Finally, I grabbed the “discount shares”, but I found that the quilt was miserable when the ban was lifted!
Recently, “express Mao” S.F.Holding Co.Ltd(002352) ( S.F.Holding Co.Ltd(002352) . SZ) announced that the 350 million fixed increase shares issued by the company six months ago will be officially listed and circulated on May 19.
Public information shows that as of the closing on May 20, S.F.Holding Co.Ltd(002352) the latest closing price was 50.54 yuan / share, while the original issuance price of the company’s fixed increase shares was 57.18 yuan / share, that is to say, the major institutions previously involved in its fixed increase issuance currently have floating losses of more than 10%.
According to the announcement of S.F.Holding Co.Ltd(002352) , the shares lifted this time involve 22 issuing objects and 130 shareholder securities accounts, of which the two 10 billion private placement giants Chongyang strategic investment and Jinglin assets are prominently listed.
Specifically, the two products of Chongyang strategic investment “Chongyang strategic intelligence fund” and “Chongyang strategic wisdom fund” were allocated S.F.Holding Co.Ltd(002352) 587618 million fixed increase shares, with a total cost of about 3.36 billion yuan. The two products of Jinglin assets “Jinglin Value Fund” and “Jinglin Jingtai harvest” were allocated 202868 million fixed increase shares of the company, with a total cost of about 1.16 billion yuan.
According to this calculation, as of the closing on May 20, the fixed increase shares of Chongyang strategic investment and Jinglin assets lost about 390 million yuan and 135 million yuan respectively.
Figure: positions of Jinglin assets and Chongyang strategic investment S.F.Holding Co.Ltd(002352) fixed increase shares
Source: announcement of listed companies
S.F.Holding Co.Ltd(002352) is the largest integrated express logistics service provider in China and the fourth largest in the world. Its business covers a wide range of logistics sectors, such as time express, economic express, express, cold transport and medicine, intra city express delivery, supply chain and international business. It can provide customers with Chinese and international end-to-end one-stop supply chain services. In 2021 S.F.Holding Co.Ltd(002352) realized a net profit of 4.269 billion yuan, a year-on-year decrease of 41.73%. In the first quarter of this year, the company realized a net profit of 1.022 billion yuan, a year-on-year increase of 203.35%.
In terms of share price, S.F.Holding Co.Ltd(002352) once hit a record high of 124.37 yuan / share on February 18, 2021. The allocated price of Chongyang strategic investment and Jinglin assets participating in the fixed increase of the share in November last year was 57.18 yuan / share, a decrease of 54.02% compared with the previous high point of the company’s share price.
However, Chongyang strategic investment, Jinglin assets and other institutions obviously failed to copy at the bottom. Since then, the share price of S.F.Holding Co.Ltd(002352) has continued to decline. It once fell to 42.51 yuan / share on March 30 this year. It has not been repaired until more than a month.
It is worth noting that another 10 billion private equity investment in Danshui spring was even worse. According to wind data, the “Danshui spring balance phase 5” has become the tenth largest shareholder of S.F.Holding Co.Ltd(002352) , with a shareholding of 13777300 shares and a reference market value of 933 million yuan. After that, the product has increased its holdings several times. By the end of the first quarter of this year, its shareholding has increased to 23863700 shares.
However, due to the sharp decline of S.F.Holding Co.Ltd(002352) share price, after the number of shares increased by more than 10 million, the reference market value of “Danshui spring balance phase 5” at the end of the first quarter of this year increased by only 158 million yuan compared with the mid-term report of 2021.
Table: position S.F.Holding Co.Ltd(002352) of “Danshui spring balance phase 5”
Data source: compiled by wind and interface news research department
At the same time, has the S.F.Holding Co.Ltd(002352) that has locked up the three 10 billion private placement reached the bottom?
Huachuang securities previously predicted in the research report that the net profit attributable to the parent company in S.F.Holding Co.Ltd(002352) 202224 will be 6.3 billion, 9.0 billion and 11.7 billion, with corresponding EPS of RMB 129, 1.83 and 2.37 respectively and PE of 38, 27 and 21 times respectively. Maintain the segment valuation method and one-year target market value of about 346 billion, corresponding to the target price of 70.6 yuan.
In addition, S.F.Holding Co.Ltd(002352) has also been actively repurchasing recently. According to the previous announcement, it has repurchased 28642600 shares of the company from March 3 to April 30 this year, with a repurchase fund of about 1.506 billion yuan and an average transaction price of 52.59 yuan / share.
