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>Solid Q2 results from ZTO, with deep unit cost reductions offseting weak pricing</li>
<li>But ultimately, Q2/H1 results are merely in-line with guidance -- not better, nor worse</li>
<li>In this environment, it's difficult to see what will move ZTO out of recent trading range</li>
</ul>


Solid Q2 results from ZTO, with deep unit cost reductions offseting weak pricing
But ultimately, Q2/H1 results are merely in-line with guidance -- not better, nor worse
In this environment, it's difficult to see what will move ZTO out of recent trading range


ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

Equity Capital Markets

<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

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, has filed for an H Share listing to raise US$2-3 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 2022, according to Frost &amp; Sullivan.</li>
<li>The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage and undemanding PEG multiples.</li>
</ul>



S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, has filed for an H Share listing to raise US$2-3 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 2022, according to Frost &amp; Sullivan.
The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage and undemanding PEG multiples.


S.F. Holding H Share Listing: The Investment Case

<ul>
<li>Chinese express parcel volume growth was 11.7% in July, far slower than in Feb-May</li>
<li>July ASP for all segments fell to 8.84 Yuan per piece, the lowest in at least ten years</li>
<li>Industry leader SF Holding partly insulated from margin pressure by air, international </li>
</ul>


Chinese express parcel volume growth was 11.7% in July, far slower than in Feb-May
July ASP for all segments fell to 8.84 Yuan per piece, the lowest in at least ten years
Industry leader SF Holding partly insulated from margin pressure by air, international 


Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<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> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017
In this note, we look at its past performance and other deal dynamics that might impact the listing.


SF Holdings A/H Listing - Early Look - Front Running

China

YTO Express Group Co., Ltd. provides global express services. The Company also provides general cargo warehousing, domestic air transport agency, car rental, supply chain management, and other related services throughout China..

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YTO Express (600233 CH)

ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

ZTO gained volume share in Q2, which allowed it to beat down unit costs and expand margins. Given recent price erosion, we think ZTO is unlikely to...

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

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Chinese parcel volume growth remained weak in July, and pricing fell to a new all-time low. But we believe SF Holding's unique revenue mix could...

Tracking Traffic

SF Holdings A/H Listing - Early Look - Front Running

The company has just filed its application prood for an H-share listing. As per media reports, it could look to raise up to US$3bn in its Hong Kong...

Sumeet Singh

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Market Cap (USDm)

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ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

ZTO gained volume share in Q2, which allowed it to beat down unit costs and expand margins. Given recent price erosion, we think ZTO is unlikely to...

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

S.F. Holding H Share Listing: The Investment Case

The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage...

Arun George

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Chinese parcel volume growth remained weak in July, and pricing fell to a new all-time low. But we believe SF Holding's unique revenue mix could...

Tracking Traffic

SF Holdings A/H Listing - Early Look - Front Running

The company has just filed its application prood for an H-share listing. As per media reports, it could look to raise up to US$3bn in its Hong Kong...

Sumeet Singh