China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

China Logistics Sector Update & Downgrade S.F. Holding (2352.CH) To SELL: Pricing Pressure in 1H

JD Logistics(2618.HK) 4Q22 Preview: Topline Reacceleration Supported by Retail Recovery

ZTO Express(ZTO.US) 4Q22 Preview: Maintain Leadership and Benefit from Industry Rebound

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>SFH reported largely inline C4Q22 results with total revenue and net income slightly missed our est. by 1% and 4%. </li>
<li>However, into 2023, we suggest that the trend could reverse due to pricing pressure from eCommerce merchants and service upgrade of Tongda companies.</li>
<li>Maintain SELL and TP of RMB48 due to pricing pressure and diminishing service differentiation. </li>
</ul>


SFH reported largely inline C4Q22 results with total revenue and net income slightly missed our est. by 1% and 4%. 
However, into 2023, we suggest that the trend could reverse due to pricing pressure from eCommerce merchants and service upgrade of Tongda companies.
Maintain SELL and TP of RMB48 due to pricing pressure and diminishing service differentiation. 


[S.F. Holding (2352 SZ) Earning Review]: Facing Threat from Pricing and Peers’ Service Upgrade