DSV A/S (DSV DC) Buy: 2026 CMD – DBS synergies on track, AI adds a second leg from 2027

研报英文原文证据摘录

DSV A/S (DSV DC) Buy: 2026 CMD – DBS synergies on track, AI adds a second leg from 2027

It ROE (%) 10.4 13.0 15.5 15.5

expects DBS synergies to drive most of the uplift in 2026-27, with AI and network

benefits building from 2027, creating upside risks to our and consensus estimates for 52-WEEK PRICE (DKK)

group conversion ratios of 37-38% in 2027e and 39-41% in 2028e. 2400.00

Further M&A and buyback post stabilizing gearing: DSV’s near-term focus is to 1750.00

complete the DBS integration by end-2026. DSV will prioritise lowering the gearing 1100.00

below its 2x threshold by 1H27 (vs 2.8x in 1Q26) before value-accretive investments 05/25 11/25 05/26

Target price: 2250.00

(including M&A) and shareholder returns. It expects DBS property divestments to raise High: 1902.50 Low: 1264.50 Current: 1540.50

DKK15bn (75% sale-and-leaseback), with DKK3bn realised so far. Source: LSEG IBES, HSBC estimates

Stronger-than-expected AI synergies but we are cautious on organic growth: We

Parash Jain*

are encouraged by the detailed AI roadmap and strong synergies, reinforcing our view Global Head of Transport & Logistics Research

that AI can help third party logistics disrupt rather than be disrupted (see AI disruption The Hongkong and Shanghai Banking Corporation Limited

parashjain@hsbc.com.hk

– risks vs resilience, 13 Feb 2026). DSV assumes 3% market growth and share gains; +852 2996 6717

we stay cautious, modelling only 2-3% forwarding volume growth in 2027-28e.

Deepak Maurya*, CFA

Analyst, Asia Transport

We keep our 2026 estimates unchanged but lift 2027-28e EBIT by 2-5% to reflect The Hongkong and Shanghai Banking Corporation Limited

incremental AI/network synergies from 2027 and expect group conversion to reach deepakmaurya@hsbc.com.hk

+852 2822 4292