Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker | Mainstream ASPs Down 10% in June | J&T IPO Impact? | (July 2023)

A Look at How SF Holding Differs from A) Its Express Peers and B) The Pre-Covid Version of Itself

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Monthly Express Tracker | ASPs Down Again | Volume Growth Moderates | J&T Express IPO | (June 2023)

Best Inc's Weak Q3 Results Spur 'Strategic Refocusing Plan', Retain BUY

Full-Year Results for Alibaba's CaiNiao: Reduced Losses, Slower Growth, and A (Likely) 2024 IPO

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

TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | 'Unbelievable' Cost Control | Hidden Competition

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Capital Markets

J&T Global Express  / Equity Capital Markets

<ul>
<li>In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021</li>
<li>We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms</li>
<li>Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO</li>
</ul>


In this insight we look at the development of J&amp;T's China business over the past few years, including J&amp;T's purchase of Best Inc's express operation in late 2021
We also compare J&amp;T's Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms
Finally, we present a framework for the valuation of J&amp;T's China business, and offer a list of questions we would ask management as the company prepares for its IPO


Cainiao Smart Logistics Network (1437124D HK)

J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | 'Haven't We Met Somewhere Before?'