Daiwa Research lifted its target price for Kerry Logistics Network (00636) to HK$13.5 from HK$12.5 and upgraded its rating to "buy" from "outperform".
The research house cited Kerry management sharing a positive view on business development, despite a low double-digit earnings decline in 1Q (better than its peers). They said the business recovery was extremely robust during April and May, riding on the integrated logistics business in HK, Taiwan and Thailand, and a strong performance in international freight forwarding (IFF), especially in the air freight business.
With satisfactory operating figures in June, management expects 1H earnings to grow by at least a low double-digit, much better than Daiwa's previous expectation.
Daiwa raised its 2020-22 EPS forecasts by 9-14% to reflect the better-than-expected business recovery despite the pandemic.
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