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>SF Holding's HK listing document provides added details of current international revenue </li>
<li>Two recent moves show SF's intent to raise international sales (and reduce China exposure)</li>
<li>As SF Holding courts a global investor base, its comps will become the global express names</li>
</ul>


SF Holding's HK listing document provides added details of current international revenue 
Two recent moves show SF's intent to raise international sales (and reduce China exposure)
As SF Holding courts a global investor base, its comps will become the global express names


SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

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, has filed for an H Share listing to raise US$2-3 billion, according to press reports.   </li>
<li>SF is the largest integrated logistics service player in China and Asia, and the fourth largest player globally, in terms of revenue in 2022, according to Frost &amp; Sullivan.</li>
<li>The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage and undemanding PEG multiples.</li>
</ul>



S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, has filed for an H Share listing to raise US$2-3 billion, according to press reports.   
SF is the largest integrated logistics service player in China and Asia, and the fourth largest player globally, in terms of revenue in 2022, according to Frost &amp; Sullivan.
The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage and undemanding PEG multiples.


S.F. Holding H Share Listing: The Investment Case

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<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> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017
In this note, we look at its past performance and other deal dynamics that might impact the listing.


SF Holdings A/H Listing - Early Look - Front Running

<ul>
<li>SF Holding differs from its Chinese peers in several important ways, including business scale, its lack of a formal relationship with Alibaba, and its many non-express lines of business</li>
<li>SF also differs from the pre-Covid version of itself: it's far larger than it was in 2019, but core margins have declined, and internatonal exposure has risen dramatically</li>
<li>In this insight we also take a look at current EV/Revenue valuations vs peers and list important milestones to watch for ahead of the company's planned HK IPO</li>
</ul>


SF Holding differs from its Chinese peers in several important ways, including business scale, its lack of a formal relationship with Alibaba, and its many non-express lines of business
SF also differs from the pre-Covid version of itself: it's far larger than it was in 2019, but core margins have declined, and internatonal exposure has risen dramatically
In this insight we also take a look at current EV/Revenue valuations vs peers and list important milestones to watch for ahead of the company's planned HK IPO


A Look at How SF Holding Differs from A) Its Express Peers and B) The Pre-Covid Version of Itself

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>We have looked at the company’s past performance and peer comparison in our earlier notes. In this note we will talk about valuations.</li>
</ul>



Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
We have looked at the company’s past performance and peer comparison in our earlier notes. In this note we will talk about valuations.


Lalatech Holdings Limited Pre-IPO - Thoughts on Valuation - Needs a Very Big Cut from Pre-IPO Rounds

United States

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the United States and in other countries and territories.  The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network

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United Parcel Service Cl B (UPS US)

SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

Internationalization is what SF Holding is aiming for as it seeks to sell shares in HK. This insight covers three facets of SF's...

Tracking Traffic

SF Holdings A/H Listing - Early Look - Front Running

The company has just filed its application prood for an H-share listing. As per media reports, it could look to raise up to US$3bn in its Hong Kong...

Sumeet Singh

A Look at How SF Holding Differs from A) Its Express Peers and B) The Pre-Covid Version of Itself

In this insight we compare today's SF Holding to its Chinese peers and to the pre-Covid version of itself. We also look at EV/Sales valuations and...

Tracking Traffic

Lalatech Holdings Limited Pre-IPO - Thoughts on Valuation - Needs a Very Big Cut from Pre-IPO Rounds

Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO. In this note, we talk about valuations.

Sumeet Singh

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SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

Internationalization is what SF Holding is aiming for as it seeks to sell shares in HK. This insight covers three facets of SF's...

Tracking Traffic

S.F. Holding H Share Listing: The Investment Case

The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage...

Arun George

SF Holdings A/H Listing - Early Look - Front Running

The company has just filed its application prood for an H-share listing. As per media reports, it could look to raise up to US$3bn in its Hong Kong...

Sumeet Singh

A Look at How SF Holding Differs from A) Its Express Peers and B) The Pre-Covid Version of Itself

In this insight we compare today's SF Holding to its Chinese peers and to the pre-Covid version of itself. We also look at EV/Sales valuations and...

Tracking Traffic

Lalatech Holdings Limited Pre-IPO - Thoughts on Valuation - Needs a Very Big Cut from Pre-IPO Rounds

Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO. In this note, we talk about valuations.

Sumeet Singh