T.H. Capital - ZTO Express (Cayman) Inc. Sponsored ADR Class A (ZTO) ... ZTO / 2057.HK: Volume Growth Was Significantly Higher In 1Q21 Even Though ASP Continues To Decline Further; Expect Better 1Q21 Revenue

Report

T.H. Capital

Tian Hou

EUR 234.15 For Business Accounts Only

ZTO / 2057.HK: Volume Growth Was Significantly Higher In 1Q21 Even Though ASP Continues To Decline Further; Expect Better 1Q21 Revenue

ZTO will report 1Q21 results on May 19th after the markets close followed by an 8pm EST conference call. The express sector in China continues to experience intensified price competition. We believe ZTO will be one of the last standing winners in China’s logistics and express market since it has a higher margin profile and richer capital than others. Based on our data and model, we believe ZTO revenue is likely to be better than consensus at RMB 6,123M (56% Y/Y growth).

17/05/2021 5 EN

Underlyings

ZTO Express (Cayman) Inc. Sponsored ADR Class A

See profile

US98980A1051 New York Stock Exchange United States

ZTO Express (Cayman) (P Chip)

See profile

KYG9897K1058 Hong Kong Stock Exchange Cayman Islands

Provider

T.H. Capital

T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.

See profile

Analysts

Tian Hou

Other Reports on these Companies

T.H. Capital

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

ZTO will report 4Q23 results on March 19th after the market closes followed by a 7:30pm ET conference call. We are positive about its 4Q23 performance. While ZTO’s business is highly correlated with China's e-commerce business, which ZTO always outpaces, the company is also maintaining its high market share. We are also positive about ZTO’s long-term position as there has been new e-commerce players in China’s market, which presents increasing demand for logistics services. In addition, 2023 is a low base for ZTO’s growth in 2024. As China’s economy eventually recovers, e-commerce and logistic...

Free Trial

March 17, 2024 March 17, 2024 5 EN

T.H. Capital

ZTO: Positive On ZTO’s Long Term Position In China’s Logistic Market

ZTO will report 3Q23 results on November 16th after the market closes followed by a 7:30pm ET conference call. We are neutral on its 3Q23 performance as ZTO’s performance is highly correlated with China e-commerce business, which is still in a weak growth phase. However, we are positive on ZTO’s long term position as China’s e-commerce business is adding more major players such as ByteDance, Kuaishou, and XiaoHongShu. All the new players need logistics services, and ZTO is one of the best choices. Therefore, it is likely ZTO is gaining more orders and market share. In addition, e-commerce and ...

Free Trial

November 14, 2023 November 14, 2023 5 EN

T.H. Capital

ZTO: Positive On ZTO’s 2Q23 Performance And 2H2023 Outlook Driven By Economic Stimulus

August 15, 2023 ZTO will report 2Q23 results on August 29th after the markets close followed by an 8:30pm ET conference call. The long-awaited economic stimulus policies have started to come out since late July 2023. Recently, China’s central government issued a series of intensive economic stimulus programs to boost confidence and restore economic growth. The programs not only include stimulating capital market, housing market, but also consumer and retail, and many more. Among these programs, AI and data economy are at the center. While these programs have not shown meani...

Free Trial

August 15, 2023 August 15, 2023 5 EN

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

Free Trial

March 17, 2024 March 17, 2024 5 EN

Tian Hou

Tian Hou

PDD: Positive On 4Q23 Performance Driven By Growth From Temu

We are positive about PDD’s performance in 4Q23 driven by Temu. Temu’s business model is agency business, like that of VipShop’s (VIPS, $17.22, Not Rated) business model. Under such a model, we estimate that 30% of Temu’s GMV becomes its international revenue. Temu GMV has been growing and continues to grow rapidly. We estimate the Q/Q growth to be around 40% in 4Q23 with approximately two-thirds of GMV coming from the US market. Its recent expansion in Japan and Korea is also ramping up rapidly.

Free Trial

March 17, 2024 March 17, 2024 5 EN

Tian Hou

Tian Hou

BEKE Positive On BEKE’s 4Q23 Earnings, But China’s Property Market Remains Grim

BEKE will report 4Q23 results on March 14th before the markets open with an 8am ET conference call. We are positive on the company’s 4Q23 earnings but neutral on 1Q24 and its long-term outlook. Based on our data and assumptions, BEKE revenue is likely to increase 13.9% Y/Y to RMB19.07B in 4Q23E, slightly better than consensus at RMB18.8B. However, 1Q24 consensus revenue seems to be aggressive.

Free Trial

March 11, 2024 March 11, 2024 5 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

ZTO / 2057.HK: Volume Growth Was Significantly Higher In 1Q21 Even Though ASP Continues To Decline Further; Expect Better 1Q21 Revenue

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

ZTO: Positive On ZTO’s Long Term Position In China’s Logistic Market

ZTO: Positive On ZTO’s 2Q23 Performance And 2H2023 Outlook Driven By Economic Stimulus

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

PDD: Positive On 4Q23 Performance Driven By Growth From Temu

BEKE Positive On BEKE’s 4Q23 Earnings, But China’s Property Market Remains Grim

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe