External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>ZTO delivered impressive reported/core net profit growth of 84%/67% in 1Q23, which is better than expectations.</li><li>Most importantly, ZTO revises up the full year parcel volume growth target to 20-24% YoY (up from 18-22% in Mar), implying 1.5ppt (YoY) potential market share gain.</li><li>Besides, ZTO targets to achieve RMB0.05-0.07 (~5-7%) of unit cost reduction this year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTO delivered impressive reported/core net profit growth of 84%/67% in 1Q23, which is better than expectations.Most importantly, ZTO revises up the full year parcel volume growth target to 20-24% YoY (up from 18-22% in Mar), implying 1.5ppt (YoY) potential market share gain.Besides, ZTO targets to achieve RMB0.05-0.07 (~5-7%) of unit cost reduction this year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTO Express (2057 HK) – Best of both worlds

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zto-express" target="_blank" data-smartkarma-citation="entities:23628:1" rel="noopener">ZTO Express (ZTO US)</a> parcel volume increased by 20.5% Y/Y in Q1, better than market growth</li>
<li>Unit prices fell by 3.7%, slightly worse than peers in Q1 2023, and Revenue missed consensus</li>
<li>EPS beat expectations on lower unit costs, and management raised full-year volume target</li>
</ul>



ZTO Express (ZTO US) parcel volume increased by 20.5% Y/Y in Q1, better than market growth
Unit prices fell by 3.7%, slightly worse than peers in Q1 2023, and Revenue missed consensus
EPS beat expectations on lower unit costs, and management raised full-year volume target


ZTO Express Q1 Results Surprise: Despite Lower Pricing, Margins Up Y/Y | Mgmt Raises Volume Guidance

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.

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a>  is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Lalatech Holdings Co Ltd (LALA HK)  is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
In this note, we talk about the not-so-positive aspects of the deal.


Lalatech Holdings Limited Pre-IPO - The Negatives - Has Raised a Lot of Money, so Has the Founder

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
In this note, we talk about the positive aspects of the deal.


Lalatech Holdings Limited Pre-IPO - The Positives - A Leader in Closed-Loop

<ul><li>ZTO managed to deliver net profit growth of 25% YoY in 4Q22 amid the tough macro environment, which showed strong resilience.</li><li>This took the full year net profit to RMB6.8bn (+43% YoY). Meanwhile, ZTO achieved positive free cash flow in 2022, the first time since 2018.</li><li>Looking ahead, ZTO is confident of achieving 18-22% parcel volume growth, which will translate into 1.5ppt YoY increase in market share. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTO managed to deliver net profit growth of 25% YoY in 4Q22 amid the tough macro environment, which showed strong resilience.This took the full year net profit to RMB6.8bn (+43% YoY). Meanwhile, ZTO achieved positive free cash flow in 2022, the first time since 2018.Looking ahead, ZTO is confident of achieving 18-22% parcel volume growth, which will translate into 1.5ppt YoY increase in market share. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTO Express (2057 HK) – Clear Guidance on Volume and Market Share Target

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (2057 HK)

ZTO Express (2057 HK) – Best of both worlds

Most importantly, ZTO revises up the full year parcel volume growth target to 20-24% YoY (up from 18-22% in Mar), implying 1.5ppt (YoY) potential...

CMB International

ZTO Express Q1 Results Surprise: Despite Lower Pricing, Margins Up Y/Y | Mgmt Raises Volume Guidance

ZTO's Q1 results showed strong volume growth, but also weaker unit pricing and a lack of control over SG&A expenses. We retain our negative view on...

Tracking Traffic

Lalatech Holdings Limited Pre-IPO - The Negatives - Has Raised a Lot of Money, so Has the Founder

Lalatech Holdings is looking to raise about US$1bn in its upcoming HK IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Lalatech Holdings Limited Pre-IPO - The Positives - A Leader in Closed-Loop

Lalatech Holdings is looking to raise about US$1bn in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

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52-week Range

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