Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>PDD/BABA/JD/ZTO/2618.HK/1519.HK: Express Delivery Parcel Volume grows +48% YoY last week (+)</li>
<li>BABA/ MELI/ AMZN/ CPNG: AliExpress to introduce live streaming service abroad(+/-/-/-)</li>
<li>700.HK: Tencent's "Fight of the Golden Spatula" reach high highs with latest season content update (+)</li>
</ul>


PDD/BABA/JD/ZTO/2618.HK/1519.HK: Express Delivery Parcel Volume grows +48% YoY last week (+)
BABA/ MELI/ AMZN/ CPNG: AliExpress to introduce live streaming service abroad(+/-/-/-)
700.HK: Tencent's "Fight of the Golden Spatula" reach high highs with latest season content update (+)


[Blue Lotus Daily - TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK

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>Full Truck Alliance reported strong growth in Q3, from the right sources</li>
<li>Improved sales mix &amp; progress on expense control lifted core margins</li>
<li>With 22% upside to US$9.5 based on 21x PER, our high conviction pick</li>
</ul>


Full Truck Alliance reported strong growth in Q3, from the right sources
Improved sales mix &amp; progress on expense control lifted core margins
With 22% upside to US$9.5 based on 21x PER, our high conviction pick


2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER

<ul>
<li>October's industry numbers hide pricing turmoil seen at company level</li>
<li>STO Express appears to be using price to gain share from Yunda, others</li>
<li>We believe price competition continues to hurt 'ground' express margins</li>
</ul>


October's industry numbers hide pricing turmoil seen at company level
STO Express appears to be using price to gain share from Yunda, others
We believe price competition continues to hurt 'ground' express margins


Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)

Equity Capital Markets

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>Led by international activity, CaiNiao booked +25% Y/Y revenue growth in FYQ2</li>
<li>FYQ2 EBITA margin improved Y/Y and Q/Q, even as express companies struggled</li>
<li>Result bolsters CaiNiao status as vehicle to access BABA's international growth</li>
</ul>


Led by international activity, CaiNiao booked +25% Y/Y revenue growth in FYQ2
FYQ2 EBITA margin improved Y/Y and Q/Q, even as express companies struggled
Result bolsters CaiNiao status as vehicle to access BABA's international growth


CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

<ul>
<li>Non-Core items boosted Q3 earnings, but core margins plunged vs Q2</li>
<li>In a surprise move, ZTO has abandoned its aggressive pursuit of share</li>
<li>Medium term growth is likely to slow, and pressure on margins remains</li>
</ul>


Non-Core items boosted Q3 earnings, but core margins plunged vs Q2
In a surprise move, ZTO has abandoned its aggressive pursuit of share
Medium term growth is likely to slow, and pressure on margins remains


ZTO Express Q3: Margins Plunge Vs Q2 | Abandons Pursuit of Share Gains | Is There a New Strategy?

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 (ZTO US)

[Blue Lotus Daily - TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK

Express delivery parcel volume grew by 48% YoY, AliExpress plans to introduce live streaming service abroad, and Tencent's "Fight of the Golden...

Blue Lotus Research Institute

2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER

In Q323 Full Truck Alliance reported strong revenue growth and impressive margin expansion compared to Q322. We believe the company's shares are...

Tracking Traffic

Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)

Companies focused on China's domestic 'ground' express continued to experience price pressures in October. These pressures will continue in the...

Tracking Traffic

CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

CaiNiao's FYQ2 revenue growth was solid, and core margins improved. The company has emerged as a vehicle for gaining access to Alibaba's...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK

​Express delivery parcel volume grew by 48% YoY, AliExpress plans to introduce live streaming service abroad, and Tencent's "Fight of the Golden...

Blue Lotus Research Institute

2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER

In Q323 Full Truck Alliance reported strong revenue growth and impressive margin expansion compared to Q322. We believe the company's shares are...

Tracking Traffic

Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)

Companies focused on China's domestic 'ground' express continued to experience price pressures in October. These pressures will continue in the...

Tracking Traffic

CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

CaiNiao's FYQ2 revenue growth was solid, and core margins improved. The company has emerged as a vehicle for gaining access to Alibaba's...

Tracking Traffic

ZTO Express Q3: Margins Plunge Vs Q2 | Abandons Pursuit of Share Gains | Is There a New Strategy?

ZTO has long employed a strategy of market share gains it uses to offset declining unit prices. Under current depressed market conditions, it has...

Tracking Traffic

Express delivery parcel volume grew by 48% YoY, AliExpress plans to introduce live streaming service abroad, and Tencent's "Fight of the Golden...