1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
SFHG
Listed on
2024-10-15
Sector
Industrials
Subsector
Commercial Services & Supplies
Offer Price
$4.00
first filed $4.00–$5.00Shares Offered
2M
20M
$80.0M
10.0%
Implied Upside vs Midpoint
Description
Through our operating subsidiaries, we are an established one-stop printing service provider which principally provides printing services in Hong Kong and the PRC. With over 20 years of experience in the printing industry, our operating subsidiaries offer a wide range of printed products such as (i) book products, which mainly include children’s books, educational books, art books, notebooks, diaries and journals; and (ii) novelty and packaging products, which mainly include handcraft products, book sets, pop-up books, stationery products, products with assembly parts and other specialized products, shopping bags and package boxes. Our operating subsidiaries’ customers principally comprise of book traders located in Hong Kong whose clients are located around the world, mainly in the U.S. and Europe. --- Our principal executive office is located at Flat B, 8/F, Block 4, Kwun Tong Industrial Centre, 436-446 Kwun Tong Road, Kwun Tong, Kowloon Hong Kong. Our telephone number is +852 3589 1500. Our registered office in the Cayman Islands is located at the office of Osiris International Cayman Limited, Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands. Our website is located at https://1398.com. Our agent for service of process in the United States is Cogency Global Inc., located at located at 122 East 42nd Street, 18th Floor, New York, NY 10168.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
EV / revenue | 4.9x | 4.6x | ||
EV / EBITDA | >100x | — | — | |
Revenue growth | -9.1% | 26.1% | ||
Gross margin | 26.7% | 30.7% | ||
Operating margin | -1.7% | -2.7% | ||
Net margin | -2.9% | -7.9% | ||
Free cash flow margin | -7.1% | 2.5% | ||
Rule of 40 | -8.1% | 33.3% | ||
Net cash / market cap | -0.4% | 1.2% | ||
Debt / equity | 0.86 | 0.00 | ||
Current ratio | 1.10 | 1.98 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2023-11-13 | F-1 | $4.00–$5.00 | — | 2,500,000 | $11.3M |
| 2023-12-01 | F-1/A | $4.00–$5.00 | — | 2,500,000 | $11.3M |
| 2023-12-08 | F-1/A | $4.00–$5.00 | — | 2,500,000 | $11.3M |
| 2024-02-08 | F-1/A | $4.00–$5.00 | — | 2,500,000 | $11.3M |
| 2024-02-20 | F-1/A | $4.00–$5.00 | — | 2,500,000 | $11.3M |
| 2024-05-24 | F-1/A | $4.00–$5.00 | — | 2,000,000 | $9.0M |
| 2024-06-17 | F-1/A | $4.00–$5.00 | — | 2,000,000 | $9.0M |
| 2024-08-07 | F-1/A | $4.00–$5.00 | — | 2,000,000 | $9.0M |
| 2024-10-15 | 424B4 | — | — | 2,000,000 | — |
SAMFINE CREATION HOLDINGS GROUP Ltd income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings (HKD).
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Gross profit | HKD 27.7M | HKD 31.4M | HKD 35.3M | HKD 4.5M |
| Operating income | HKD 1.1M | (HKD 1.9M) | (HKD 2.3M) | (HKD 2.8M) |
| Net income | HKD 3.7M | (HKD 3.4M) | (HKD 2.7M) | (HKD 2.5M) |
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | — | HKD 105M | HKD 164M | HKD 22.1M |
| Total liabilities | — | HKD 82.0M | HKD 91.7M | HKD 15.5M |
| Total equity | HKD 25.5M | HKD 23.3M | HKD 72.2M | HKD 6.7M |
| Cash & equivalents | HKD 25.4M | HKD 17.3M | HKD 5.7M | HKD 4.0M |