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

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

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

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

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

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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>For the first time in a while, ZTO reported a solid increase in Adj EBITDA in Q2 (+20%)</li>
<li>But the company also lowered parcel volume guidance range for FY26, to a range of 6-10%</li>
<li>After solid 9.6% growth in H126, new volume guidance implies H226 growth could fall to 0%</li>
</ul>


For the first time in a while, ZTO reported a solid increase in Adj EBITDA in Q2 (+20%)
But the company also lowered parcel volume guidance range for FY26, to a range of 6-10%
After solid 9.6% growth in H126, new volume guidance implies H226 growth could fall to 0%


Cainiao Smart Logistics Network (1437124D HK)

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

ZTO Express Cayman

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