Jinwu Financial News | SF Holdings (06936) is currently offering shares. Zhongtai International released a research report stating that SF Holdings is a leading global integrated logistics service provider established in 1993 in Shunde, Guangdong. The business model has two other key attributes: a direct management model and an independent third party. According to 2023 revenue, the company is the largest integrated logistics service provider in China and Asia, and the fourth largest integrated logistics service provider in the world, accounting for 0.7% of the global market share.
According to the bank, the company has a leading position in the market. Profit continued to grow from 2021 to the first half of 2024, and shareholders' net profit margin increased slightly. The company explores markets outside of China to seize business opportunities. According to the Frost & Sullivan report, China's share of global logistics spending is expected to fall in 2023-2028, while Asia's share (excluding China) will rise during the same period. In terms of valuation, comparing the price-earnings ratio of the company's AH shares in 2023, its AH premium is about 23.8%-38.8%. The H share valuation is relatively unattractive. However, the company introduced a number of cornerstone investors, which is beneficial to market confidence. Therefore, based on the above, it was given 70 points, and the rating was “subscription.”
