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

Kerry Express Thailand / Equity Bottom-Up

<ul>
<li>H125 results from KEX, J&amp;T Global (SE Asia) tell two very different stories</li>
<li>KEX shrunk under pressure from J&amp;T and Flash, a private express "unicorn"</li>
<li>SE Asia still promises X-border growth; impact on SF Holding limited</li>
</ul>


H125 results from KEX, J&amp;T Global (SE Asia) tell two very different stories
KEX shrunk under pressure from J&amp;T and Flash, a private express "unicorn"
SE Asia still promises X-border growth; impact on SF Holding limited


After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

Podcast dissecting business, technology & media, Analyse Asia

Analyse Asia with Bernard Leong

Podcast dissecting business, technology & media

Analyse Asia

The premiere weekly podcast dissecting the pulse of business, technology & media in Asia. Hear our host interviewing leading journalists, senior executives, respectable authors & thinkers, entrepreneurs & thought leaders to discuss the most important issues that move and shake the business landscape in the Asia Pacific. The show is originally created and hosted by Bernard Leong.

Thematic (Sector/Industry)

<ul><li>Discussion on the shift of Chinese startups towards targeting the global market instead of just China</li><li>Analysis of ByteDance's financial results showing international revenue growth but slowing profit margin</li><li>Focus on the impact of Deep Seek and AI startups in China's tech landscape, as well as coverage of other tech developments in Asia by The Information</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Discussion on the shift of Chinese startups towards targeting the global market instead of just ChinaAnalysis of ByteDance's financial results showing international revenue growth but slowing profit marginFocus on the impact of Deep Seek and AI startups in China's tech landscape, as well as coverage of other tech developments in Asia by The InformationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Why Startups in China Are Going Global with Jing Yang

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.</li>
<li>During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.</li>
<li>Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.</li>
</ul>


Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.
During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.
Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.


Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.</li>
<li>Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.</li>
</ul>


Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.


Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

<ul>
<li>Pinduoduo's surprise Q125 OP &amp; NP declines happened before US tariff, de minimis changes</li>
<li>Recent data from Bain &amp; Co. suggests extremely difficult US conditions for Temu, SHEIN</li>
<li>If representative, the April-May US data suggest deep, lasting US challenges for the platforms</li>
</ul>


Pinduoduo's surprise Q125 OP &amp; NP declines happened before US tariff, de minimis changes
Recent data from Bain &amp; Co. suggests extremely difficult US conditions for Temu, SHEIN
If representative, the April-May US data suggest deep, lasting US challenges for the platforms


PDD's Q125 Profit Decline Occurred Before US Squeeze | April-May US Sales Far Weaker for Temu, SHEIN

Hong Kong

Zoetop Business Co., Limited, doing business as SHEIN, operates as a fashion e-commerce platform. The Company focuses on women's wear, men's apparel, children's clothes, accessories, shoes, bags, and other fashion items. SHEIN serves clients worldwide.

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SHEIN (1895674D HK)

After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

Under pressure on multiple fronts, Kerry Express Thailand recently delisted its shares after less than five years of life as a publicly-traded...

Tracking Traffic

Why Startups in China Are Going Global with Jing Yang

The Analyze Asia podcast discusses the importance of choosing between China and global markets for software products like TikTok, as ByteDance's...

Analyse Asia with Bernard Leong

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

Sustained strong growth momentum for key metrics and profitability across business segments seems to have taken the street by surprise. Expect...

Devi Subhakesan

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

Geek+ plans to go public in Hong Kong soon. In my insight, I discuss IPO valuation, update my financial model and dive deeper into the comps groups

Andrei Zakharov

PDD's Q125 Profit Decline Occurred Before US Squeeze | April-May US Sales Far Weaker for Temu, SHEIN

Pinduoduo's shock decline in profitability in Q125 came before US tariff and de minimis changes. Recent April-May data out of the US suggests...

Tracking Traffic

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