Kerry Logistics Network Ltd

00636: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$18.50	Xgrgz	Fnchqgk

Distributing Kerry Express Thailand Shares to Shareholders Boosts KLN's Cash Flow

Chelsey Tam

Feb 23, 2024

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.

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