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>August air activity largely matched July's improved pace of growth (versus weak Q2)</li>
<li>The improvement in domestic activity has been more dramatic than in outbound </li>
<li>Effectively, high fuel costs appear to be keeping travelers closer to home here in Q3</li>
</ul>


August air activity largely matched July's improved pace of growth (versus weak Q2)
The improvement in domestic activity has been more dramatic than in outbound 
Effectively, high fuel costs appear to be keeping travelers closer to home here in Q3


Monthly Chinese Tourism Tracker | August Traffic Resilient, Especially Domestic Air Activity

Thematic (Sector/Industry)

<ul>
<li>USCBP data from August shows Y/Y declines in traffic, especially at N. border</li>
<li>Overall, air travel to and from the US has held up well vs other travel modes</li>
<li>Some US regions hit harder than others; US losses could benefit Europe, others</li>
</ul>


USCBP data from August shows Y/Y declines in traffic, especially at N. border
Overall, air travel to and from the US has held up well vs other travel modes
Some US regions hit harder than others; US losses could benefit Europe, others


US Customs & Border Protection August Data | Air Crossings Stable | Europe Could Gain From US Losses

<ul>
<li>Year to date (July) US border crossing data paint a surprisingly mixed picture</li>
<li>Overall, total crossings at all points and by all modes are down -3.7% Y/Y</li>
<li>States facing Canada saw a -17.5% decline; air crossings into West up +3.7%</li>
</ul>


Year to date (July) US border crossing data paint a surprisingly mixed picture
Overall, total crossings at all points and by all modes are down -3.7% Y/Y
States facing Canada saw a -17.5% decline; air crossings into West up +3.7%


US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>700 HK: Tencent's &lt;VALORANT Mobile&gt; Launches iOS App Store Page, Showing Official Release on November 25 (-)</li>
<li>1024 HK: Kuaishou’s Kling AI Reaches Strategic Cooperation with Design AI Agent LOVART (+)</li>
<li>JD US/TCOM US: JD.com may launch OTA (Online Travel Agency) services in the near future (-//)</li>
</ul>


700 HK: Tencent's &lt;VALORANT Mobile&gt; Launches iOS App Store Page, Showing Official Release on November 25 (-)
1024 HK: Kuaishou’s Kling AI Reaches Strategic Cooperation with Design AI Agent LOVART (+)
JD US/TCOM US: JD.com may launch OTA (Online Travel Agency) services in the near future (-//)


[Blue Lotus Daily-TMT Update]:700 HK/1024 HK/JD US/TCOM US/3690 HK/NTES US/AI Sector Update

<ul>
<li>TCOM US: Dragon Boat Festival holiday travel volume miss expectations(-) </li>
<li>JD US: JD Food Delivery Daily Orders Surpass 25 Million(+)</li>
<li>700 HK: Tencent Yuanbao App announces integration with Tencent Maps, enabling precise location (+)</li>
</ul>


TCOM US: Dragon Boat Festival holiday travel volume miss expectations(-) 
JD US: JD Food Delivery Daily Orders Surpass 25 Million(+)
700 HK: Tencent Yuanbao App announces integration with Tencent Maps, enabling precise location (+)


[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

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)

Monthly Chinese Tourism Tracker | August Traffic Resilient, Especially Domestic Air Activity

August air traffic figures show a decent Y/Y recovery that mirrors what we saw in July, especially for domestic travel. We believe demand could...

Tracking Traffic

US Customs & Border Protection August Data | Air Crossings Stable | Europe Could Gain From US Losses

August data from the US Customs & Border Protection agency shows a decline in US border crossings. Air crossings have held up relatively well, but...

Tracking Traffic

US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

Recently released US border crossing data show a mixed bag: total crossings at the US Northern and Southern borders are down YTD, but crossings by...

Tracking Traffic

[Blue Lotus Daily-TMT Update]:700 HK/1024 HK/JD US/TCOM US/3690 HK/NTES US/AI Sector Update

Tencent's set to release on November 25, Kuaishou partners with LOVART for AI, JD.com considers launching OTA services.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Chinese Tourism Tracker | August Traffic Resilient, Especially Domestic Air Activity

August air traffic figures show a decent Y/Y recovery that mirrors what we saw in July, especially for domestic travel. We believe demand could...

Tracking Traffic

US Customs & Border Protection August Data | Air Crossings Stable | Europe Could Gain From US Losses

August data from the US Customs & Border Protection agency shows a decline in US border crossings. Air crossings have held up relatively well, but...

Tracking Traffic

US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

Recently released US border crossing data show a mixed bag: total crossings at the US Northern and Southern borders are down YTD, but crossings by...

Tracking Traffic

[Blue Lotus Daily-TMT Update]:700 HK/1024 HK/JD US/TCOM US/3690 HK/NTES US/AI Sector Update

​Tencent's set to release on November 25, Kuaishou partners with LOVART for AI, JD.com considers launching OTA services.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

​TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...

Blue Lotus Research Institute

Tencent's set to release on November 25, Kuaishou partners with LOVART for AI, JD.com considers launching OTA services.

TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...