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Container liner shipping company ZIM Integrated Shipping Services Ltd. ZIM continues to benefit from upbeat global trade and container shipping demand. ZIM shares have performed exceedingly well on the bourses, gaining 91.9% over the past six months, handily outperforming its industry and other industry players like Seanergy Maritime Holdings SHIP and Frontline Plc FRO.
Six-Month Share Price Comparison
Technical indicators suggest continued strong performance for ZIM. The stock trades above its 50-day moving average, signaling robust upward momentum and price stability. This technical strength underscores positive market sentiment, and confidence in ZIM’s financial health and prospects.
50-Day Moving Average of ZIM Stock
In view of the surge in ZIM, investors must be wondering if they should lock in profits or buy the stock for more upside potential. Let’s delve into the company’s fundamentals to determine the best course of action.
Red Sea Tensions Boost Freight Rates: A Tailwind for ZIM
ZIM Integrated Shipping, based in Israel, provides service to the East Mediterranean and Israeli ports. The attacks by Yemen’s Houthi militants on vessels in the Red Sea have disrupted maritime trade. As a result, many shipping companies, including ZIM, have hit the pause button as far as transit through this route is concerned and adopted the longer and costlier route around the Cape of Good Hope in South Africa rather than through the Suez Canal. Reduced container availability due to the Red Sea tensions has resulted in a rise in freight costs.
Lower capacity has boosted earnings. Rates are likely to remain high for quite some time, which may translate into further upside potential for shipping stocks like ZIM.
Strong Q2 Results & Upbeat Outlook for ZIM
Last month, ZIM reported better-than-expected earnings per share and revenues for the second quarter of 2024. Revenues increased 48% year over year, driven by an increase in freight rates and carried volume.
ZIM raised its guidance for full-year 2024 adjusted earnings before interest, taxes, depreciation, and amortization or EBITDA. The shipping company expects the metric to be in the range of $2.6-$3 billion. Previously, ZIM anticipated to generate adjusted EBITDA between $1.15 and $1.55 billion.
Additionally, the board declared a cash dividend of approximately $112 million, or 93 cents per ordinary share, sticking to its policy of returning 30% of net income to its shareholders. The shipping company’s quarterly dividend quadrupled quarter over quarter. ZIM’s shareholder-friendly approach throws light on its financial prosperity. The shipping company’s high dividend yield is a huge positive for income-seeking investors. This highlights confidence in its cash flow and prospects.
Further Positives Propelling ZIM Stock
The shipping company’s asset-light model, which means that the focus is more on leasing rather than owning vessels, allows it to adjust capacity rapidly in response to market changes. This practice helps the company to boost profits during periods of high demand.
ZIM’s focus on niche markets and high-margin trade routes helps it avoid the crowded, low-margin segments, thereby maintaining strong pricing power. This, too, aids profitability. The shipping company’s operational efficiency is being aided by investments in digitalization and innovative technologies. This not only boosts ZIM’s bottom line but allows it to take advantage of emerging trends, such as the increased demand for eco-friendly shipping solutions.
Attractive Valuation Adds to ZIM’s Luster
From a valuation standpoint, ZIM stock is trading at a forward 12-month sales multiple of 0.35, lower than the industry as well as the 3-year median. The stock, having a Value Score of A, seems to be undervalued now.
Earnings Estimate Revision Favoring ZIM Stock
Reflecting the positive sentiment around ZIM, the Zacks Consensus Estimate for earnings per share for the remaining quarters of 2024, as well as the full year, has seen upward revisions.
The company’s long-term (3-5 years) earnings growth rate is an impressive 47.4%, higher than its industry’s 23.3%.
Final Verdict
Given the positives surrounding the ZIM stock, as highlighted throughout the write-up, we believe that it’s not too late for investors looking to add ZIM stock to their portfolios for healthy returns. They can still invest in the stock, considering that it currently sports a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks Investment Research
Price-to-earnings (P/E), given its inherent simplicity, is the most commonly used metric in the value-investing world. It is preferred by many investors while handpicking stocks trading at a bargain. However, even this straightforward, broadly used valuation metric has a few downsides.
Although P/E enjoys great popularity among value investors, a less-used and more complicated metric called EV-to-EBITDA is sometimes viewed as a better alternative. EV-to-EBITDA gives the true picture of a company’s valuation and earnings potential. It has a more comprehensive approach to valuation.
