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S.F. Holding Co., Ltd. Class H
(6936)
Select Model
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Rating:65Neutral
Price Target:
HK$32.00
▼(-2.32% Downside)
Action:Reiterated
Date:10/31/26
The score is driven primarily by solid but weakening fundamentals: strong top-line momentum is offset by thin margins, a recent EBITDA margin drop, higher leverage, and less consistent free-cash-flow conversion. Valuation is supportive (P/E 14.85 and ~3.54% dividend yield), while technicals are mixed with bearish MACD and longer-term moving-average resistance limiting upside momentum.
Positive Factors
Resilient Revenue Growth
Sustained revenue expansion indicates resilient demand for the company’s express delivery and logistics services. Continued top-line growth can improve network utilization, deepen enterprise relationships, and provide a durable base for operating leverage if cost control improves.
Negative Factors
Thin and Declining Margins
The company operates with structurally thin profitability, leaving limited room to absorb cost inflation or pricing pressure. The recent EBITDA margin decline from roughly 11–12% to 7.6% also raises concern that operating efficiency or service mix may be weakening.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient Revenue Growth
Sustained revenue expansion indicates resilient demand for the company’s express delivery and logistics services. Continued top-line growth can improve network utilization, deepen enterprise relationships, and provide a durable base for operating leverage if cost control improves.
Read all positive factors
S.F. Holding Co., Ltd. Class H (6936) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$178.68B
Dividend Yield3.54%
Average Volume (3M)847.98K
Price to Earnings (P/E)14.8
Beta (1Y)0.49
Revenue Growth11.20%
EPS Growth6.59%
CountryHK
Employees158,761
SectorIndustrials
Sector Strength72
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)2.20
Shares Outstanding465,877,660
10 Day Avg. Volume848,564
30 Day Avg. Volume847,976
Financial Highlights & Ratios
PEG Ratio2.97
Price to Book (P/B)1.58
Price to Sales (P/S)0.51
P/FCF Ratio8.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$36.00Price Target Upside9.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.54
Revenue Forecast (FY)HK$386.03B
S.F. Holding Co., Ltd. Class H Business Overview & Revenue Model
Company Description
S.F. Holding Co., Ltd. engages in the provision of express logistics services. It engages in traditional express, heavy freight, cold chain service, international business, and intra-city express. It also offers front-end processes, such as produc...
How the Company Makes Money
S.F. Holding Co., Ltd. primarily makes money by charging customers for logistics services delivered through its network. Key revenue streams include: (1) Express delivery services: fees collected per shipment for domestic and cross-border parcels,...
S.F. Holding Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 319.68B | 308.23B | 284.42B | 258.41B | 267.49B | 207.19B |
| Gross Profit | 42.68B | 41.05B | 39.61B | 33.14B | 33.42B | 25.64B |
| EBITDA | 19.83B | 33.04B | 33.31B | 30.08B | 28.76B | 19.34B |
| Net Income | 10.99B | 11.12B | 10.17B | 8.23B | 6.17B | 4.27B |
Balance Sheet | ||||||
| Total Assets | 239.18B | 216.47B | 213.82B | 221.49B | 216.84B | 209.90B |
| Cash, Cash Equivalents and Short-Term Investments | 54.33B | 37.17B | 45.18B | 48.78B | 48.45B | 45.70B |
| Total Debt | 53.57B | 34.14B | 48.23B | 56.41B | 47.82B | 48.51B |
| Total Liabilities | 125.63B | 106.14B | 111.49B | 118.21B | 118.56B | 111.98B |
| Stockholders Equity | 102.10B | 99.31B | 91.99B | 92.79B | 86.26B | 82.94B |
Cash Flow | ||||||
| Free Cash Flow | 14.96B | 18.05B | 22.84B | 14.10B | 18.52B | -3.84B |
| Operating Cash Flow | 27.61B | 27.56B | 32.19B | 26.57B | 32.70B | 15.36B |
| Investing Cash Flow | -11.30B | -17.33B | -12.05B | -13.51B | -12.09B | -17.13B |
| Financing Cash Flow | 1.10B | -22.94B | -27.98B | -12.99B | -16.02B | 21.22B |
S.F. Holding Co., Ltd. Class H Technical Analysis
Positive
32.76
Price Trends
29.60
Positive
30.39
Negative
32.13
Negative
Market Momentum
-0.11
Negative
57.74
Neutral
66.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6936, the sentiment is Positive. The current price of 32.76 is above the 20-day moving average (MA) of 28.90, above the 50-day MA of 29.60, and above the 200-day MA of 32.13, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 57.74 is Neutral, neither overbought nor oversold. The STOCH value of 66.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:6936.
