[ET Net News Agency, 19 October 2021] Morgan Stanley lowered its target price for Kerry
Log Net (00636) to HK$17.5 from HK$23 and maintained its "equal-weight" rating.
The research house said it revised its 2021-23 earnings by 60%, -1% and -16%,
respectively, on (1) higher IFF profit in 2021 before heading into a down cycle from 2022
if the supply-side bottleneck eases in the shipping market; and (2) 14% and 24% higher
profit for the logistics segment excluding Hong Kong warehouse and Taiwan, respectively,
thanks to synergies from SF. This largely offset the shortfall from disposing of Hong Kong
warehouse and Taiwan operations. (RC)