花旗：维持嘉里物流(00636)“买入”评级 目标价上调至10.5港元

Company Analysis - Citigroup maintains a "Buy" rating on Kerry Logistics (00636) and raises its 2024 and 2025 profit forecasts by 29% [1] - The target price for Kerry Logistics is increased from HKD 8.42 to HKD 10.5 [1] - The company's better-than-expected profit last year was driven by improved freight rates in the second half of the year [1] Industry Outlook - Despite recent declines in freight rates, management expects a year-on-year improvement in ocean freight rates after hitting a bottom in the first half of the year [1] - The integrated logistics business is expected to see moderate growth, supported by more projects in Hong Kong [1] - The international freight forwarding business is likely to see significant profit improvement this year due to better freight rate prospects [1]