S.F. Holding Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$53.21B | 12.67 | 9.71% | 7.01% | 4.04% | 13.17% | |
67 Neutral | HK$117.31B | 10.19 | 15.95% | 3.44% | 21.24% | 25.73% | |
67 Neutral | HK$65.56B | 7.23 | 12.78% | ― | 29.20% | 16.27% | |
65 Neutral | HK$178.68B | 14.85 | 10.90% | 3.54% | 11.20% | 6.59% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | HK$86.39B | 27.14 | 9.69% | ― | 31.91% | 122.59% | |
49 Neutral | HK$451.43M | -3.09 | -14.50% | 1.48% | 5.28% | -148.69% |
* Industrials Sector Average
HK:6936
S.F. Holding Co., Ltd. Class H
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-14.02%
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S.F. Holding Co., Ltd. Class H Corporate Events
S.F. Holding to Buy Back SF REIT Logistics Assets as Trust Winds Down
Oct 29, 2026
S.F. Holding’s wholly owned unit SF Fengtai Industrial Park Holdings has agreed to acquire the entire share capital of SF Logistics Holdings from SF Real Estate Investment Trust for about HKD2.61 billion, regaining control of four modern log...
S.F. Holding Reshuffles Company Secretary Roles After Executive Resignation
Oct 29, 2026
S.F. Holding announced that long-serving executive Ms. Gan Ling has resigned as board secretary, deputy general manager, joint company secretary and authorised representative, effective October 29, 2026, citing personal reasons and leaving all pos...
S.F. Holding Proposes Registered Capital Increase and Articles Update After Share Restructuring
Oct 29, 2026
S.F. Holding Co., Ltd. plans to adjust its registered capital to reflect recent equity movements, including option exercises, new H-share issuance, and share cancellations. The company’s share base now totals 5,105,148,078 shares, comprising...
S.F. Holding Issues Overseas Regulatory Notice Aligned With PRC and Hong Kong Rules
Oct 29, 2026
S.F. Holding Co., Ltd., a major Chinese logistics and express delivery provider listed in Hong Kong, announced an overseas regulatory filing in line with Hong Kong disclosure rules. The company maintains a diversified board structure, led by chair...
S.F. Holding Board Clears Q3 Report and Backs Acquisition of Hong Kong REIT
Oct 29, 2026
S.F. Holding has announced that its seventh board of directors held the eighth meeting on October 29, 2026, in Shenzhen, combining in‑person and video participation by all six directors. The meeting was convened in accordance with PRC laws a...
S.F. Holding Lowers Exercise Price in 2022 A-Share Stock Option Plan
Oct 29, 2026
S.F. Holding Co., Ltd., a major Chinese express logistics provider, has disclosed an adjustment to the exercise price under its 2022 A-share stock option incentive plan, following board and shareholder authorizations. The company continues to use ...
S.F. Holding Cancels Portion of 2022 A-Share Stock Options
Oct 29, 2026
S.F. Holding Co., Ltd. has announced via its Hong Kong listing that it is implementing an overseas regulatory disclosure related to its A-share stock option incentive plan. The board disclosed that, in line with Chinese regulatory requirements, de...
S.F. Holding Clears Conditions for Fourth Tranche of 2022 A-Share Stock Options
Oct 29, 2026
S.F. Holding Co., Ltd. has confirmed that the performance conditions for the fourth exercise period under its 2022 A-share stock option incentive plan reserved grant have been met, enabling 24 eligible participants to exercise 155,564 stock option...
S.F. Holding Adjusts 2022 A-Share Stock Option Plan Exercise Price
Oct 29, 2026
S.F. Holding Co., Ltd. has issued an overseas regulatory announcement in Hong Kong to disclose a board remuneration and assessment committee opinion on its 2022 A-share stock option incentive plan. The disclosure aligns with PRC and Hong Kong list...
