Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

Monthly Chinese Express Tracker | August Growth Slowed Vs July, Q2 | Suggests Softer Online Retail

JD Logistics H1/Q2 Results | Momentum, Profitability Show Mixed Signals | Shares Drained Of Optimism

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

Monthly Chinese Express Tracker | March and Q126 Data From Four China-Listed Firms? All Over the Map

SF Hldg and J&T Announce New Cross-Shareholding | Good Strategic Fit | Losers Are BABA, DHL, Flash

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

ZTO Express Q126: Volume, Revenue Accelerate, But Net Profit Lags as 'Key Accounts' Crush Margins

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>H126 revenue up 6%, but EBITDA margin softened by around 50 bps versus H125</li>
<li>We believe higher fuel costs and a change in revenue mix explain margin compression</li>
<li>SF Hldg: cheap, but absent a potential boost from lower fuel, near-term seems unexciting</li>
</ul>


H126 revenue up 6%, but EBITDA margin softened by around 50 bps versus H125
We believe higher fuel costs and a change in revenue mix explain margin compression
SF Hldg: cheap, but absent a potential boost from lower fuel, near-term seems unexciting


Hangzhou SF Intra-city Industrial (9699 HK)

Cainiao Smart Logistics Network (1437124D HK)

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