Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

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

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

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

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

ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Parcel volume in Q1 accelerated, posting growth of 13% Y/Y, and Revenue was up 22%</li>
<li>But Cost of Revenue grew even faster due to an increase in Key Account (KA) customers</li>
<li>With Net Income growth of just 5%, and unchanged guidance, little to excite investors</li>
</ul>


Parcel volume in Q1 accelerated, posting growth of 13% Y/Y, and Revenue was up 22%
But Cost of Revenue grew even faster due to an increase in Key Account (KA) customers
With Net Income growth of just 5%, and unchanged guidance, little to excite investors


Cainiao Smart Logistics Network (1437124D HK)

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

ZTO Express Cayman

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