摩根斯坦利中国物流市场研究（英）.pdf

In-Depth Page 1
Equity Research
Asia/Pacific
Industry
China Logistics
Henry Ho, China Strategist Industry Overview October 5, 2001
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Chin Lim, Team Leader, Asia Transport Spot the Early Bird
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COMPANIES FEATURED • Logistics is an old but key process in all businesses
Sembcorp Logistics Outperform We estimate China’s annual logistics bill to be more than US$200
(, S$) billion and that third-party logistics (3PL) providers account for about
China Eastern Air Neutral
(, HK$) 2% of the logistics market.
CNAC (, HK$) Outperform
China Southern Air Outperform-V • Outsourcing of logistics is a growing trend in China
(, HK$) Most logistics services in China are handled in-house. With WTO
entry and SOE privatization, efficiency and cost control will drive
RECENT REPORTS outsourcing of the logistics function to 3PL service providers.
Sembcorp Logistics: Defensive Qualities
Command Valuation Premium • Logistics suppliers range from single function to integrated services
J. Kuek/ C. Lim September 26, 2001 The logistics industry in China ranges from servicing of a single
segment of the total process (such as warehousing and point-to-point
Sembcorp Logistics: Regional Focus, Global
Reach transportation) to integrated service providers.
C. Lim/ J. Kuek August 16, 2001 • Integrated logistics is a young and fast-growing industry in China
The essence of logistics management is to use a systematic approach
to lower total logistics costs and fill customer needs. The one-stop
service providers have high ROE and we expect this segment to
experience revenue growth of 20% for the next 10 years.
• The first-mover advantage
We believe there is a clear advantage to positioning early to secure
customers and scale. One of the key ingredients in building a
competitive nationwide logistics operation in China is time. Investors
should be ready to spot the earl