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

Cainiao Smart Logistics Network / Equity Bottom-Up

Cainiao Smart Logistics Network (1437124D HK)

<ul>
<li>Alibaba logistics arm CaiNiao's revenue growth slowed in the June quarter</li>
<li>Our main takeaway is that Chinese X-border eComm continues to slow</li>
<li>We believe all of the large X-border eComm platforms may be affected</li>
</ul>


Alibaba logistics arm CaiNiao's revenue growth slowed in the June quarter
Our main takeaway is that Chinese X-border eComm continues to slow
We believe all of the large X-border eComm platforms may be affected


CaiNiao Q1FY Results: Most Interesting Read-Through Is Dramatic Slowdown in X-Border Activity

Equity Capital Markets

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>Three potentially large e-comm logistics IPOs are now in-process in Hong Kong</li>
<li>We compare the three 'by the numbers', then examine their strengths and weaknesses</li>
<li>We conclude by providing a matrix that may help investors decide where to allocate time</li>
</ul>


Three potentially large e-comm logistics IPOs are now in-process in Hong Kong
We compare the three 'by the numbers', then examine their strengths and weaknesses
We conclude by providing a matrix that may help investors decide where to allocate time


Which Hong Kong E-Comm Logistics IPO Is Right for You? We Compare SF Holding, J&T, and CaiNiao

<ul>
<li>Several US customs brokers have been suspended under new, tighter rules</li>
<li>The new rules could make 'de minimis' imports slightly more difficult</li>
<li>Whether it lists in London or NYC, additional rule changes could threaten SHEIN</li>
</ul>


Several US customs brokers have been suspended under new, tighter rules
The new rules could make 'de minimis' imports slightly more difficult
Whether it lists in London or NYC, additional rule changes could threaten SHEIN


SHEIN: Several US Customs Broker Suspensions Tied to Tighter 'de Minimis' Rules

<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

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)

CaiNiao Q1FY Results: Most Interesting Read-Through Is Dramatic Slowdown in X-Border Activity

Given slower June quarter revenue growth at Alibaba's logistics arm CaiNiao and at the segment containing AliExpress, it's hard not to conclude...

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

Which Hong Kong E-Comm Logistics IPO Is Right for You? We Compare SF Holding, J&T, and CaiNiao

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

SHEIN: Several US Customs Broker Suspensions Tied to Tighter 'de Minimis' Rules

US Customs and Border Protection has tightened the rules under which SHEIN and Temu import cheap goods into the US. As a result, six US customs...

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

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