Core Viewpoint - Daiwa maintains a target price of HKD 20 for SF Express (09699) and reiterates a "Buy" rating, reflecting a positive outlook on the company's revenue growth prospects [1] Group 1: Earnings Forecast - Daiwa has raised its earnings per share forecast for SF Express for 2025-2027 by 6-7%, indicating better-than-expected revenue prospects [1] - The company anticipates that revenue will more than double starting in 2025, driven by increasing customer convenience demands [1] Group 2: Market Share and Partnerships - SF Express aims to increase its market share to 50%, with a partnership with Sam's Club to handle 50% of new warehouse orders, although this will only contribute 1% to SF Express's revenue [1] - The company expects to secure more cooperative orders from existing warehouses in the future [1] Group 3: E-commerce Growth - SF Express is expected to benefit from an increase in parcel volumes from its parent company's e-commerce operations [1]
大和：维持顺丰同城(09699)目标价20港元 重申“买入”评级