Friday, May 19, 2017

Initiate Coverage - Century (BUY, TP: RM1.70)

Top Calls

Initiate Coverage - Century (BUY, TP: RM1.70)

The Korean Makeover

Century Logistics is on the cusp of transforming from a total integrated logistics pure play to an emerging parcel delivery provider by leveraging CJ Korex's strong parentage as Korea's largest logistics provider. Riding on the exponential growth potential in e-commerce and the digitization of Malaysia's retail economy, Century aims to differentiate itself with high service quality and superior efficiencies in automation. The merger with CJ Korex's Malaysian operations could yield significant synergies, increase product offerings and expand its client base to underpin near-term earnings growth for its core operations. We initiate coverage with a BUY and a 12M TP of RM1.70.

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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