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The market value of the waist 斩 ​​SF open year of rapid financing expansion

January 11, 2019 02:49
source: Beijing News

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Three important last yearshareholderAccumulated reduction of more than 60 million shares, 28 consecutive copies in the first ten days of this yearannouncement

Nowadays,SF Holdings(002352)Restricted sharesAlso want to lift the ban! On January 10, 2019, SF Holdings announced that the company's restricted stock of 119,173,700 shares will be released from the restricted sale on January 11, and the number of banned shares will be 0.025% of the total share capital. According to public information, in the just-concluded 2018, several major shareholders including Shunda Fengrun (equivalent to SF's employee stock holdings) frequently reduced their holdings of SF Holdings.

At the same time, according to the statistics of the Beijing News reporter, in the first ten days of 2019, SF Holdings issued 28 announcements intensively. Among them, the announcement on January 4 stated that the wholly-owned subsidiary of SF Holdings issued no more than 16 billion yuan of debt financing products at home and abroad. On January 5, SF Holdings released the “Progress Announcement on the Acquisition of 100% Equity of DHL Supply Chain (Hong Kong) Co., Ltd. and DHL Logistics (Beijing) Co., Ltd.”. In the first year of the year, SF Holdings has revealed its intention of “quick financing and busy expansion”.

Less than two years after listing, the pace of financing is non-stop

In 2019, SF Holdings was clearly accelerating the pace of fundraising. On the third day of the opening year, it issued a financing product of up to 16 billion yuan. On January 4, SF Holdings announced that it intends to issue debt financing products worth no more than RMB 16 billion through two wholly-owned subsidiaries. The funds raised will be used to supplement working capital and repay after deducting the issuance expenses.bankLoans and other purposes.

Prior to this, SF Holdings conducted a orientation after the backdoor listing on February 24, 2017.Additional issuanceThe net proceeds raised amounted to 7.822 billion yuan, and in June of the same year, 2 billion yuan of corporate bonds were issued. In 2018, SF Holdings Funding, a wholly-owned subsidiary of SF Holdings, issued US$500 million in bonds abroad; subsidiary Tyson Holdings issued 1.47 billion yuan of corporate bonds, 1.5 billion yuan of ultra-short-term financing bills and 1 billion yuan of medium-term notes.

High debt expansion,Net profitSliding

On January 5, 2019, SF Holdings issued the “Progress Announcement on the Acquisition of 100% Equity of DHL Supply Chain (Hong Kong) Co., Ltd. and DHL Logistics (Beijing) Co., Ltd.”. In the previous March 2018, SF Holdings spent 1.7 billion yuan to acquire the new traditional logistics company in Guangdong, Xinbang Logistics, and laid out large-scale express business. In April of the same year, SF also participated in the new round of financing of the US logistics service platform Flexport for US$100 million, and increased its international business. In August, SF Holdings cooperated with Xiahui Group, China Merchants Group and China Railway Corporation to arrange cold chain, sea and rail transportation business. At the end of October, SF Holdings acquired a 100% stake in DHL Hong Kong and Beijing with 5.5 billion yuan in cash.

SF Holdings has achieved remarkable results in the expansion of its new logistics business. According to the semi-annual report of 2018, the growth rate of SF Holdings in new business areas such as heavy cargo, cold transport, same city distribution and international market reached 96%, 48%, 159% and 41% in the first half of 2018.

However, SF Holdings’ huge investment in new business areas also caused the company’s net profit to decline significantly and the debt ratio to rise rapidly. As of the third quarter of 2018, the company's net profit attributable to listed companies was 3.028 billion yuan, down 16.87% year-on-year;interest rateA sharp drop of 18.41%. At the same time, the company's total liabilities reached 30.774 billion yuan, a significant increase of 23.25% over the total liabilities of 25.05 billion yuan in the same period of 2017; the asset-liability ratio reached 46.77%, significantly higher thanYunda shares,Shentong ExpressAnd Yuantong Express, the asset-liability ratio of the latter three companies was 33.96%, 19.40% and 31.24% respectively.

