Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

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

ZTO Express Q325 Results | Revenue, ASPs Both Up Y/Y | But Earnings, Margins Both Down | AVOID

ZTO Express Q225 Results: No 'Good', Just the 'Bad' and the 'Ugly'

Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>With the exception of SF Holding, all listed express firms reported lower H1 OP%</li>
<li>SF's independence and unique product mix protected profits as volume surged</li>
<li>We suggest going Long SF Hldg against Short positions in ZTO &amp; J&amp;T</li>
</ul>


With the exception of SF Holding, all listed express firms reported lower H1 OP%
SF's independence and unique product mix protected profits as volume surged
We suggest going Long SF Hldg against Short positions in ZTO &amp; J&amp;T


Cainiao Smart Logistics Network (1437124D HK)

Chinese Express Firms All Saw H1 OPM% Fall -- Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T

S.F. Holding

Chinese Express Firms All Saw H1 OPM% Fall -- Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T