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

<ul>
<li>SF Holding's domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?</li>
<li>SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?</li>
<li>When will SF Holdings' varied international operations -- and there are a few of them -- begin to pull their own weight, in terms of profitability and growth?</li>
</ul>


SF Holding's domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?
SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?
When will SF Holdings' varied international operations -- and there are a few of them -- begin to pull their own weight, in terms of profitability and growth?


SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.</li>
<li>SF is the largest integrated logistics service player in China and Asia and the fourth largest player globally in terms of revenue in 2023, according to Frost &amp; Sullivan.   </li>
<li>The PHIP update shows that the business is in good health, with a return to growth, rising margins, and strong cash generation. Therefore, a premium multiple to peers is justified.</li>
</ul>



S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
SF is the largest integrated logistics service player in China and Asia and the fourth largest player globally in terms of revenue in 2023, according to Frost &amp; Sullivan.   
The PHIP update shows that the business is in good health, with a return to growth, rising margins, and strong cash generation. Therefore, a premium multiple to peers is justified.


SF Holding H Share Listing: Updates Point to Improving Fundamentals

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

United Parcel Service Cl B / Equity Bottom-Up

<ul><li>United Parcel Service, Inc. (UPS) has showcased robust financial and operational performance in its Third Quarter 2024 Earnings, reflecting a positive shift from previous quarters.</li><li>CEO Carol Tomé highlighted that the company returned to both revenue and profit growth during the quarter despite a challenging macroeconomic environment, with consolidated revenue reaching $22.2 billion, a 5.6% increase from the previous year.</li><li>This revenue growth accompanied a notable 22.8% rise in consolidated operating profit, achieving $2 billion, and an improved consolidated operating margin of 8.9%.</li></ul>

United Parcel Service, Inc. (UPS) has showcased robust financial and operational performance in its Third Quarter 2024 Earnings, reflecting a positive shift from previous quarters.CEO Carol Tomé highlighted that the company returned to both revenue and profit growth during the quarter despite a challenging macroeconomic environment, with consolidated revenue reaching $22.2 billion, a 5.6% increase from the previous year.This revenue growth accompanied a notable 22.8% rise in consolidated operating profit, achieving $2 billion, and an improved consolidated operating margin of 8.9%.

United Parcel Service (UPS): Navigating Supply Chain Disruptions and International Market Dynamics! - Major Drivers

<ul>
<li>September &amp; Q324 data confirm slowing of domestic parcel volume growth</li>
<li>Y/Y ASP declines also moderated in Q324, which is beneficial to margins</li>
<li>Meanwhile, X-border parcel volume growth continued to surge last month</li>
</ul>


September &amp; Q324 data confirm slowing of domestic parcel volume growth
Y/Y ASP declines also moderated in Q324, which is beneficial to margins
Meanwhile, X-border parcel volume growth continued to surge last month


Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

<ul>
<li>Biden Administration rule would make "de minimis" items subject to tariffs</li>
<li>Besides adding to landed cost of those items, reporting requirements would rise</li>
<li>In addition, US/EU governments launch probes of SHEIN/Temu product safety</li>
</ul>


Biden Administration rule would make "de minimis" items subject to tariffs
Besides adding to landed cost of those items, reporting requirements would rise
In addition, US/EU governments launch probes of SHEIN/Temu product safety


SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War"  Vs DTC Platforms

United States

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the United States and in other countries and territories.  The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network

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United Parcel Service Cl B (UPS US)

SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider

Investors evaluating SF Holding's upcoming Hong Kong listing need to get comfortable with three important long-term issues currently facing the...

Tracking Traffic

United Parcel Service (UPS): Navigating Supply Chain Disruptions and International Market Dynamics! - Major Drivers

United Parcel Service, Inc. (UPS) has showcased robust financial and operational performance in its Third Quarter 2024 Earnings, reflecting a...

Baptista Research

Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

Parcel volume growth moderated for the express companies in Q3, but so did price declines. We expect the Chinese express companies to report...

Tracking Traffic

SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War" Vs DTC Platforms

The Biden administration announced dramatic changes which could threaten SHEIN and Temu. Elsewhere, US & EU authorities launched efforts to test...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider

Investors evaluating SF Holding's upcoming Hong Kong listing need to get comfortable with three important long-term issues currently facing the...

Tracking Traffic

SF Holding H Share Listing: Updates Point to Improving Fundamentals

The PHIP update shows that the business is in good health, with a return to growth, rising margins, and strong cash generation. Therefore, a...

Arun George

United Parcel Service (UPS): Navigating Supply Chain Disruptions and International Market Dynamics! - Major Drivers

United Parcel Service, Inc. (UPS) has showcased robust financial and operational performance in its Third Quarter 2024 Earnings, reflecting a...

Baptista Research

Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

Parcel volume growth moderated for the express companies in Q3, but so did price declines. We expect the Chinese express companies to report...

Tracking Traffic

SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War" Vs DTC Platforms

The Biden administration announced dramatic changes which could threaten SHEIN and Temu. Elsewhere, US & EU authorities launched efforts to test...

Tracking Traffic