Six months ago, institutions competed to participate in the lifting of the ban on S.F.Holding Co.Ltd(002352) fixed increase of restricted shares, but the institutions couldn’t laugh.
At the close of trading on May 18, S.F.Holding Co.Ltd(002352) shares traded at 48.6 yuan / share, a 85% discount from the fixed issue price of 57.18 yuan / share.
Six months ago, the “huge loss” of Chongyang strategic investment in S.F.Holding Co.Ltd(002352) fixed increase was 504 million yuan, the total floating loss of Jinglin assets funds was 174 million yuan, and the Fuguo Tianhui selection managed by well-known fund manager Zhu Shaoxing also suffered a floating loss of 15 million yuan.
However, institutional people said that the willingness of institutions to reduce their holdings at the bottom of the market may not be strong. In addition, the worst time of the express industry has passed. At present, the valuation is attractive, and they pay attention to the layout opportunities of express leaders brought by short-term disturbances.
there are institutions with floating losses exceeding 500 million yuan in half a year
“Express Mao” S.F.Holding Co.Ltd(002352) 5 announced on May 15 that 350 million non-public shares issued on November 19, 2021 will be listed and circulated on May 19, and the lifted shares account for 7.15% of the total shares of the company.
Source: company announcement
A total of 22 issuers have been lifted this time. Among these institutions, there are not only well-known private placement companies such as Chongyang strategic investment and Jinglin assets, but also large public fund companies such as Wells Fargo fund, Cathay Pacific Fund and bocom Schroeder fund. Among them, there are many funds managed by well-known funds such as Zhu Shaoxing.
S.F.Holding Co.Ltd(002352) fixed increase listing announcement shows that the two funds of Shanghai Chongyang Strategic Investment Co., Ltd. were allocated a total of 587618 million shares, with an amount of 3.36 billion yuan. Established in January 2014, Shanghai Chongyang Strategic Investment Co., Ltd. belongs to Chongyang group together with the well-known 10 billion private placement Chongyang investment.
Source: listing announcement
On May 18, S.F.Holding Co.Ltd(002352) fell 1.42% to close at 48.6 yuan / share, a 85% discount from the fixed issue price of 57.18 yuan / share. Based on this rough calculation, after the half year sales restriction period, Chongyang strategic investment suffered a floating loss of 504 million yuan.
Two funds under Shanghai Jinglin assets also participated in the S.F.Holding Co.Ltd(002352) fixed increase. The two funds were allocated 202688 million shares in total, with an amount of 1.16 billion yuan. As of the closing on May 18, Jinglin assets also suffered a floating loss of 174 million yuan.
Source: listing announcement
The Fuguo Tianhui selected growth hybrid fund managed by Zhu Shaoxing of Fuguo fund also participated in the S.F.Holding Co.Ltd(002352) fixed increase, and was allocated 1.7489 million shares with an amount of 100 million yuan. As of the closing on May 18, it still had a floating loss of 15 million yuan.
Source: company announcement
institutions are not willing to reduce their holdings or strong
On May 19, S.F.Holding Co.Ltd(002352) fell 2.88%, and as of the closing, the share price was 47.2 yuan / share.
The market value of the S.F.Holding Co.Ltd(002352) lifting of the ban is more than 17 billion yuan, which is not a small amount compared with the total market value of more than 230 billion yuan.
On May 19, the net outflow of S.F.Holding Co.Ltd(002352) main funds exceeded 200 million yuan, the highest in the past five days. However, “the willingness of institutions to reduce their holdings is related to the market and valuation.” An institutional person said that historically, institutions at the bottom of the market and the bottom of the valuation tend to show a net increase in holdings, and only when the market continues to pick up can they show a net decrease in holdings. At present, the market is still low.
performance turnaround
In the first quarter of 2021, S.F.Holding Co.Ltd(002352) “thunder burst”, with a significant loss of 1.155 billion yuan in net profit, a year-on-year decrease of 238.57%. Wang Wei, chairman of the company, apologized to shareholders at the 2020 annual general meeting of shareholders. Since then, S.F.Holding Co.Ltd(002352) has gradually turned from loss to profit. In the first quarter of 2022, S.F.Holding Co.Ltd(002352) achieved an operating revenue of 62.984 billion yuan and a net profit of 1.463 billion yuan.
Nevertheless, S.F.Holding Co.Ltd(002352) share price still fell all the way this year, from 71.42 yuan / share at the beginning of the year to 47.2 yuan / share at the close of today.
Citic Securities Company Limited(600030) the research report released today shows that the worst time of the express industry has passed, and there is no need to be pessimistic about the short-term differentiation. Airport empowerment is expected to drive the net interest rate of SF time limited parts to rise to more than 12% in 2025, and the competition barrier is deep. Pay attention to the layout opportunities of express leaders brought by short-term disturbance, and the current valuation is quite attractive.
“When there is a systematic decline, almost all industries fall significantly. But I think it may divide in the subsequent rebound.” A fund manager in Shanghai said that the sectors that were suppressed by the epidemic in the early stage may have excess returns. For example, with the adjustment of logistics control, the transportation logistics sector may have a relatively large reversal.
