JPM Cuts SF HOLDING TP to HKD40; Room to Catch Up if Operations Improve
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JPMorgan has lowered the target price for SF HOLDINGfrom HKD47 to HKD40, citing a slight beat in 1Q results and ongoing growth momentum. Despite macro uncertainties, the company is optimizing its product mix and recovering gross margins. The muted market reaction is attributed to investor sentiment and unclear profitability in KLN. Year-to-date, SF HOLDING H-shares have risen 4%, while A-shares have fallen 3%. JPMorgan maintains an Overweight rating but has reduced earnings forecasts for 2026-2028 by about 4%.
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