Kerry Logistics Network Ltd

00636: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$84.10	Hwpmp	Zwghsvtj

Kerry Logistics: Fair Value Estimate Cut by 22% After Diving Deeper Into 2023 Results

Chelsey Tam

Apr 2, 2024

We cut Kerry Logistics Network’s, or KLN’s, fair value estimate to HKD 10.30 per share from HKD 13.20 after taking a refreshed look at our assumptions on minority interests, the share of results of associates and joint ventures, and working capital. Our new fair value estimate also considers KLN's higher net debt position in 2023, which increased to HKD 2.3 billion from net cash in 2022. We think KLN continues to be undervalued, and an eventual recovery in global demand for goods will drive its share price performance.

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