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.
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