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<Research> CLSA Lowers TP for SF Intra-city (09699.HK) to HKD13, Citing Aggressive Pricing Impact on Profit Margin
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CLSA published a research report stating that SF Intra-city (09699.HK) is expected to achieve a 45% increase in sales and a 110% increase in net profit to RMB278 million in 2025, in line with its earnings forecast. Despite a high base, the firm anticipates that income growth will remain above 20% due to increased market share among major clients and strengthened cooperation with SF Express. However, this growth may come at the expense of a slower recovery in profit margins, as SF Intra-city may need to adopt a relatively aggressive pricing strategy. The firm expects that talent recruitment will lead to sustained high share-based payment expenses this year. The firm has revised down its net profit forecasts for 2026 and 2027 by 24% and 11%, respectively, due to expectations of more aggressive pricing. The target price has been lowered from HKD16.2 to HKD13, while maintaining an "Outperform" rating based on its growth potential. (ss/da) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. |
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