Financials S.F. Holding Co., Ltd.

Equities

002352

CNE100000L63

Air Freight & Logistics

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
36.87 ^CNY	-1.18%		+1.71%	-8.74%

Apr. 29	S.F. Holding Co., Ltd. announces an Equity Buyback for CNY 1,000 million worth of its shares.	CI
Apr. 29	S.F. Holding Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	164,178	401,043	337,377	280,506	195,704	180,100	-	-
Enterprise Value (EV) ¹	168,648	402,913	323,970	259,753	183,306	170,953	164,342	155,959
P/E ratio	28.2 x	53.8 x	74.1 x	45.5 x	23.8 x	19.7 x	15.6 x	14 x
Yield	0.73%	0.37%	0.26%	0.43%	-	1.45%	1.86%	2.38%
Capitalization / Revenue	1.46 x	2.6 x	1.63 x	1.05 x	0.76 x	0.63 x	0.56 x	0.51 x
EV / Revenue	1.5 x	2.62 x	1.56 x	0.97 x	0.71 x	0.59 x	0.51 x	0.44 x
EV / EBITDA	14.2 x	26.1 x	16.3 x	12.9 x	6.6 x	6.14 x	5.14 x	4.66 x
EV / FCF	62.5 x	-427 x	-84.4 x	14 x	13 x	13.5 x	10.4 x	11.1 x
FCF Yield	1.6%	-0.23%	-1.18%	7.13%	7.69%	7.38%	9.57%	9.02%
Price to Book	3.87 x	7.11 x	4.07 x	3.25 x	2.11 x	1.84 x	1.69 x	1.57 x
Nbr of stocks (in thousands)	4,414,585	4,545,430	4,895,202	4,856,405	4,844,151	4,827,122	-	-
Reference price ²	37.19	88.23	68.92	57.76	40.40	37.31	37.31	37.31
Announcement Date	2/24/20	3/17/21	3/30/22	3/28/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	112,193	153,987	207,187	267,490	258,409	287,983	323,325	351,082
EBITDA ¹	11,912	15,428	19,820	20,208	27,773	27,838	31,987	33,442
EBIT ¹	7,409	10,136	7,248	11,034	10,454	12,974	16,141	17,856
Operating Margin	6.6%	6.58%	3.5%	4.12%	4.05%	4.5%	4.99%	5.09%
Earnings before Tax (EBT) ¹	7,426	10,039	7,134	10,967	10,487	12,566	15,949	17,646
Net income ¹	5,797	7,326	4,269	6,174	8,234	9,169	11,377	12,943
Net margin	5.17%	4.76%	2.06%	2.31%	3.19%	3.18%	3.52%	3.69%
EPS ²	1.320	1.640	0.9300	1.270	1.700	1.892	2.386	2.657
Free Cash Flow ¹	2,700	-943.6	-3,838	18,519	14,098	12,618	15,729	14,061
FCF margin	2.41%	-0.61%	-1.85%	6.92%	5.46%	4.38%	4.86%	4.01%
FCF Conversion (EBITDA)	22.66%	-	-	91.64%	50.76%	45.33%	49.17%	42.05%
FCF Conversion (Net income)	46.57%	-	-	299.97%	171.21%	137.62%	138.25%	108.64%
Dividend per Share ²	0.2700	0.3300	0.1800	0.2500	-	0.5422	0.6953	0.8866
Announcement Date	2/24/20	3/17/21	3/30/22	3/28/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	-	71,326	62,984	67,080	-	69,083	68,343	137,426	61,048	63,318	64,646	69,398	134,044	65,341	70,500	130,343	72,000	77,200	158,020	74,300	77,100
EBITDA	-	-	3,770	4,277	-	4,761	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	4,706	2,140	2,955	-	3,146	2,793	-	2,362	3,117	-	2,471	4,975	2,651	2,816	6,001	2,578	4,404	6,982	-	-
Operating Margin	-	6.6%	3.4%	4.41%	-	4.55%	4.09%	-	3.87%	4.92%	-	3.56%	3.71%	4.06%	3.99%	4.6%	3.58%	5.7%	4.42%	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	3,122	-	-	-	-	-	2,558	5,066	2,657	2,987	6,343	2,749	4,574	7,323	-	-
Net income ¹	3,762	2,471	1,022	1,490	2,512	1,960	1,702	-	1,720	-	2,088	1,970	4,058	1,912	2,459	5,226	2,259	3,778	6,037	-	-
Net margin	-	3.46%	1.62%	2.22%	-	2.84%	2.49%	-	2.82%	-	3.23%	2.84%	3.03%	2.93%	3.49%	4.01%	3.14%	4.89%	3.82%	-	-
EPS ²	-	0.5300	0.2100	0.3000	-	0.4000	0.3600	-	0.3500	0.5100	0.4300	0.4100	0.8400	0.3900	0.5000	1.070	0.4600	0.7700	1.240	-	-
Dividend per Share	-	0.1800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/25/20	3/30/22	4/28/22	8/30/22	8/30/22	10/28/22	3/28/23	3/28/23	4/26/23	8/28/23	10/30/23	3/26/24	3/26/24	4/29/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,469	1,870	-	-	-	-	-	-
Net Cash position ¹	-	-	13,407	20,753	12,397	9,147	15,758	24,141
Leverage (Debt/EBITDA)	0.3752 x	0.1212 x	-	-	-	-	-	-
Free Cash Flow ¹	2,700	-944	-3,838	18,519	14,098	12,618	15,729	14,061
ROE (net income / shareholders' equity)	14.9%	15.2%	6.81%	7.3%	9.2%	9.52%	10.7%	11.3%
ROA (Net income/ Total Assets)	7.06%	6.02%	1.14%	2.89%	3.76%	4.08%	4.77%	5.22%
Assets ¹	82,074	121,674	373,633	213,404	219,166	225,002	238,559	247,899
Book Value Per Share ²	9.610	12.40	16.90	17.80	19.20	20.30	22.10	23.80
Cash Flow per Share ²	2.060	2.490	3.340	6.710	5.480	4.020	5.590	5.930
Capex ¹	6,421	12,267	19,196	14,184	12,472	13,724	13,200	13,350
Capex / Sales	5.72%	7.97%	9.26%	5.3%	4.83%	4.77%	4.08%	3.8%
Announcement Date	2/24/20	3/17/21	3/30/22	3/28/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for S.F. Holding Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

37.31 CNY

Average target price

47.19 CNY

Spread / Average Target

+26.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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