S.F. Holding Flags Mainland Disclosure on Adjusted 2022 Stock Option Plan
Oct 29, 2026
S.F. Holding Co., Ltd., a major PRC-based logistics and express delivery provider listed in Hong Kong, announced an overseas regulatory filing under the disclosure rules of the Hong Kong Stock Exchange. The company highlighted its compliance with ...
S.F. Holding Issues Unaudited Q3 2026 Report Under PRC Standards
Oct 29, 2026
S.F. Holding Co., Ltd., a PRC-incorporated logistics group listed in Hong Kong, has released its unaudited third-quarter report for 2026, covering the period from July 1 to September 30. The report follows China Accounting Standards for Business E...
S.F. Holding Restores Investor Hotline After System Upgrades
Oct 21, 2026
S.F. Holding Co., Ltd. announced that its investor hotline, previously interrupted due to upgrades of communication lines and equipment, has now resumed normal operation, with the original number reactivated and the temporary contact number discon...
S.F. Holding Grows September Revenue as International and Higher-Value Logistics Drive Mix Shift
Oct 19, 2026
S.F. Holding reported total revenue of RMB28.719 billion for September 2026 from its express logistics and supply chain and international businesses, up 6.34% year-on-year despite weaker parcel volumes. The figures indicate the group is successful...
S.F. Holding Sets Board Meeting to Approve Q3 2026 Results
Oct 16, 2026
S.F. Holding Co., Ltd. has scheduled a board meeting for October 29, 2026, to review and approve the unaudited consolidated results of the group for the third quarter ended September 30, 2026. The forthcoming publication of these quarterly figures...
S.F. Holding Temporarily Alters Investor Hotline During System Upgrade
Oct 9, 2026
S.F. Holding Co., Ltd. has issued an overseas regulatory announcement in Hong Kong to inform investors that its investor hotline infrastructure will undergo an upgrade starting October 10, 2026. The move is aimed at improving service quality and c...
S.F. Holding executive donates shares to support rural children’s reading program
Sep 24, 2026
S.F. Holding Co., Ltd. disclosed that its director, financial officer and deputy general manager, Mr. He Jie, has voluntarily donated 122,000 A-shares of the company from his personal holdings to the Shenzhen One Foundation Charity Foundation to s...
S.F. Holding Completes CNY10 Billion Offshore Note Issuance
Sep 22, 2026
S.F. Holding Co., Ltd. has completed the issuance of two tranches of offshore renminbi guaranteed notes, comprising CNY5 billion 1.75% notes due 2029 and CNY5 billion 1.85% notes due 2031, after all conditions under the subscription agreement were...
S.F. Holding adjusts management committee for A-share employee share plan
Sep 21, 2026
S.F. Holding Co., Ltd. has issued an overseas regulatory announcement in Hong Kong to relay a notice filed on the Chinese disclosure platform CNINFO, reflecting its dual-listing compliance obligations between mainland China and Hong Kong. The anno...
S.F. Holding Subsidiary Commits RMB 100 Million to Hard‑Tech Investment Fund
Sep 21, 2026
S.F. Holding’s wholly owned subsidiary, Shenzhen S.F. Investment Co., Ltd., has agreed to participate as a limited partner in Hangzhou Chuangyi Future Equity Investment Partnership, a private fund focused on “pan‑hard‑tech&...
S.F. Holding Completes Cancellation of RMB 5.999 Billion A-Share Buyback
Sep 21, 2026
S.F. Holding Co., Ltd. has completed the cancellation of 160,160,000 repurchased A-shares, reducing its total share capital from 5,265,308,078 to 5,105,148,078, with an aggregate repurchase amount of about RMB 5.999 billion. The repurchase program...
S.F. Holding’s A-Share Cancellation Boosts Controlling Shareholder Stake
Sep 21, 2026
S.F. Holding Co., Ltd. has completed a previously approved A-share buyback program and converted the purpose of the repurchased shares to cancellation, thereby reducing its registered capital and total share count. The buyback, first amended at a ...