JD.com, Inc. JD, ZIM Integrated Shipping Services Ltd. ZIM, Pampa Energia S.A. PAM, Hamilton Insurance Group, Ltd. HG and Empire State Realty Trust, Inc. ESRT, are some stocks with attractive EV-to-EBITDA ratios.
Here’s Why EV-to-EBITDA is a Better Option
Also referred to as enterprise multiple, EV-to-EBITDA is the enterprise value (EV) of a stock divided by its earnings before interest, taxes, depreciation and amortization (EBITDA). EV is the sum of a company’s market capitalization, its debt and preferred stock minus cash and cash equivalents. In essence, it is the entire value of a company. EBITDA, the other element, gives a clearer picture of a company’s profitability by removing the impact of non-cash expenses like depreciation and amortization that dampen net earnings. It is also often used as a proxy for cash flows.
Typically, the lower the EV-to-EBITDA ratio, the more enticing it is. A low EV-to-EBITDA ratio could indicate that a stock is undervalued. Unlike the P/E ratio, EV-to-EBITDA takes debt on a company’s balance sheet into account. For this reason, it is typically used to value acquisition targets. The ratio shows the amount of debt that the acquirer has to bear. Stocks flaunting a low EV-to-EBITDA multiple could be seen as attractive takeover candidates.
P/E can’t be used to value a loss-making firm. A firm’s earnings are also subject to accounting estimates and management manipulation. In contrast, EV-to-EBITDA is harder to manipulate and can be used to value companies that have negative net earnings but are positive on the EBITDA front. EV-to-EBITDA is also a useful tool in measuring the value of firms that are highly leveraged and have a high degree of depreciation. It can also be used to compare companies with different levels of debt.
But EV-to-EBITDA has its limitations, too. The ratio varies across industries (a high-growth industry typically has a higher multiple and vice versa) and is usually not appropriate while comparing stocks in different industries, given their diverse capital requirements.
Thus, instead of just relying on EV-to-EBITDA, you can club it with the other major ratios, such as price-to-book (P/B), P/E and price-to-sales (P/S), to achieve the desired results.
Screening Criteria
Here are the parameters to screen for bargain stocks:
EV-to-EBITDA 12 Months-Most Recent less than X-Industry Median: A lower EV-to-EBITDA ratio represents a cheaper valuation.
P/E using (F1) less than X-Industry Median: This metric screens stocks that are trading at a discount to their peers.
P/B less than X-Industry Median: A lower P/B compared with the industry average implies that the stock is undervalued.
P/S less than X-Industry Median: The lower the P/S ratio, the more attractive the stock is, as investors will have to pay a smaller price for the same amount of sales generated by the company.
Estimated One-Year EPS Growth F(1)/F(0) greater than or equal to X-Industry Median: This parameter will help in screening stocks that have growth rates higher than the industry median.
Average 20-day Volume greater than or equal to 50,000: The addition of this metric ensures that shares can be traded easily.
Current Price greater than or equal to $5: This parameter will help in screening stocks that are trading at a minimum price of $5 or higher.
Zacks Rank less than or equal to 2: It is a fundamental truth that stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) have always managed to beat adversities and outperform the market.
Value Score of less than or equal to B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best upside potential.
Here are our five picks out of the 13 stocks that passed the screen:
JD.com operates as an online direct sales company in China. This Zacks Rank #1 stock has a Value Score of A.
JD.com has an expected earnings growth rate of 27.2% for 2024. The Zacks Consensus Estimate for JD's 2024 earnings has been revised 16.8% upward over the past 60 days.
ZIM Integrated Shipping is a leading global container liner shipping company. This Zacks Rank #1 stock has a Value Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.
ZIM has an expected year-over-year earnings growth rate of 314.4% for 2024. The Zacks Consensus Estimate for ZIM’s 2024 earnings has been revised 592.4% upward over the last 60 days.
Pampa Energia is a leading independent energy-integrated company in Argentina. This Zacks Rank #2 stock has a Value Score of A.
Pampa Energia has an expected year-over-year earnings growth rate of 73.5% for 2024. PAM beat the Zacks Consensus Estimate in three of the last four quarters. In this time frame, it has delivered an earnings surprise of roughly 62%, on average.
Hamilton Insurance Group is a specialty insurance and reinsurance company that underwrites risks worldwide. This Zacks Rank #2 stock has a Value Score of A.
Hamilton Insurance Group has an expected earnings growth rate of 72.5% for 2024. The consensus estimate for HG's 2024 earnings has been revised 22.7% upward over the past 60 days.
