---
title: "UBS lowers the target price for SF Holding to 39 yuan, maintaining a \"Neutral\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281321277.md"
description: "UBS has lowered the target price for SF Holding to 39 yuan, maintaining a \"Neutral\" rating. The company's net profit in the fourth quarter of last year was 2.8 billion yuan, a year-on-year increase of 10%, exceeding market expectations. SF has raised the upper limit of its A-share repurchase plan from 3 billion yuan to 6 billion yuan and has initiated a HKD 500 million H-share repurchase plan. If the entire repurchase amount is utilized, the total shareholder return is expected to reach 80%. Revenue is expected to grow by 10% this year, with a net profit margin of 3.6%"
datetime: "2026-04-01T07:24:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281321277.md)
  - [en](https://longbridge.com/en/news/281321277.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281321277.md)
---

# UBS lowers the target price for SF Holding to 39 yuan, maintaining a "Neutral" rating

UBS published a research report indicating that SF Holding (06936.HK) had a net profit of RMB 2.8 billion in the fourth quarter of last year, a year-on-year increase of 10%, which is 10 percentage points higher than market expectations. The company raised the upper limit of its A-share repurchase plan from RMB 3 billion to RMB 6 billion, with this year's quota set at RMB 4.5 billion, while also initiating a HKD 500 million H-share repurchase plan. If the entire repurchase quota is utilized, assuming a dividend payout ratio of 40%, the total shareholder return this year is expected to reach as high as 80%, compared to 55% last year, equivalent to a dividend yield of approximately 5%.

UBS slightly adjusted its profit forecast for SF Holding, expecting a revenue growth of 10% this year, a reported net profit margin of 3.6%, and a 19% increase in recurring net profit. The target price was lowered from HKD 41.1 to HKD 39, maintaining a "Neutral" rating

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