SF Holding 燃料成本拖累二季度，估值折价仍无解
Analysis: SF Holding has a fuel problem, but valuation discount unexplained
SF Holding 最新财报显示，燃料账单解释了其二季度业绩疲软的大部分原因，但无法单独解释股价估值折价。按 2026 年盈利计算，SF 的估值介于 FedEx 与 UPS 之间，但 EV/Ebitda 倍数不到两者的二分之一。KLN 估值更低，而 SF 持有的 51.52% 股权仅占其市值的约 3%，不足以解释这一折价。
ID 449349493 © Ruslan Batiuk | Dreamstime.com
By Lawrence Lim
30 September 2026
Look here: A fuel bill explains much of SF Holding’s weak second quarter at its latest update, but it does not by itself explain the stock’s valuation. SF trades between FedEx and UPS on 2026 earnings, but at less than half their EV/Ebitda multiple. KLN trades more cheaply still, but SF’s 51.52% holding is worth only about 3% of SF’s market capitalisation – too little on its own to explain SF’s valuation discount. A deeper structural premium for Western ...
来源：The Loadstar · theloadstar.com