Kuehne & Nagel (KNIN.S): Upgrade cycle to continue, raise PT and reiterate Buy

研报英文原文证据摘录

Kuehne & Nagel (KNIN.S): Upgrade cycle to continue, raise PT and reiterate Buy

Goldman Sachs Kuehne & Nagel (KNIN.S)

the upgrades, several consecutive years of earnings downgrades had catalyzed

self-help measures, with a cost saving program implemented from Q4 last year, which

led to a visible earnings improvement from Q1. We also continue to think that K+N

should enjoy an early-mover advantage in terms of harvesting AI productivity gains in

A&S based on its proprietary systems. The quantified productivity guidance provided for

2027/28 supports this view. The potential benefit is orders of magnitude larger than the

CHF 100-150mn guided thus far, in our view. Ideally, they would show in the P+L via a

relatively stable cost base, coupled with market share gains (the typical pre-covid

growth algorithm of large forwarders). We continue to believe large forwarders such as

K+N and DSV have an opportunity to strengthen their competitive moat via accelerated

digitization and automation of repetitive and labor-intensive processes, at the expense

of smaller and mid-market players.

Other trends to watch:

n Road management changed in Q2 (the former head of DSV road is now in charge).

While the division remains relatively small within K+N, there is clearly scope to

deliver materially higher margins.

n Datacenter logistics is a visible tailwind in both DSV and K+N Q2 reporting in Air and

Contract Logistics (CL). Both companies’ global end to end networks position them

well to continue to gain share, and K+N has been expanding faster from a lower base

in 2025/26. The trend is likely to continue and drive Air & CL beyond 2026.

Raise 12m price target to CHF 235, reiterate Buy

Overall, we continue to think that the focus by much of the buy- and sell side on K+N’s