Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

ZTO Express Q125 Results: Adj EBITDA Barely Moved Despite +19% Y/Y Parcel Volume Growth | AVOID

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

Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>ZTO Express reported another set of weak results after the US close on November 19</li>
<li>Although Q3 unit prices rose slightly, unit costs increased by much more, crushing margins</li>
<li>On both sides of the price-volume tradeoff, ZTO continues to lose profitability | AVOID</li>
</ul>


ZTO Express reported another set of weak results after the US close on November 19
Although Q3 unit prices rose slightly, unit costs increased by much more, crushing margins
On both sides of the price-volume tradeoff, ZTO continues to lose profitability | AVOID


Cainiao Smart Logistics Network (1437124D HK)

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

ZTO Express Cayman

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