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 the years 2025-2027 by 6-7%, indicating better-than-expected revenue prospects [1] - The management anticipates that revenue will more than double starting from 2025 over the next 3-5 years [1] Group 2: Revenue Growth Drivers - The company is expected to benefit from a growing demand for customer convenience, which is likely to sustain long-term revenue growth [1] - SF Express aims to increase its market share to 50%, and its partnership with Sam's Club will enable it to handle 50% of Sam's new warehouse orders, although this will only contribute 1% to SF Express's revenue [1] - The company is expected to secure more cooperative orders from existing warehouses in the future [1] - SF Express is also projected to benefit from an increase in e-commerce parcel volumes from its parent company [1]
大和：维持顺丰同城目标价20港元 重申“买入”评级