---
title: "Citi: SF Holding and J&T EXPRESS-W cooperation enhances both parties' competitiveness, raises J&T EXPRESS-W target price to 13.6 yuan, ranking it as the industry's top choice"
description: "The report from Citi Research indicates that SF Holding and J&T EXPRESS-W announced mutual subscription of new shares, valued at HKD 8.299 billion. This collaboration reflects the determination of bot"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/272796731.md"
published_at: "2026-01-16T06:38:58.000Z"
---

# Citi: SF Holding and J&T EXPRESS-W cooperation enhances both parties' competitiveness, raises J&T EXPRESS-W target price to 13.6 yuan, ranking it as the industry's top choice

> The report from Citi Research indicates that SF Holding and J&T EXPRESS-W announced mutual subscription of new shares, valued at HKD 8.299 billion. This collaboration reflects the determination of both management teams to achieve "1 plus 1 greater than 2." SF's logistics foundation complements J&T's overseas delivery network, enhancing the competitiveness of both parties. J&T's net profit forecast for the fiscal years 2025 to 2027 has been raised by 7%-9%, with a target price increased to HKD 13.6, rated as "outperforming the market." SF's net profit forecast for the fiscal years 2026 and 2027 has been lowered by 3%, with a target price reduced to HKD 44.1, also rated as "outperforming the market."

According to a report from Citibank, SF Holding (06936.HK) and J&T EXPRESS (01519.HK) announced that they will mutually subscribe to each other's new shares, with a total value of HKD 8.299 billion. The bank believes that the complexity and depth of this cooperation reflect the determination and confidence of both management teams to achieve a "1 plus 1 greater than 2" effect. SF has a strong logistics infrastructure and customer base, while J&T has a well-established local last-mile delivery network in overseas markets. This complementary strengthening will help enhance the competitiveness of both SF and J&T in domestic and global markets. The resource overlap of other domestic operators will make it difficult for them to implement similar strategies.

The bank raised its adjusted net profit forecasts for J&T for the fiscal years 2025 to 2027 by 7%, 7%, and 9%, respectively, and increased the target price from HKD 11.9 to HKD 13.6, maintaining an "outperform" rating and listing it as a top choice in the Chinese logistics sector.

At the same time, the bank lowered its net profit forecasts for SF for the fiscal years 2026 and 2027 by 3%, with the target price for SF (002352.SZ) A shares reduced from RMB 47.4 to RMB 44.1, also maintaining an "outperform" rating

### Related Stocks

- [01519.HK - J&T EXPRESS-W](https://longbridge.com/en/quote/01519.HK.md)
- [002352.CN - SF Holding](https://longbridge.com/en/quote/002352.CN.md)
- [06936.HK - SF HOLDING](https://longbridge.com/en/quote/06936.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.