According to a research report published by Citigroup, Kerry Logistics' profit last year was better than expected, driven by a gradual improvement in freight rates in the second half of the year. Management believes that although freight rates have declined recently, ocean freight rates should improve year by year after bottoming out in the first half of the year, and the integrated logistics business may grow moderately, driven by more projects in Hong Kong. Due to better freight prospects, the profit of the international freight forwarding business may improve significantly this year. The bank raised the Group's profit forecast for 2024 and 25 by 29%, and raised the target price from HK$8.42 to HK$10.5, maintaining a “buy” rating.
大行评级｜花旗：上调嘉里物流目标价至10.5港元 上调今明两年盈测
Big Bank Rating | Citibank: Raising Kerry Logistics's target price to HK$10.5 to raise earnings estimates for this year and next two years
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