Group 1 - The core viewpoint of the article is that Jitu Express and SF Express have announced a strategic equity cooperation involving a total investment of 8.3 billion HKD, which will enhance their logistics capabilities in overseas markets [1] - Jitu will issue approximately 822 million Class B shares to SF at a discount of nearly 14%, while SF will issue about 226 million H shares to Jitu at a premium of approximately 3.9% [1] - Following the completion of the transaction, SF will hold a 10% stake in Jitu, and Jitu will own 4.29% of SF [1] Group 2 - According to the report, this collaboration is a significant step for both companies in terms of business development, particularly in leveraging overseas business as a key growth engine [1] - The estimated valuation for Jitu is approximately 29 times and 20 times the forecasted price-to-earnings ratio for 2025/2026, while SF's valuation is around 16 times and 14 times for the same period [1] - The target prices set by the firm for Jitu and SF are 11.9 HKD and 47.4 HKD respectively, with both companies rated as "outperform" [1]
里昂：料极兔(01519)与顺丰(06936)战略性相互持股可增强海外业务发展