[ET Net News Agency, 23 April 2018] Morgan Stanley cut its target price for Kerry
Logistics Network (KLN)(00636) to HK$13 from HK$13.65, and downgraded its rating to
"equal-weight" from "overweight" in view of limited upside potential after a 7%
year-to-date share price rebound.
The research house cut its core earnings forecast for 2018 by 4.2% to reflect the 2017
results, which missed its forecast by 14.6% for core earnings (excluding property
revaluation gains). Given the delay in AAT stake disposal, Morgan is no longer factoring
in the potential HK$170mn disposal gain in its base case.
Morgan believes KLN's outperformance versus the Hang Seng Index year-to-date has
reflected market expectations on potential disposals of non-core assets (e.g. AAT / CCT)
and a restructuring of Hong Kong warehousing business. However, given the delays in the
disposal of the AAT stake since 2017, it is uncertain about the timing and scale of future
transactions. (KL)
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00636 KERRY LOG NET
Nominal 
7.460 -0.260 (-3.368%) Others
23/04/2018 17:29
[I-bank focus]Morgan cuts Kerry Log Net (00636) to HK$13
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