S.F. Holding Boosts August Revenue as Value-Driven and International Businesses Gain Momentum
Sep 18, 2026
S.F. Holding reported that combined revenue from its express logistics and supply chain and international businesses rose 2.83% year-on-year to RMB25.489 billion in August 2026, as it continued shifting from volume-led expansion to value-driven gr...
S.F. Holding Executive Donates 122,000 Shares to Support Rural Children Reading Program
Sep 18, 2026
S.F. Holding disclosed that its director, chief financial officer and deputy general manager, He Jie, has signed a share donation agreement with Shenzhen One Foundation. Under the agreement, He Jie will donate 122,000 A-shares of S.F. Holding he p...
S.F. Holding Plans CNY10 Billion Guaranteed Notes Offering for Refinancing
Sep 15, 2026
S.F. Holding Co., Ltd. has entered into a subscription agreement to issue CNY5 billion of 1.75 per cent guaranteed notes due 2029 and CNY5 billion of 1.85 per cent guaranteed notes due 2031 through its offshore issuer SF Holding Global 2026 Limite...
S.F. Holding Sets 2026 Interim A-Share Cash Dividend Plan
Sep 8, 2026
S.F. Holding Co., Ltd. has approved its 2026 interim profit distribution plan for A-share holders, authorizing the board to implement a cash dividend derived from the company’s interim consolidated net profit. The scheme will distribute RMB ...
S.F. Holding’s Overseas Arm Commits US$10 Million to Frontier Tech Fund
Aug 31, 2026
S.F. Holding’s wholly owned overseas subsidiary, S.F. Express (Overseas) Limited, has agreed to invest as a limited partner in Linear Capital VI L.P., a venture fund targeting early-stage equity in frontier technology companies in the broade...
S.F. Holding Publishes 2026 Interim Disclosures and Updates Equity Incentive Plans
Aug 28, 2026
S.F. Holding Co., Ltd. has announced that it has published a series of regulatory and corporate documents on the CNINFO platform in accordance with mainland Chinese disclosure rules. These include resolutions from its board meeting, the 2026 semi-...
S.F. Holding Boosts Strategic Stake in Hive Box Through RMB305 Million Share Subscription
Aug 28, 2026
S.F. Holding, via its subsidiary Radiant Beyond, is deepening its involvement in smart parcel locker operator Hive Box to reinforce its logistics ecosystem. By expanding its equity exposure to Hive Box, the group aims to consolidate its position i...
S.F. Holding Declares Interim Dividend for First Half of 2026
Aug 28, 2026
S.F. Holding Co., Ltd., a major Chinese logistics and express delivery provider listed in Hong Kong, focuses on parcel delivery and related logistics services for corporate and retail customers across mainland China and overseas markets. Its H-sha...
S.F. Holding Releases Unaudited 2026 Interim Results for First Half
Aug 28, 2026
S.F. Holding Co., Ltd. has released its unaudited interim results for the six months ended June 30, 2026, covering the performance of the Group and prepared in line with Hong Kong listing requirements. The company will publish its full 2026 Interi...
S.F. Holding boosts stake in smart locker operator Hive Box via RMB305m share subscription
Aug 24, 2026
S.F. Holding’s board has approved a connected transaction under which its wholly owned subsidiary Radiant Beyond will exercise its preemptive rights to subscribe for 46,829,077 new Class A ordinary shares of Hive Box at RMB2.8489 per share, ...
S.F. Holding boosts stake in Hive Box with board-approved capital increase
Aug 24, 2026
S.F. Holding Co., Ltd. announced that its seventh board of directors held the sixth meeting on August 24, 2026, conducted by telecommunication with all six directors attending and chaired by founder and chairman Wang Wei, in compliance with releva...
S.F. Holding Posts July Revenue Growth on Higher-Value Parcels and Overseas Expansion
Aug 19, 2026
S.F. Holding reported combined revenue of RMB26.37 billion from its express logistics and supply chain and international businesses in July 2026, up 6.12% year on year. The company continues to emphasize high-quality growth by shifting from scale-...
S.F. Holding Sets August 28 Board Meeting to Approve 2026 Interim Results and Dividend
Aug 17, 2026
S.F. Holding Co., Ltd. has scheduled a board meeting for August 28, 2026 to review and approve the group’s interim results for the six months ended June 30, 2026. The board will also consider the publication of these results and evaluate whe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.