Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.</li>
</ul>



S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.


SF Holdings A/H Listing - Lower End Looks Digestable

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>SF Holding's HKEX listing launched on Tuesday, November 19th; deal to be priced by 26th</li>
<li>SF hopes to raise about US$800 mn, less than originally anticipated in financial media</li>
<li>About one quarter of the offering will be taken up by ten cornerstone investors</li>
</ul>


SF Holding's HKEX listing launched on Tuesday, November 19th; deal to be priced by 26th
SF hopes to raise about US$800 mn, less than originally anticipated in financial media
About one quarter of the offering will be taken up by ten cornerstone investors


SF Holding Pre-IPO: Deal Goes Live in HK, Company Hopes to Raise ~US$800 Mn, Less Than Anticipated

<ul>
<li>We believe SF's core express margins are higher than most of its peers' margins</li>
<li>But on 2023 EV / EBITDA SF trades at multiples below most Chinese, US peers</li>
<li>One objective of SF listing in HK is to attract global investors, lift valuation</li>
</ul>


We believe SF's core express margins are higher than most of its peers' margins
But on 2023 EV / EBITDA SF trades at multiples below most Chinese, US peers
One objective of SF listing in HK is to attract global investors, lift valuation


SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

<ul>
<li>SF Holding's time-definite express service differentiates it from Chinese rivals</li>
<li>We believe SF dominates China's domestic inter-city air express segment</li>
<li>High exposure to air service mostly beneficial, with few risks, in our view</li>
</ul>


SF Holding's time-definite express service differentiates it from Chinese rivals
We believe SF dominates China's domestic inter-city air express segment
High exposure to air service mostly beneficial, with few risks, in our view


SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/sf-holding-h-share-listing-updates-point-to-improving-fundamentals" target="_blank" data-smartkarma-citation="insights:166296" rel="noopener">SF Holding H Share Listing: Updates Point to Improving Fundamentals</a></em></strong>, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.</li>
<li>In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.</li>
</ul>



S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
In SF Holding H Share Listing: Updates Point to Improving Fundamentals, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.
In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.


SF Holding H Share Listing: AH Discount Views

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

Price Gauge
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FedEx Corp (FDX US)

SF Holdings A/H Listing - Lower End Looks Digestable

S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong. In...

Sumeet Singh

SF Holding Pre-IPO: Deal Goes Live in HK, Company Hopes to Raise ~US$800 Mn, Less Than Anticipated

SF Holding's long-anticipated secondary offering in Hong Kong has gone live. This quick update provides basic information about the offering....

Tracking Traffic

SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SF Holdings A/H Listing - Lower End Looks Digestable

S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong. In...

Sumeet Singh

SF Holding Pre-IPO: Deal Goes Live in HK, Company Hopes to Raise ~US$800 Mn, Less Than Anticipated

SF Holding's long-anticipated secondary offering in Hong Kong has gone live. This quick update provides basic information about the offering....

Tracking Traffic

SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator

In the run up to SF Holding's secondary listing in Hong Kong, we're "boomerang"-ing some recent Smartkarma insights covering the company and...

Tracking Traffic

SF Holding H Share Listing: AH Discount Views

SF Holding is premarketing an H Share listing to raise US$1.0-1.5 billion. In this note, we examine the likely discount SF Holding will offer its H...

Arun George