SF Holding(002352) 摩根大通·2024-10-14 14:30Investment Rating - The investment rating for S.F. Holding Co Ltd is "Equal-weight" with a price target of Rmb40.60, indicating a downside of approximately 3% from the current price of Rmb41.65 as of October 10, 2024 [4][17]. Core Insights - S.F. Holding Co Ltd has proposed an interim dividend of Rmb0.4 per share, representing a 40% payout ratio for the first half of 2024, an increase from 35% in 2023. Additionally, a special dividend of Rmb1 per share is planned before the Hong Kong listing, totaling Rmb4.8 billion, which implies a yield of 2.4% based on the latest closing price [2]. - The company has also executed share buybacks amounting to Rmb1 billion in the first phase and Rmb758 million in the second phase, which could provide an additional 0.9% return to shareholders if fully canceled [2]. Financial Metrics Summary - For the fiscal year ending December 2023, the estimated revenue is Rmb258,409 million, with projected growth to Rmb286,643 million in 2024 and Rmb304,883 million in 2025 [4]. - The earnings per share (EPS) is projected to increase from Rmb1.47 in 2023 to Rmb1.84 in 2024, and further to Rmb2.08 in 2025 [4]. - The company’s P/E ratio is expected to decrease from 27.5 in 2023 to 22.6 in 2024, indicating improved valuation metrics [4]. - The dividend yield is projected to rise from 1.5% in 2023 to 2.0% in 2024, and further to 2.4% in 2025 [4].