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STO Express Co Ltd Class A 002468

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Stock XSHE Rating as of
CNY 7.95 −0.03 (0.38%)
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As of Delayed Price Open
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Company Report

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STO Express Will Increase the Magnitude of Price Cut

Chelsey Tam

The network partner model-based companies in China have gained parcel volume share from direct operation-based companies, with share rising to 76% in 2022 from 66% in 2011. The six largest express delivery companies controlled around 86% of China’s parcel deliveries by volume in 2022, based on data from the companies and China’s State Post Bureau. With share already high, we think further volume share gain is limited for the network partner model-based companies.

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Price vs Fair Value

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002468 is trading at a 525% premium.
Price
CNY 7.98
Fair Value
CNY 1.40
Uncertainty
High
1-Star Price
CNY 76.95
5-Star Price
CNY 8.45
Economic Moat
Myzvk
Capital Allocation
Mcndp

Bulls Say, Bears Say

Bulls

Successful mergers or acquisitions led by STO could strengthen STO’s scale.

Bears

STO’s aggressive price cuts lead to mounting losses and high balance sheet risk.

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Trading Information

Previous Close Price
CNY 7.98
Day Range
CNY 7.91–8.01
52-Week Range
CNY 6.15–11.73
Bid/Ask
CNY 7.95 / CNY 7.96
Market Cap
CNY 12.19 Bil
Volume/Avg
3.7 Mil / 14.3 Mil

Key Statistics

Price/Earnings (Normalized)
26.90
Price/Sales
0.30
Dividend Yield (Trailing)
0.25%
Dividend Yield (Forward)
0.25%
Total Yield
0.25%

Company Profile

STO Express is one of the “Tongdas,” which refers to the top four national express delivery companies that adopt the network partner model. Tongdas provide line-haul transportation, sorting, and waybill services to its network partners for fees, while its local network partners provide first-mile pickup and last-mile delivery services under the Tongdas’ brands and collect the payments. STO was founded in 1993 by Nie Tengfei, who passed away in 1998. His widow Chen Xiaoying’s brother Chen Dejun is now the chair and general manager, with a 28% stake, and Chen Xiaoying owned a 5% stake as of Dec. 31, 2022. STO’s strategic shareholder is Cainiao Smart Logistics Network, with a 25% stake. Alibaba can exercise its share options to purchase 21% of STO before Dec. 27, 2025 at CNY 16.50 per share.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Mid Core
Total Number of Employees
12,546
Website
http://www.sto.cn

Competitors

Valuation

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Metric
002468
FDX
DHL
Price/Earnings (Normalized)
 26.9016.9413.31
Price/Book Value
 1.362.622.10
Price/Sales
 0.300.850.59
Price/Cash Flow
 3.566.355.99
Price/Earnings
002468
FDX
DHL

Financial Strength

Metric
002468
FDX
DHL
Quick Ratio
 0.351.170.74
Current Ratio
 0.651.310.95
Interest Coverage
 4.2416.467.22
Quick Ratio
002468
FDX
DHL

Profitability

Metric
002468
FDX
DHL
Return on Assets (Normalized)
 1.80%5.74%5.51%
Return on Equity (Normalized)
 4.68%19.12%16.07%
Return on Invested Capital (Normalized)
 2.72%8.22%9.19%
Return on Assets
002468
FDX
DHL
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Integrated Freight & Logistics Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
United Parcel Service Inc Class B
UPS
NpmnqbjkrXqlrb$116.0 Bil
 FedEx Corp
FDX
RbmmqyhzZwbbd$72.3 Bil
 DHL Group
DPSTF
—Bfwvw$50.8 Bil
 DHL Group ADR
DHLGY
DdkpsgkxHpwgsx$50.8 Bil
 Expeditors International of Washington Inc
EXPD
DcbccyvvpMmp$17.5 Bil
 JB Hunt Transport Services Inc
JBHT
GkcjpmmwBhprd$16.4 Bil
 ZTO Express (Cayman) Inc ADR
ZTO
CtbyntqbPqjzdkt$16.3 Bil
 C.H. Robinson Worldwide Inc
CHRW
NwcmgdvbzqQbrq$10.2 Bil
 Landstar System Inc
LSTR
WbjtcvjjwzMlb$6.6 Bil
 Hub Group Inc Class A
HUBG
HvkrcvhpXwbgw$2.7 Bil

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