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

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>How did CaiNiao turn profitable? We answer with an analysis of the company's P&amp;L</li>
<li>We also analyze CaiNiao's Balance Sheet, Cash Flow statement, and Operating Stats</li>
<li>We conclude with a list of ten questions we would put to CaiNiao management</li>
</ul>


How did CaiNiao turn profitable? We answer with an analysis of the company's P&amp;L
We also analyze CaiNiao's Balance Sheet, Cash Flow statement, and Operating Stats
We conclude with a list of ten questions we would put to CaiNiao management


CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

J&T Global Express  / Equity Capital Markets

<ul>
<li>After analyzing J&amp;T's Chinese and SE Asian operations in previous insights, in this note we turn to the company's 'Others' segment, made up of New Markets and X-Border logistics</li>
<li>Compared to China and SE Asia, J&amp;T's New Markets and X-Border logistics business lines are small (just 11% of 2022 Revenue) but could offer attractive growth in the medium-term</li>
<li>We conclude this insight with a preliminary sum-of-parts valuation of J&amp;T as a whole. Based on available information, our initial estimate of J&amp;T's EV is US$8.6 bn (pre-IPO)</li>
</ul>


After analyzing J&amp;T's Chinese and SE Asian operations in previous insights, in this note we turn to the company's 'Others' segment, made up of New Markets and X-Border logistics
Compared to China and SE Asia, J&amp;T's New Markets and X-Border logistics business lines are small (just 11% of 2022 Revenue) but could offer attractive growth in the medium-term
We conclude this insight with a preliminary sum-of-parts valuation of J&amp;T as a whole. Based on available information, our initial estimate of J&amp;T's EV is US$8.6 bn (pre-IPO)


J&T Global Express Pre-IPO, Part 3: 'New Markets' & X-Border | Our Initial EV Estimate Is US$8.6 Bn

<ul>
<li>Business model: how does CaiNiao get paid, and by whom, and for what?</li>
<li>Key relationships with parent Alibaba and with China's listed express companies</li>
<li>Differentiators: what makes CaiNiao different from other e-comm logistics names?</li>
</ul>


Business model: how does CaiNiao get paid, and by whom, and for what?
Key relationships with parent Alibaba and with China's listed express companies
Differentiators: what makes CaiNiao different from other e-comm logistics names?


CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

<ul>
<li>Review of Q2/H1 results, including impact from international, Kerry Logistics Network</li>
<li>Refining idea of "internationalization", which we believe is driving force behind SF's HK IPO</li>
<li>Testing thesis: did air and international exposure help or hurt SF margins in H1?</li>
</ul>


Review of Q2/H1 results, including impact from international, Kerry Logistics Network
Refining idea of "internationalization", which we believe is driving force behind SF's HK IPO
Testing thesis: did air and international exposure help or hurt SF margins in H1?


SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

<ul>
<li>SF Holding's HK listing document provides added details of current international revenue </li>
<li>Two recent moves show SF's intent to raise international sales (and reduce China exposure)</li>
<li>As SF Holding courts a global investor base, its comps will become the global express names</li>
</ul>


SF Holding's HK listing document provides added details of current international revenue 
Two recent moves show SF's intent to raise international sales (and reduce China exposure)
As SF Holding courts a global investor base, its comps will become the global express names


SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

Japan

Yamato Holdings Co., Ltd. mainly provides door-to-door parcel delivery services. The Company has developed a nationwide delivery system specializing in time-specified delivery. Yamato Holdings offers moving services and other comprehensive transportation services including logistics services for both domestic and overseas customers as well as financial and autoworks services.

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Yamato Holdings (9064 JP)

CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

In this insight we scrutinize CaiNiao's financial statements, analyze the few operating statistics the company provided in its prospectus, and...

Tracking Traffic

J&T Global Express Pre-IPO, Part 3: 'New Markets' & X-Border | Our Initial EV Estimate Is US$8.6 Bn

We're pulling this note out of the archives in light of J&T’s updated HKEX filing and its decision to begin pushing forward with its IPO this week....

Tracking Traffic

CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

In this insight we look at CaiNiao's busines model, its relationships with Alibaba and the express companies, and the ways in which it...

Tracking Traffic

SF Holding HK IPO | Q2/H1 Results | "Internationalization" Thesis Refined | Air, Int'l Impact in H1

In this insight we review SF Holding's H1 earnings in detail, refine our view of the company's "internationalization" initiative, and test our...

Tracking Traffic

SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

Internationalization is what SF Holding is aiming for as it seeks to sell shares in HK. This insight covers three facets of SF's...

Tracking Traffic

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