Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>We believe SF's core express margins are higher than most of its peers' margins</li>
<li>But on 2023 EV / EBITDA SF trades at multiples below most Chinese, US peers</li>
<li>One objective of SF listing in HK is to attract global investors, lift valuation</li>
</ul>


We believe SF's core express margins are higher than most of its peers' margins
But on 2023 EV / EBITDA SF trades at multiples below most Chinese, US peers
One objective of SF listing in HK is to attract global investors, lift valuation


SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

<ul>
<li>SF Holding's time-definite express service differentiates it from Chinese rivals</li>
<li>We believe SF dominates China's domestic inter-city air express segment</li>
<li>High exposure to air service mostly beneficial, with few risks, in our view</li>
</ul>


SF Holding's time-definite express service differentiates it from Chinese rivals
We believe SF dominates China's domestic inter-city air express segment
High exposure to air service mostly beneficial, with few risks, in our view


SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

<ul>
<li>In this insight we cover recent earnings results, revenue mix, YTD trends</li>
<li>Fluctuating performance of its international segment impacted FY23 and Q124</li>
<li>Improving international segment could boost overall momentum in Q2-Q4 2024</li>
</ul>


In this insight we cover recent earnings results, revenue mix, YTD trends
Fluctuating performance of its international segment impacted FY23 and Q124
Improving international segment could boost overall momentum in Q2-Q4 2024


SF Holding Pre-IPO: FY23, Q124 Results Reviewed | Sales Mix Impacts | Recent Monthly Revenue Trend

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/sf-holding-h-share-listing-updates-point-to-improving-fundamentals" target="_blank" data-smartkarma-citation="insights:166296" rel="noopener">SF Holding H Share Listing: Updates Point to Improving Fundamentals</a></em></strong>, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.</li>
<li>In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.</li>
</ul>



S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
In SF Holding H Share Listing: Updates Point to Improving Fundamentals, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.
In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.


SF Holding H Share Listing: AH Discount Views

<ul>
<li>SF Holding's domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?</li>
<li>SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?</li>
<li>When will SF Holdings' varied international operations -- and there are a few of them -- begin to pull their own weight, in terms of profitability and growth?</li>
</ul>


SF Holding's domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?
SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?
When will SF Holdings' varied international operations -- and there are a few of them -- begin to pull their own weight, in terms of profitability and growth?


SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider

Hong Kong

S. F. Holding Co., Ltd. offers express courier services. The Company provides logistics, order tracking, supply chain management, warehousing, and other services. S. F. Holding offers services worldwide.

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S.F. Holding (6936 HK)

SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding Pre-IPO: FY23, Q124 Results Reviewed | Sales Mix Impacts | Recent Monthly Revenue Trend

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider

Investors evaluating SF Holding's upcoming Hong Kong listing need to get comfortable with three important long-term issues currently facing the...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding Pre-IPO: FY23, Q124 Results Reviewed | Sales Mix Impacts | Recent Monthly Revenue Trend

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding H Share Listing: AH Discount Views

SF Holding is premarketing an H Share listing to raise US$1.0-1.5 billion. In this note, we examine the likely discount SF Holding will offer its H...

Arun George

SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider

Investors evaluating SF Holding's upcoming Hong Kong listing need to get comfortable with three important long-term issues currently facing the...

Tracking Traffic