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

J&T Global Express  / Equity Capital Markets

<ul>
<li>H1 results from KEX Thailand and Kerry Logistics can help us understand J&amp;T Global Express</li>
<li>Thailand likely to be a medium-term drag on J&amp;T's earnings, in our view</li>
<li>But if KLN's H1 results are representative, rest of SE Asia is probably OK</li>
</ul>


H1 results from KEX Thailand and Kerry Logistics can help us understand J&amp;T Global Express
Thailand likely to be a medium-term drag on J&amp;T's earnings, in our view
But if KLN's H1 results are representative, rest of SE Asia is probably OK


J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results

<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>In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021</li>
<li>We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms</li>
<li>Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO</li>
</ul>


In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021
We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms
Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO


J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'

<ul>
<li>In this insight we focus on J&amp;T's improved H123 performance in China and SE Asia</li>
<li>How did the company achieve these gains? And do the improvements appear sustainable?</li>
<li>We conclude with an updated estimate of J&amp;T's Enterprise Value: US$9.1 Bn</li>
</ul>


In this insight we focus on J&amp;T's improved H123 performance in China and SE Asia
How did the company achieve these gains? And do the improvements appear sustainable?
We conclude with an updated estimate of J&amp;T's Enterprise Value: US$9.1 Bn


J&T Global Express Pre-IPO, Part 5 | Analysis of H123 Performance | Updated EV Estimate US$9.1 Bn

Cainiao Smart Logistics Network / Equity Capital Markets

<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

China

STO Express Co Ltd. develops, manufactures and markets valves, pipe fittings and plumbing equipment. The Company's business encompasses the    development, manufacturing, sales and servicing of plumbing equipment, valves,  pipe fittings, metal construction materials, home automation, environmental protection and energy control systems.

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STO Express (002468 CH)

J&T Global Express Pre-IPO, Part 4: Read-Through from KEX (Thailand) And Kerry Logistics H1 Results

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

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

J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'

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

Tracking Traffic

J&T Global Express Pre-IPO, Part 5 | Analysis of H123 Performance | Updated EV Estimate US$9.1 Bn

In this insight we analyze the company's H123 performance in China and SE Asia, highlight growing competition from two larger players (SF,...

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

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