Stock 002352 S.F. HOLDING CO., LTD.
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Financials S.F. Holding Co., Ltd.

Equities

002352

CNE100000L63

Air Freight & Logistics

End-of-day quote Shenzhen S.E.
Other stock markets
 23:00:00 02/07/2024 BST 		5-day change 1st Jan Change
34.42 CNY -1.38% Intraday chart for S.F. Holding Co., Ltd. -3.72% -14.80%
07-02 S.F. Holding Files for Secondary Listing in Hong Kong MT
06-20 Nanjing Public Utilities Development Co., Ltd. Approves Appointment of Non-Independent Directors CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 164,178 401,043 337,377 280,506 195,704 163,420 - -
Enterprise Value (EV) 1 168,648 402,913 323,970 259,753 183,306 154,273 147,662 139,279
P/E ratio 28.2 x 53.8 x 74.1 x 45.5 x 23.8 x 18 x 15 x 13.1 x
Yield 0.73% 0.37% 0.26% 0.43% 1.49% 1.72% 1.89% 2.43%
Capitalization / Revenue 1.46 x 2.6 x 1.63 x 1.05 x 0.76 x 0.57 x 0.51 x 0.46 x
EV / Revenue 1.5 x 2.62 x 1.56 x 0.97 x 0.71 x 0.54 x 0.46 x 0.4 x
EV / EBITDA 14.2 x 26.1 x 16.3 x 12.9 x 6.6 x 5.43 x 4.62 x 4.16 x
EV / FCF 62.5 x -427 x -84.4 x 14 x 13 x 12.2 x 11.5 x 9.91 x
FCF Yield 1.6% -0.23% -1.18% 7.13% 7.69% 8.18% 8.69% 10.1%
Price to Book 3.87 x 7.11 x 4.07 x 3.25 x 2.11 x 1.69 x 1.56 x 1.45 x
Nbr of stocks (in thousands) 4,414,585 4,545,430 4,895,202 4,856,405 4,844,151 4,747,830 - -
Reference price 2 37.19 88.23 68.92 57.76 40.40 34.42 34.42 34.42
Announcement Date 24/02/20 17/03/21 30/03/22 28/03/23 26/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 112,193 153,987 207,187 267,490 258,409 287,956 319,105 352,560
EBITDA 1 11,912 15,428 19,820 20,208 27,773 28,421 31,930 33,442
EBIT 1 7,409 10,136 7,248 11,034 10,454 13,236 16,220 17,993
Operating Margin 6.6% 6.58% 3.5% 4.12% 4.05% 4.6% 5.08% 5.1%
Earnings before Tax (EBT) 1 7,426 10,039 7,134 10,967 10,487 12,692 15,783 17,646
Net income 1 5,797 7,326 4,269 6,174 8,234 9,218 11,176 12,859
Net margin 5.17% 4.76% 2.06% 2.31% 3.19% 3.2% 3.5% 3.65%
EPS 2 1.320 1.640 0.9300 1.270 1.700 1.907 2.300 2.626
Free Cash Flow 1 2,700 -943.6 -3,838 18,519 14,098 12,618 12,832 14,061
FCF margin 2.41% -0.61% -1.85% 6.92% 5.46% 4.38% 4.02% 3.99%
FCF Conversion (EBITDA) 22.66% - - 91.64% 50.76% 44.4% 40.19% 42.05%
FCF Conversion (Net income) 46.57% - - 299.97% 171.21% 136.88% 114.82% 109.35%
Dividend per Share 2 0.2700 0.3300 0.1800 0.2500 0.6000 0.5932 0.6492 0.8366
Announcement Date 24/02/20 17/03/21 30/03/22 28/03/23 26/03/24 - - -
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 Q3 2024 Q4 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 71,100 72,600 77,900 76,100 78,900
EBITDA - - 3,770 4,277 - 4,761 - - - - - - - - - - - - -
EBIT - 4,706 2,140 2,955 - 3,146 2,793 - 2,362 3,117 - 2,471 4,975 2,651 - - - - -
Operating Margin - 6.6% 3.4% 4.41% - 4.55% 4.09% - 3.87% 4.92% - 3.56% 3.71% 4.06% - - - - -
Earnings before Tax (EBT) - - - - - 3,122 - - - - - 2,558 5,066 2,657 - - - - -
Net income 3,762 2,471 1,022 1,490 2,512 1,960 1,702 - 1,720 - 2,088 1,970 4,058 1,912 - - - - -
Net margin - 3.46% 1.62% 2.22% - 2.84% 2.49% - 2.82% - 3.23% 2.84% 3.03% 2.93% - - - - -
EPS - 0.5300 0.2100 0.3000 - 0.4000 0.3600 - 0.3500 0.5100 0.4300 0.4100 0.8400 0.3900 - - - - -
Dividend per Share - 0.1800 - - - - - - - - - - - - - - - - -
Announcement Date 25/08/20 30/03/22 28/04/22 30/08/22 30/08/22 28/10/22 28/03/23 28/03/23 26/04/23 28/08/23 30/10/23 26/03/24 26/03/24 29/04/24 - - - - -
1CNY in Million
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 12,832 14,061
ROE (net income / shareholders' equity) 14.9% 15.2% 6.81% 7.3% 9.2% 9.38% 10.5% 11.1%
ROA (Net income/ Total Assets) 7.06% 6.02% 1.14% 2.89% 3.76% 3.91% 4.7% 5.16%
Assets 1 82,074 121,674 373,633 213,404 219,166 235,506 237,834 249,165
Book Value Per Share 2 9.610 12.40 16.90 17.80 19.20 20.30 22.10 23.70
Cash Flow per Share 2 2.060 2.490 3.340 6.710 5.480 5.050 5.810 5.930
Capex 1 6,421 12,267 19,196 14,184 12,472 13,102 13,087 13,045
Capex / Sales 5.72% 7.97% 9.26% 5.3% 4.83% 4.55% 4.1% 3.7%
Announcement Date 24/02/20 17/03/21 30/03/22 28/03/23 26/03/24 - - -
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
Consensus
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
34.42 CNY
Average target price
46.06 CNY
Spread / Average Target
+33.82%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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