Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

SF Holding H126: Revenue up 6% Y/Y, but EBITDA Margin Down on Rising Fuel Costs, Changing Mix

Solid FY25 Results from J & T Global Express | All Lines of Business Profitable

J&T Global Express Q126 Parcel Volumes | Strong Growth, but Only Outside of China

ZTO Express Q226: Adj EBITDA Increased on Higher ASP, but FY26 Guidance Cut Spooked Investors

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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>In H126 J&amp;T Global reported strong top-line growth of almost 40% Y/Y vs H125</li>
<li>Growth was broad-based, and core adj EBITDA margin also showed solid Y/Y improvement</li>
<li>Overall, a nice set of numbers from J&amp;T Global in H1, but stock isn't cheap here</li>
</ul>


In H126 J&amp;T Global reported strong top-line growth of almost 40% Y/Y vs H125
Growth was broad-based, and core adj EBITDA margin also showed solid Y/Y improvement
Overall, a nice set of numbers from J&amp;T Global in H1, but stock isn't cheap here


Cainiao Smart Logistics Network (1437124D HK)

J&T Global Express H126 Results: Firing on All Cylinders (But Not Cheap)