On July 27丨Daiwa published a rating report stating that Kerry Logistics sold several subsidiaries of express delivery services in the Asia-Pacific region and Europe to the controlling shareholder SF Express Holdings at a total cost of no more than 250 million yuan. The proceeds are intended to be used to repay loans and working capital. The bank said that even though Kerry Logistics is an international platform for SF Express to operate overseas assets, it believes that the sale of overseas express assets to SF Express will be able to use its rich experience in “last mile delivery” to improve the profitability of the business. Furthermore, the bank believes that Kerry may intend to transfer Kerry Thailand to SF Express in the future to focus on developing integrated logistics (IL) and international freight forwarding (IFF) business. The bank lowered the company's earnings per share measurement by 74% to 82% from 2023 to 24, and lowered its target price from HK$21 to HK$11, maintaining its rating as a purchase.
大行评级丨大和：下调嘉里物流目标价至11港元 评级买入
Bank Ratings丨Daiwa: Lowering Kerry Logistics' Target Price to HK$11 Rating Purchase
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