SF Holding(SZ:002352) Xin Lang Cai Jing·2026-01-15 07:28Group 1 - The core viewpoint of the article is that J&T Express and SF Holding have announced a strategic mutual shareholding worth 8.3 billion yuan, which is expected to strengthen both companies' overseas logistics networks [1] - According to the agreement, J&T will issue 822 million Class B shares to SF at a 14% discount, while SF will issue 226 million H shares to J&T at a 3.9% premium, resulting in SF holding 10% of J&T and J&T holding 4.29% of SF [1] - According to estimates by Citi, the projected price-to-earnings ratios for J&T in 2025 and 2026 are 29 times and 20 times, respectively, while for SF, they are 16 times and 14 times [1] Group 2 - The share dilution may affect existing shareholders' equity, but both companies are expected to benefit from shared resources in Southeast Asia and China, enhancing their overseas business growth [1] - The target prices are set at 11.9 HKD for J&T and 47.4 HKD for SF, with both companies rated as "outperform" [1]