HALISTER1: Kerry Logistics All-Buy Rating Run Ends with HSBC and Bocom Cuts

Kerry Logistics All-Buy Rating Run Ends with HSBC and Bocom Cuts

(Bloomberg) -- HSBC and Bocom cut shares to hold, becoming only two brokerages of 16 tracked by Bloomberg not to have a buy rating or equivalent on Kerry.
  • Forwarding margins to remain under pressure due to consolidation in the shipping sector, HSBC analysts including Parash Jain write in note
  • “Sharp decline” in Chiwan Container Terminal income weighed on first-half earnings
  • PT cut 4.8% to HK$12 from HK$12.60
  • Contribution from associates sank 52% on year, dragging down results, Bocom International analysts Fay Zhou and Geoffrey Cheng write in note dated Friday
  • Kerry ends run of all-buy ratings that began in March, according to data compiled by Bloomberg
  • NOTE: Kerry’s 1H net income rose 11% to HK$788m
--With assistance from Amanda Wang. To contact Bloomberg News staff for this story: Ryan Lovdahl in Shanghai at rlovdahl@bloomberg.net To contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net Ryan Lovdahl, Will Davies

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
636 HK (Kerry Logistics Network Ltd)

People
Parash Jain (HSBC Securities Asia Ltd)
Fay Zhou (BOCOM International Holdings Co Ltd)
Geoffrey Cheng (BOCOM International Holdings Co Ltd)

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