise
We believe J&amp;T's China operation remains far less profitable than its peers'


J&T Global Express Q124 Operating Stats: One Step Forward for Disclosure, & One Step Back

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

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S.F. Holding (002352 CH)

Lalatech IPO: New Filing Shows March From Losses To Profits Between 2021 and 2023

We doubt Lalatech will be able to repeat anything like the dramatic improvements in CoR and OpEx the company showed between 2021 and 2023.

Tracking Traffic

J&T Global Express (1519 HK): The US$9.9 Billion Lock up Expiry

The shares deposited on CCASS increased significantly from 4.26% of outstanding shares on 11 April to 67.72% on 20 April. The increase of 5,592.8...

Arun George

Monthly Chinese Express Tracker | March ASPs Fell, Again | Volumes Moderated, Including X-Border

Domestic parcel volume slowed in March, and unit pricing remains under pressure. In addition, it appears the previously strong growth of Chinese X...

Tracking Traffic

Cancelling CaiNiao's IPO: What It Means for China's Express Sector (+Comment on Implied Valuation)

In this insight we discuss the potential impact of Alibaba's decision not to list CaiNiao's shares, and offer a brief comment on the implied...

Tracking Traffic

J&T Global Express Q124 Operating Stats: One Step Forward for Disclosure, & One Step Back

We were pleasantly surprised to see J&T disclose Q124 operating stats so promptly, but we still wonder why the company hasn't explained its abrupt...

Tracking Traffic

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