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>Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting</li>
<li>FTA is making good progress on promoting its automated freight matching service</li>
<li>But other changes will require more time, and investors are impatient</li>
</ul>


Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting
FTA is making good progress on promoting its automated freight matching service
But other changes will require more time, and investors are impatient


Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

Thematic (Sector/Industry)

<ul>
<li>Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity</li>
<li>Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed</li>
<li>Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel</li>
</ul>


Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity
Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed
Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel


Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Chinese firms flock to Saudi Arabia in Middle East gold rush</li><li>Trending in China: About two dozen women accuse prominent screenwriter of sexual harassment</li><li>China’s factory activity contracts amid weak demand, Caixin PMI shows</li></ul>

In Depth: Chinese firms flock to Saudi Arabia in Middle East gold rushTrending in China: About two dozen women accuse prominent screenwriter of sexual harassmentChina’s factory activity contracts amid weak demand, Caixin PMI shows

CX Daily: Chinese Firms Flock to Saudi Arabia in Middle East Gold Rush

<ul><li>Hundreds of millions of Chinese travelers crowded tourist hotspots across the country over the week-long Labor Day holiday</li><li>Travelers made 274 million domestic trips during the holiday, up 70.83% from last year, according to data from the Ministry of Culture and Tourism</li><li>Revenue from domestic tourism reached 148 billion yuan ($21 billion), an increase of 128.9% from the same period last year</li></ul>

Hundreds of millions of Chinese travelers crowded tourist hotspots across the country over the week-long Labor Day holidayTravelers made 274 million domestic trips during the holiday, up 70.83% from last year, according to data from the Ministry of Culture and TourismRevenue from domestic tourism reached 148 billion yuan ($21 billion), an increase of 128.9% from the same period last year

Hardly Anybody in China Stayed Home for the Holidays

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Labour Day (LD) Holiday data revealed a strong recovery trend for travel industry aided by the release of pent-up demand, which is likely to trend into 3Q22 aided by the coming of peak summer holiday travel period.</li><li>With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of competitive landscape is the key to watch.</li><li>Maintain BUY on TCOM, BABA, and Meituan.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Labour Day (LD) Holiday data revealed a strong recovery trend for travel industry aided by the release of pent-up demand, which is likely to trend into 3Q22 aided by the coming of peak summer holiday travel period.With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of competitive landscape is the key to watch.Maintain BUY on TCOM, BABA, and Meituan.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – Release of pent-up demand aids robust travel and consumption recovery

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

Despite solid revenue growth and rising profitability in Q1, investors focused on unexciting Q2 guidance. In this note we highlight some...

Tracking Traffic

Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

In April domestic and international air traffic continued to improve from depressed pandemic levels, but there are growing signs that Chinese...

Tracking Traffic

CX Daily: Chinese Firms Flock to Saudi Arabia in Middle East Gold Rush

In Depth: Chinese firms flock to Saudi Arabia in Middle East gold rush. Trending in China: About two dozen women accuse prominent screenwriter of...

Caixin Global

Hardly Anybody in China Stayed Home for the Holidays

Hundreds of millions of Chinese travelers crowded tourist hotspots across the country over the week-long Labor Day holiday

Caixin Global

China Internet – Release of pent-up demand aids robust travel and consumption recovery

With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of...

CMB International

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