Empire State Realty Trust is a leading real estate investment trust. This Zacks Rank #2 stock has a Value Score of B.
Empire State Realty Trust has an expected year-over-year earnings growth rate of 1.1% for 2024. The Zacks Consensus Estimate for ESRT’s 2024 earnings has been revised 1.1% upward over the past 60 days.
You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.
Zacks Investment Research
In the equity market, investments need to be prudently hedged to overcome uncertainties and limit losses related to external shocks. A question that often arises is whether one should resort to a value strategy that seeks discounted stocks or opt for growth investing in times of extreme market instability. The investing track of Warren Buffett over the past few decades and his gradual shift from being a pure-play value investor to a GARP (growth at a reasonable price) investor might give us all the answers.
The GARP theory, while mixing the growth and value-investing principles, gives us a hybrid strategy showing whether or not the stocks are somewhat undervalued and have solid sustainable growth potential (Investopedia). Several stocks, which have surged significantly in the recent past, show an overwhelming success of this hybrid investing strategy over pure-play value and growth investments.
Here, we will discuss the success of five such stocks. These include Qifu Technology, Inc. QFIN, KT Corporation KT, Atour Lifestyle Holdings Limited ATAT and ZIM Integrated Shipping Services ZIM and H&R Block HRB.
More on GARP
GARP investing gives priority to one of the popular value metrics — the price/earnings growth (PEG) ratio. Although it is categorized under value investing, this strategy follows the principles of both growth and value investing.
The PEG ratio is defined as (Price/ Earnings)/Earnings Growth Rate
It relates the stocks’ P/E ratio with the future earnings growth rates.
While P/E alone gives an idea of stocks that are trading at a discount, PEG, while adding the growth element to it, helps identify stocks with solid future potential.
A lower PEG ratio, preferably less than 1, is always better for GARP investors.
Say, for example, if a stock's P/E ratio is 10 and the expected long-term growth rate is 15%, the company's PEG will come down to 0.66, a ratio indicating both undervaluation and future growth potential.
Unfortunately, this ratio is often neglected due to investors' limitations in calculating the future earnings growth rate of a stock.
There are some drawbacks to using the PEG ratio, though. It does not consider the very common situation of changing growth rates, such as the forecast of the first three years at a very high growth rate, followed by a sustainable but lower growth rate over the long term.
Hence, PEG-based investing can be even more rewarding if some other relevant parameters are also taken into consideration.
Zacks Screening Criteria
Here are the screening criteria for a winning strategy:
PEG Ratio less than X Industry Median
P/E Ratio (using F1) less than X Industry Median (For more accurate valuation purpose)
Zacks Rank of 1 (Strong Buy) or 2 (Buy) (Whether good market conditions or bad, stocks with a Zacks Rank #1 or #2 have a proven history of success.)
Market Capitalization greater than $1 Billion (This helps us to focus on companies that have strong liquidity.)
Average 20-day Volume greater than 50,000: A substantial trading volume ensures that the stock is easily tradable.
Percentage Change F1 Earnings Estimate Revisions (4 Weeks) greater than 5%: Upward estimate revisions add to the optimism, suggesting further bullishness.
Value Score of less than or equal to B: Our research shows that stocks with a Style Score of A or B, when combined with a Zacks Rank #1, 2 or 3 (Hold), offer the best upside potential.
Our Picks
Here are the five stocks out of the nine that qualified the screening:
Qifu Technology: It is a leading Credit-Tech platform in China. The company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services.
QFIN stock can also be an impressive GARP investment pick with its Zacks Rank #2 and Value Score of A. Apart from a discounted PEG and P/E, Qifu Technology also has a solid long-term expected growth rate of 63.5%.
KT Corporation: It is the largest integrated telecom and digital platform service provider based in South Korea. Its principal services include mobile, Broadband, IPTV, B2B communications and fixed-line telephony.
KT has an impressive growth rate of 11.3% for the next five years. The stock currently has a Value Score of A and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Atour: It is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop a scenario-based retail business.
Atour carries a Zacks Rank of 2 and has a Value Score of A. ATAT has an impressive long-term expected growth rate of 33.7%.
ZIM: Israel-based ZIM is a leading global container liner shipping company with established operations in more than 90 countries, serving approximately 33,000 customers in over 300 ports worldwide. ZIM leverages digital strategies to provide customers with innovative seaborne transportation and logistics services and exceptional customer experience.
