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>Parcel volume growth in April slowed to just 2-3% for the four China-listed express firms</li>
<li>This is a noticeable softening of the pace of growth seen in March and Q126 (around 7%)</li>
<li>It suggests that mainstream Chinese e-Commerce activity in early Q226 has slowed</li>
</ul>


Parcel volume growth in April slowed to just 2-3% for the four China-listed express firms
This is a noticeable softening of the pace of growth seen in March and Q126 (around 7%)
It suggests that mainstream Chinese e-Commerce activity in early Q226 has slowed


Monthly Chinese Express Tracker | April Volume Growth Just 2-3% Vs 7% in March/Q126 | EComm Softer?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao, Midea.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 22nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao, Midea.


HK Short Interest Weekly: Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao

<ul>
<li>Parcel volume in Q1 accelerated, posting growth of 13% Y/Y, and Revenue was up 22%</li>
<li>But Cost of Revenue grew even faster due to an increase in Key Account (KA) customers</li>
<li>With Net Income growth of just 5%, and unchanged guidance, little to excite investors</li>
</ul>


Parcel volume in Q1 accelerated, posting growth of 13% Y/Y, and Revenue was up 22%
But Cost of Revenue grew even faster due to an increase in Key Account (KA) customers
With Net Income growth of just 5%, and unchanged guidance, little to excite investors


ZTO Express Q126: Volume, Revenue Accelerate, But Net Profit Lags as 'Key Accounts' Crush Margins

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 29th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 29th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).


Hong Kong Buybacks Weekly (May 29th): Tencent, AIA, Xiaomi, Wuxi Biologics

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou.


HSI Index Earning Revision (May): ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou

China

ZTO Express provides express delivery and other value-added logistics services in the People's Republic of China, including freight forwarding, warehousing, distribution, and transportation. The company operates a technology-enabled network partner model for line-haul transportation, sorting, and last-mile delivery. It was founded in 2002 and is headquartered in Shanghai, China.

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ZTO Express (2057 HK)

Monthly Chinese Express Tracker | April Volume Growth Just 2-3% Vs 7% in March/Q126 | EComm Softer?

In April, China-listed express companies reported slower parcel volume growth of just 2-3% versus the 7% pace of growth from March and Q126. This...

Tracking Traffic

HK Short Interest Weekly: Lenovo, Sunny Optical, China Life, China Resources Land, China Hongqiao

We analyzed the latest HK SFC report for aggregate short position as of May 22nd and highlight short interest changes in Lenovo, Sunny Optical,...

Ke Yan, CFA, FRM

ZTO Express Q126: Volume, Revenue Accelerate, But Net Profit Lags as 'Key Accounts' Crush Margins

ZTO in Q126 reported faster volume and Revenue growth in Q126, but Net Income growth lagged, up just 5% Y/Y. We blame increased exposure to 'Key...

Tracking Traffic

Hong Kong Buybacks Weekly (May 29th): Tencent, AIA, Xiaomi, Wuxi Biologics

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

HSI Index Earning Revision (May): ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou

We analyzed HSI's consensus for May 2026 and highlighted changes of EPS in ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou.

Ke Yan, CFA, FRM

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