The market value has shrunk, and important shareholders have frequently reduced their holdings.

The share price performance of SF Holdings was also unsatisfactory, with a cumulative decline of more than 34% in 2018. As of January 10, 2019, the share price of SF Holdings closed at 32.82 yuan, with a market capitalization of only 145 billion yuan. Compared with the market value of 32.2 billion yuan on March 1, 2017, it evaporated 177.6 billion yuan, down 55%.

Along with the sharp decline in the market value of SF Holdings, several major shareholders have frequently reduced their holdings in 2018. In 2018, the second largest shareholder of SF Holdings, Shunda Fengrun, the fourth largest shareholder Yuanhe Shunfeng, and the fifth largest shareholder, Jiaqiang Shunfeng, respectively reduced their holdings of SF Express shares, and the cumulative reduction was 60.053 million shares. According to the announcement, the “reduction of the price is not less than 45 yuan/share”, the three shareholders have accumulated at least 2.7 billion yuan.

The company's announcement on January 10 stated that the company's restricted stock of 119,173,700 shares will be released from the restricted sale on January 11. According to yesterday's closing price of 32.82 yuan / share calculation, the market value of the day was lifted to 36.53 million yuan.

The number of competitors has increased, and the core business has been attacked by the enemy.

“At present, consumers who are in need of aging are basically using SF, and this business is close to the ceiling.” A senior logistics industry expert said that the contents currently being mailed through SF products arecontractAnd invoice-based, and with the promotion of electronic invoices and contracts, this business will face greater uncertainty.

Logistics companies with rapid market share such as Zhongtong and Yunda are accelerating direct sales and increasing investment in logistics service quality. Tongda is also moving towards the high-end market, trying to get rid of excessive dependence on low-cost e-commerce express parts.

Faced with competition from within the express delivery industry, SF Holdings' strategy is to consolidate the moat of time-sensitive business components. In 2009, SF Airlines was established, the express company bought the aircraft, and the fleet size continued to expand. As of the end of 2017, SF has 41 self-owned freighters, 16 rental full cargo aircraft, 57 routes and 396 pilots, making it the largest cargo airline in China.

“Shunfeng’s expansion of aircraft and airports is very powerful.” Express expert Zhao Xiaomin said that the construction of the airport is a long-term investment. Having an airplane and an airport means having an infrastructure for international business and mastering the path to the world.

In the third quarterly report of 2018, SF Holdings expects that the fleet size will reach 70 in the next three years. However, compared with international logistics giants, there is still a large gap in the number of aircraft.FedExThere are more than 670 aircraft, UPS has more than 640, and DHL has more than 420.

“The logistics giant has already done its best to the service. There is great uncertainty in whether SF Holdings’ current large-scale investment can achieve differentiated competition.” Gong Fuzhao, a logistics industry expert and founder of Shuangyu Consulting, said that the international logistics giant has formed a voice. The barriers to entering the international market are very high.

The heavy self-operated system has become the bottleneck of SF Holdings. Zhao Xiaomin said that with the continuous increase in labor costs, if SF Holdings' new growth point is less than expected, it will directly affect its share price performance. In September 2017, Ali added 5.3 billion yuan to invest in rookie. According to this calculation, the valuation of rookie logistics has exceeded 130 billion yuan. andJingdongAfter the completion of the financing of 2.5 billion US dollars, the valuation of logistics has exceeded 100 billion yuan. The gap between the market value of the two and SF Holdings has become smaller and smaller, which will further challenge SF's status.

The industry believes that SF Holdings is not only facing the internal competition pressure between the traditional express industry brothers such as “three links and one”, but also faces external competitive pressure from e-commerce logistics and heavy goods flow enterprises, and is also affected by the rookie network and Jingdong Logistics. The serious challenge.

(Article source: Beijing News)

                (Editor: DF309)

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