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Company Update - Century
Logistics (BUY, maintain)
- Rolling out parcel delivery services We met up with the management of Century Logistics recently. Management is targeting to add 50 trucks for the parcel delivery business by end of this year. The parcel delivery services will likely commence operations beginning of next year, providing a new revenue stream to the company. We expect parcel delivery services to contribute around RM12m/25m/38m to the top-line for 2018E/19E/20E. The strong reputation of CJ Korea Express also helps Century to source for new customers for the integrated logistics segment. Maintain BUY with 12M TP of RM1.70, providing upside of 35%.
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