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>Revenue growth in Q3 (+15.5% Y/Y) held up reasonably well for Trip.com</li>
<li>But core margins continue to deteriorate: Adjusted EBITDA margin down -120 bps Y/Y</li>
<li>We still feel TCOM shares are pricey, and that earnings growth is unimpressive</li>
</ul>


Revenue growth in Q3 (+15.5% Y/Y) held up reasonably well for Trip.com
But core margins continue to deteriorate: Adjusted EBITDA margin down -120 bps Y/Y
We still feel TCOM shares are pricey, and that earnings growth is unimpressive


Trip.com Q325 Results | Revenue Growth OK | Core Margins Still Falling | Avoid

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS initiates coverage of NTT DC REIT as 'buy' with a 20% target rise.</li>
<li>OCBC lowers First REIT's fair value due to ongoing FX impact.           </li>
<li>AIMS APAC REIT reports 1.1% increase in DPU for 1HFY2026.</li>
</ul>


DBS initiates coverage of NTT DC REIT as 'buy' with a 20% target rise.
OCBC lowers First REIT's fair value due to ongoing FX impact.           
AIMS APAC REIT reports 1.1% increase in DPU for 1HFY2026.


Singapore Market Roundup (05-Nov-2025): DBS rates NTT DC REIT 'buy' with a 20% target increase.

<ul>
<li>Growth rates of outbound and domestic air travel slowed again in September</li>
<li>Initial read on Golden Week demand: weak activity growth, weaker spending</li>
<li>In our view, it's increasingly difficult to retain an upbeat view of the sector</li>
</ul>


Growth rates of outbound and domestic air travel slowed again in September
Initial read on Golden Week demand: weak activity growth, weaker spending
In our view, it's increasingly difficult to retain an upbeat view of the sector


Monthly Chinese Tourism Tracker | Pace of Growth Slowed, Again | Golden Week? | October 2025

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul><li>Passenger traffic has rebounded beyond 2019 levels, led by Asia -Pacific’s long -haul reopening and tourism demand.</li><li>By 2034, global trips could reach 12bn. </li><li>Yet aircraft delivery backlogs, slot congestion, and labor shortages limit supply growth. </li></ul>

Passenger traffic has rebounded beyond 2019 levels, led by Asia -Pacific’s long -haul reopening and tourism demand.By 2034, global trips could reach 12bn. Yet aircraft delivery backlogs, slot congestion, and labor shortages limit supply growth. 

<ul>
<li>Despite a few pockets of improved demand, key Transpacific trade remains weak</li>
<li>Most carriers reported low (48% - 68%) but stable cargo load factors in August</li>
<li>For carriers, still lots of empty space to sell; macro view shows no "snap-back"</li>
</ul>


Despite a few pockets of improved demand, key Transpacific trade remains weak
Most carriers reported low (48% - 68%) but stable cargo load factors in August
For carriers, still lots of empty space to sell; macro view shows no "snap-back"


Monthly Air Cargo Tracker | August Shows Pockets of Growth | But LF, Pricing Both Still Very Weak

Singapore

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Singapore Airlines (SIA SP)

Trip.com Q325 Results | Revenue Growth OK | Core Margins Still Falling | Avoid

Trip.com reported Q3 results on Monday after the US close. Revenue growth was fine, but core margins continue to fall. We view the shares as...

Tracking Traffic

Singapore Market Roundup (05-Nov-2025): DBS rates NTT DC REIT 'buy' with a 20% target increase.

DBS rates NTT DC REIT as 'buy' with a 20% target rise; OCBC cuts First REIT's fair value; AIMS APAC REIT sees 1.1% DPU growth in 1HFY2026.

Singapore Market Roundup

Monthly Chinese Tourism Tracker | Pace of Growth Slowed, Again | Golden Week? | October 2025

Chinese travel activity in September slowed, and a first look at Golden Week activity also suggests weak growth in travel and spending. We see few...

Tracking Traffic

Aviation Innovation in Singapore

By 2034, global trips could reach 12bn. Yet aircraft delivery backlogs, slot congestion, and labor shortages limit supply growth.

ICAM

Monthly Air Cargo Tracker | August Shows Pockets of Growth | But LF, Pricing Both Still Very Weak

August air cargo data from a range of carriers and cargo gateways around the Pacific Rim show uneven demand, but still-low utilization and weak...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)