VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Monday, January 5, 2026

Stock Comparison

S.F. Holding Co., Ltd. vs Deutsche Boerse AG

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

S.F. Holding Co., Ltd.

002352 · Shenzhen Stock Exchange

Market cap (USD)$183.9B
Gross margin (TTM)13.2%
Operating margin (TTM)4.7%
Net margin (TTM)3.6%
SectorIndustrials
IndustryIntegrated Freight & Logistics
CountryCN
Data as of2025-12-28
Moat score
75/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into S.F. Holding Co., Ltd.'s moat claims, evidence, and risks.

View 002352 analysis

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryDE
Data as of2026-01-03
Moat score
81/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Deutsche Boerse AG's moat claims, evidence, and risks.

View DB1 analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 75 / 100 for S.F. Holding Co., Ltd.).
  • Segment focus: S.F. Holding Co., Ltd. has 7 segments (43% in Time-definite Express); Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)).
  • Primary market structure: Quasi-Monopoly vs Duopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: S.F. Holding Co., Ltd. has 9 moat types across 3 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

S.F. Holding Co., Ltd.

Time-definite Express

Market

Premium time-definite parcel express delivery services

Geography

China

Customer

B2B, B2C

Role

Integrated parcel pickup, sorting, line-haul, and last-mile delivery

Revenue share

43%

Deutsche Boerse AG

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Market

Securities settlement and custody infrastructure (ICSD/CSD) for Eurobonds and domestic markets

Geography

Global (Eurobonds + multiple domestic markets)

Customer

Custodian banks, broker-dealers, central banks, institutional investors

Role

Settlement/custody infrastructure and asset servicing

Revenue share

28.2%

Side-by-side metrics

S.F. Holding Co., Ltd.
Deutsche Boerse AG
Ticker / Exchange
002352 - Shenzhen Stock Exchange
DB1 - Xetra
Market cap (USD)
$183.9B
n/a
Gross margin (TTM)
13.2%
n/a
Operating margin (TTM)
4.7%
n/a
Net margin (TTM)
3.6%
n/a
Sector
Industrials
Financials
Industry
Integrated Freight & Logistics
n/a
HQ country
CN
DE
Primary segment
Time-definite Express
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Market structure
Quasi-Monopoly
Duopoly
Market share
64.1% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
75 / 100
81 / 100
Moat domains
Supply, Demand, Network
Legal, Network, Demand, Financial, Supply
Last update
2025-12-28
2026-01-03

Moat coverage

Shared moat types

Brand TrustScale Economies Unit CostTwo Sided NetworkSwitching Costs General

S.F. Holding Co., Ltd. strengths

Physical Network DensityOperational ExcellenceService Field NetworkScope EconomiesNon-core ancillary activities

Deutsche Boerse AG strengths

Regulated Standards PipeDe Facto StandardClearing SettlementInteroperability HubFloat PrepaymentData Workflow LockinSuite BundlingFormat Lock In

Segment mix

S.F. Holding Co., Ltd. segments

Full profile >

Time-definite Express

Quasi-Monopoly

43%

Economy Express

Oligopoly

10%

LTL Freight

Competitive

13%

Cold Chain & Pharmaceutical

Competitive

3%

Intra-city On-demand

Oligopoly

3%

Supply Chain & International

Competitive

25%

Other (Non-logistics & Undistributed Units)

Competitive

3%

Deutsche Boerse AG segments

Full profile >

Financial Derivatives (Eurex trading + Eurex Clearing)

Oligopoly

22.4%

Commodities (EEX marketplaces + clearing)

Oligopoly

10.9%

Cash Equities (Xetra + Boerse Frankfurt)

Quasi-Monopoly

5.1%

FX & Digital Assets (360T + Crypto Finance)

Competitive

2.8%

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Duopoly

28.2%

Fund Services (Vestima fund processing + Fund Centre distribution)

Oligopoly

8.5%

Software Solutions (SimCorp + Axioma Analytics)

Competitive

11.9%

ESG & Index (ISS STOXX: indices + ESG/governance data)

Oligopoly

10.1%

Want the full wide moat stocks list?

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.