Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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SF Holding Pre-IPO: Head-To-Head Comparison of SF Holding & JD Logistics

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>H224 showed moderating top-line growth, but solid Y/Y improvement in EBITDA margin</li>
<li>However, the levers that drove margin improvement in 2024 appear to be losing power</li>
<li>Within China's express and logistics segment, we find SF Holding to be far more attractive</li>
</ul>


H224 showed moderating top-line growth, but solid Y/Y improvement in EBITDA margin
However, the levers that drove margin improvement in 2024 appear to be losing power
Within China's express and logistics segment, we find SF Holding to be far more attractive


J&T Global Express H224 Results: Levers That Drove Earlier Improvement Are Losing Power