Kerry Logistics Network Ltd
00636: XHKG (HKG)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| HKD 88.30 | Zrs | Lckrcjln |
Kerry Logistics Will See Higher Minority Interest and Share of Results From Associates and JVs
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Business Strategy and Outlook
Kerry Logistics Network’s, or KLN’s, international freight forwarding, or IFF, services accounted for 90% of consolidated segment profit in 2022 and is seeing stabilizing business conditions, in our view. Freight rates plunged in 2022 as international cargo capacity recovered from pandemic disruptions and global goods consumption weakened. We expect economic growth to pick up in the second half 2024 and IFF should return to a cyclical upcycle.