After adjustments, SF Express's net profit is expected to gradually increase from 8 billion RMB in 2023 to 14 billion RMB in 2026.
According to the Zhichun Finance APP, Goldman Sachs issued a research report stating that it believes S.F. Holding (06936), as the largest integrated logistics service provider in Asia, has a superior position to seize the growing opportunities in the express delivery and integrated logistics industry in Asia, and is also not highly valued. Therefore, it is recommended to "Buy" S.F. Holding's H shares, with a Target Price of 51 Hong Kong dollars.
Goldman Sachs expects that S.F. Holding will benefit from its strong infrastructure support, with controllable impacts from the reverse e-commerce parcel competition. At the same time, ongoing cost optimization benefits will be released, allowing the group's adjusted net profit to gradually increase from 8 billion yuan in 2023 to 14 billion yuan in 2026, with a total of 12 billion yuan in dividends distributed and additional buybacks carried out in 2024-2026. Additionally, S.F. Holding's service market is expanding from China to Southeast Asia and even globally.