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CLSA: SF HOLDING, J&T EXPRESS-W Co-op Enhances Competitiveness; J&T EXPRESS-W TP Added to $13.6, Listed Sector Top Pick
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SF HOLDING (06936.HK) and J&T EXPRESS-W (01519.HK) announced a cross-subscription of each other’s newly issued shares, each valued at HKD8.299 billion, a research report by CLSA mentioned. The broker believed that the complexity and depth of this collaboration reflect the determination and confidence of both management teams to achieve "1+1>2" effects. SF Holding boasts a strong logistics infrastructure and customer base, while J&T Express has a well-established local last-mile delivery network in overseas markets. This complementary enhancement will help boost the competitiveness of SF Holding and J&T Express at home and abroad. Other domestic operators with overlapping resources will find it challenging to implement similar strategies. The broker raised its adjusted net profit forecasts for J&T Express for 2025-27 by 7%/ 7%/ 9%, and increased the target price from HKD11.9 to HKD13.6, assigning an Outperform rating and listing it as the top pick in China's logistics sector. Meanwhile, the broker trimmed its net profit forecasts for SF Holding for 2026-27 by 3%, and reduced the A-share target price of SF Holding (002352.SZ) from RMB47.4 to RMB44.1, maintaining an Outperform rating. AASTOCKS Financial News Website: www.aastocks.com |
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