Jefferies cut S.F. Holding stock target to CNY 42.50

Published on 10/12/2026 at 10:59 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted profit reached CNY 5.00 billion in first-half 2026, up 9.30 percent. For S.F. Holding stock, payout is 45.00 percent in 2026.

Key points in brief

Jefferies cut its S.F. Holding target from CNY 47.80 to CNY 42.50 on September 1, 2026, while retaining a Buy rating.
Adjusted net profit reached CNY 5.00 billion in the first half of 2026, up 9.30 percent year over year.
S.F. Holding reported CNY 155.50 billion in first-half revenue and raised its 2026 interim payout ratio to 45.00 percent.
The company sold CNY 10.00 billion of bonds on September 22, 2026, adding financing capacity for its logistics expansion.
The next earnings report is scheduled for October 29, 2026, after the interim dividend payment date of October 16, 2026.

S.F. Holding, CNE100000L63, Illustration mit AI erstellt.

Jefferies cut its target for S.F. Holding stock from CNY 47.80 to CNY 42.50 on September 1, 2026, while retaining a Buy rating, as MarketScreener reported. The target revision gives investors a concrete valuation counterpoint to the companys latest operating expansion.

First-half growth sets the baseline

ET Net reported on August 28, 2026, that S.F. Holding generated CNY 155.50 billion in revenue during the first half of 2026. Adjusted net profit reached CNY 5.00 billion, up 9.30 percent year over year, while Supply Chain and International revenue increased 15.60 percent.

The same results showed the company lifting its 2026 interim dividend payout ratio to 45.00 percent from 40.00 percent for full-year 2025. That combination of operating growth and higher planned distributions explains why the lower target remains only one part of the current investor debate.

Three dated milestones

On August 28, 2026, S.F. Holding reported first-half revenue of CNY 155.50 billion and adjusted net profit of CNY 5.00 billion through ET Net. On September 1, 2026, Jefferies lowered its target from CNY 47.80 to CNY 42.50 while keeping its Buy rating, according to MarketScreener. On September 22, 2026, the company sold CNY 10.00 billion of bonds, the most recent dated financing event covered by the same source.

What does the bond sale change?

The CNY 10.00 billion bond sale is materially larger than the CNY 2.50 billion proposed interim cash dividend and the CNY 4.37 billion of first-half share repurchases reported by ET Net. The figures point to a company balancing shareholder returns with funding for its international supply-chain network and logistics infrastructure.

Dates ahead for shareholders

The interim dividend is scheduled for payment on October 16, 2026, according to MarketScreener. TradingView lists October 29, 2026, as the next earnings report date and shows a prior-quarter revenue figure of CNY 81.36 billion against a CNY 84.71 billion estimate, providing the next scheduled test for the companys growth profile.

Market value on October 12

S.F. Holding had a market capitalization of CNY 149.7 billion on October 12, 2026. Its 52-week range was CNY 30.07 to CNY 41.37, placing the latest structured quote within a range that leaves valuation sensitivity high after the target reduction.

Market context: Market report Shanghai Composite.