[ET Net News Agency, 1 December 2017] Nomura lifted its target price for Kerry
Logistics (00636) to HK$14.3 from HK$13.3, and maintained its "buy" rating.
The research house maintained its positive stance on Kerry after visiting its Thailand
and Taiwan businesses, with Thailand express growth much faster than our expectation.
It said that Kerry has improved its EBIT to more than HKD100mn in 2017 from just turning
profitable in 2014. This was helped by the increase in its volume to 500k packages/day in
2017F from 29k packages in 2014 or a CAGR of more than 150% in 2014-17.
Further, Taiwan could see stronger growth potential fuelled by more contribution from
its pharmaceutical logistics with strong demand amid the implementation of the new
regulations by end-2017.
Nomura also estimated a special dividend of HK$0.03/share in 2H from the AAT disposal
and second non-core asset disposal by end-2017, which may result in the booking in of
another potential disposal gain of HK$100-150mn in 2018. (KL)
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00636 KERRY LOG NET
Nominal 
7.520 +0.020 (+0.267%) Others
01/12/2017 14:08
[I-bank focus]Nomura ups Kerry Logistics (00636) to HK$14.3
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