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China's leading premium/time-definite express delivery and logistics company, with growing international operations.
China's leading premium/time-definite express delivery and logistics company, with growing international operations.
Charges per parcel by weight and delivery speed, with express parcels the core and freight and supply-chain services the second line. Unlike rivals that franchise delivery to local partners, it runs its own couriers, hubs and aircraft. This is the Hong Kong-listed share class; founder Wang Wei controls the company.
In one line: A Chinese FedEx.
Moat: narrow (scale, installed base, brand). Owned delivery fleet, air cargo network and premium-service brand differentiate it from economy couriers.
Headquarters: Shenzhen, China · Founded: 1993 · Employees: 158,761
Size S.F (6936.HK) is a Hong Kong Industrials company (Air Freight/Couriers) with a market value of $23.9B, the 71st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$31.82 on 6 Nov 2026.
Performance Over six months the shares fell 11.6%, against -1.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 11.2% over the last twelve months (peer median +10.4%); the operating margin is 4.8% (peer median 7.4%).
Valuation It trades at 12.5× forward earnings against a peer median of 15.6× (6th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.6 points above its cost of capital (6.7% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$364B | HK$334B | HK$308B | HK$285B | HK$311B |
| Revenue growth | — | +8% | +8% | -8% | — |
| Gross profit | HK$61.6B | HK$42.4B | HK$40.1B | HK$34.1B | HK$36.6B |
| EBITDA | n/a | HK$33.5B | HK$34.5B | HK$31.4B | HK$32.1B |
| Net income | HK$12.5B | HK$12.1B | HK$11.0B | HK$9.10B | HK$7.18B |
| Free cash flow | HK$17.7B | HK$20.6B | HK$25.7B | HK$16.5B | HK$22.6B |
| Capital expenditure | HK$14.5B | HK$10.3B | HK$10.1B | HK$13.8B | HK$16.5B |
| Total debt | HK$78.3B | HK$54.0B | HK$60.5B | HK$72.3B | HK$71.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| S.F 6936.HK | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% |
| Zto Express-w 2057.HK | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% |
| Jd Logistics 2618.HK | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% |
| FedEx FDX | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6936.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.0% | +5.5% | 5th highest of 21 |
| 6-month return | -11.6% | -1.7% | 7th lowest of 20 |
| Distance from 52-week high | -17.0% | -16.7% | 10th lowest of 21 |
| Revenue growth (TTM) | +11.2% | +10.4% | 10th highest of 21 |
| Operating margin | 4.8% | 7.4% | 7th lowest of 21 |
| Forward P/E | 12.5× | 15.6× | 6th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -11.4% | 4.1% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +14.1% | +8.4% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | -25.5 pp | -0.9 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +9.6 pp | +2.7 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| S.F 6936.HK | Hong Kong | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% | +14.1% |
| S.F 002352.SZ | China | $23.9B | -7% | +6% | 5% | 15.9× | -12.9% | +14.9% |
| Expeditors International EXPD | United States | $24.0B | +18% | +19% | 10% | 21.1× | 8.9% | +2.9% |
| Brambles BXB.AX | Australia | $20.4B | +2% | +1% | 17% | 20.8× | 8.9% | +8.3% |
| Zto Express-w 2057.HK | Hong Kong | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% | +13.5% |
| C.H. Robinson CHRW | United States | $14.5B | -27% | +10% | 5% | 17.2× | 9.2% | 0.0% |
| Grab GRAB | United States | $13.9B | -8% | +23% | 11% | 23.3× | 17.8% | +48.4% |
| Poste Italiane PST.MI | Italy | $43.9B | +1% | +11% | 14% | 13.5× | 17.6% | -6.8% |
| Delivery Hero SE TEMP DHE1.DE | Germany | $12.9B | n/a | +11% | 0% | n/a | n/a | n/a |
| Delivery Hero DHER.DE | Germany | $12.9B | +31% | +11% | 0% | n/a | n/a | n/a |
| J&T Global Express 1519.HK | Hong Kong | $11.9B | -2% | +32% | 6% | 18.6× | -3.8% | +51.4% |
| Dsv A/s DSV.CO | Denmark | $51.5B | -3% | +37% | 8% | 23.5× | 3.9% | +16.3% |
| Hyundaiglovis 086280.KS | South Korea | $10.9B | -13% | +12% | 6% | 8.7× | -10.8% | +12.3% |
| Ryder System R | United States | $10.2B | +11% | +3% | 8% | 15.2× | 7.9% | +8.5% |
| YTO Express 600233.SS | China | $9.63B | -13% | +8% | 9% | 10.3× | -12.2% | +16.6% |
| Jd Logistics 2618.HK | Hong Kong | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% | +23.4% |
| Nippon Express Hldgs 9147.T | Japan | $8.22B | +35% | +2% | 3% | 17.6× | 7.9% | +4.4% |
| FedEx FDX | United States | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% | +2.5% |
| Deutsche Post DHL.DE | Germany | $72.8B | +21% | +1% | 8% | 16.0× | 3.3% | +4.4% |
| Yunnan Yuntianhua 600096.SS | China | $7.17B | -28% | -19% | 11% | 9.3× | -1.7% | -1.5% |
| Sinotrans 601598.SS | China | $6.74B | +18% | -1% | 0% | 14.8× | 4.3% | +2.7% |