Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

Beyond ASP Declines, Additional Dynamic Undermines Yunda | We Explain Roles of STO, BABA, CaiNiao

Monthly Chinese Express Tracker | Prices Keep Sliding, Volume Share Keeps Shifting (December 2023)

CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

CaiNiao Smart Logistics Pre-IPO Part 4 | Acquiring BABA's Express Stakes Could Soak Up IPO Proceeds

With A Long-Anticipated IPO on the Horizon, Alibaba's Cainiao Posts Stellar June Quarter Results

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Capital Markets

Cainiao Smart Logistics Network / Equity Capital Markets

Cainiao Smart Logistics Network (1437124D HK)

<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