ZIM can also be an impressive value investment pick with its Zacks Rank #1 and a Value Score of A. Apart from a discounted PEG and P/E, the stock also has a solid long-term expected growth rate of 47.4%.
H&R Block: It is a leading provider of tax preparation services. The company provides assisted income tax return preparation, do-it-yourself (DIY) tax solutions, and other products and services associated with income tax return preparation in the United States, Canada and Australia.
HRB stock can be an impressive pick with its Zacks Rank #1 and a Value Score of B. Apart from a discounted PEG and P/E, H&R Block also has an impressive long-term historical growth rate of 15.5%.
You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Zacks Investment Research
It is not easy to find value stocks. Being aware of a company's key financial numbers like earnings per share and sales growth can help investors identify stocks that are trading for less than their worth. However, a proper analysis of the fundamentals with the help of a number of metrics is required to determine whether a stock is a good bargain or not.
Though price-to-earnings (P/E) and price-to-sales (P/S) valuation tools are more commonly used for stock selection, the price-to-book ratio (P/B ratio) is also an easy-to-use metric for identifying low-priced stocks with high-growth prospects.
The P/B ratio is calculated as below:
P/B ratio = market price per share/book value of equity per share.
The P/B ratio helps to identify low-priced stocks with high growth prospects. SSR Mining SSRM, Axis Capital Holdings AXS, Unum Group UNM, Enersys ENS and ZIM Integrated Shipping Services ZIM are some such stocks.
Now, let us understand the concept of book value.
What is Book Value?
There are several ways by which book value can be defined. Book value is the total value that would be left over, according to the company’s balance sheet, if it goes bankrupt immediately. In other words, this is what shareholders would theoretically receive if a company liquidates all its assets after paying off all its liabilities.
It is calculated by subtracting total liabilities from the total assets of a company. In most cases, this equates to common stockholders’ equity on the balance sheet. However, depending on the company’s balance sheet, intangible assets should also be subtracted from the total assets to determine book value.
Understanding P/B Ratio
By comparing the book value of equity to its market price, we get an idea of whether a company is under or overpriced. However, like P/E or P/S ratio, it is always better to compare P/B ratios within industries.
A P/B ratio of less than one means that the stock is trading at less than its book value or the stock is undervalued and, therefore, a good buy. Conversely, a stock with a ratio greater than one can be interpreted as being overvalued or relatively expensive.
For example, a stock with a P/B ratio of 2 means that we pay $2 for every $1 of book value. Thus, the higher the P/B, the more expensive the stock.
But there is a warning. A P/B ratio of less than one can also mean that the company is earning weak or even negative returns on its assets or that the assets are overstated, in which case the stock should be shunned because it may be destroying shareholder value. Conversely, the stock’s price may be significantly high — thereby pushing the P/B ratio to more than one — in the likely case that it has become a takeover target, a good enough reason to own the stock.
Moreover, the P/B ratio is not without limitations. It is useful for businesses like finance, investments, insurance and banking or manufacturing companies with many liquid/tangible assets on the books. However, it can be misleading for firms with significant R&D expenditure, high debt, service companies, or those with negative earnings.
In any case, the ratio is not particularly relevant as a standalone number. One should analyze other ratios like P/E, P/S and debt to equity before arriving at a reasonable investment decision.
Screening Parameters
Price to Book (common Equity) less than X-Industry Median: A lower P/B compared with the industry average implies that there is enough room for the stock to gain.
Price to Sales less than X-Industry Median: The P/S ratio determines how much the market values every dollar of the company’s sales/revenues — a lower ratio than the industry makes the stock attractive.
Price to Earnings using F(1) estimate less than X-Industry Median: The P/E ratio (F1) values a company based on its current share price relative to its estimated earnings per share — a lower ratio than the industry is considered better.
PEG less than 1: PEG links the P/E ratio to the future growth rate of the company. The PEG ratio portrays a more complete picture than the P/E ratio. A value of less than 1 indicates that the stock is undervalued, and investors need to pay less for a stock that has bright earnings growth prospects.
Current Price greater than or equal to $5: They must all be trading at a minimum of $5 or higher.
Average 20-Day Volume greater than or equal to 100,000: A substantial trading volume ensures that the stock is easily tradable.
Zacks Rank less than or equal to #2: Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks are known to outperform irrespective of the market environment.
Value Score equal to A or B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best opportunities in the value investing space.
Here are five of the six stocks that qualified the screening:
Based in Vancouver, Canada, SSR Mining is a mining company focusing on the operation, development, exploration and acquisition of precious metal projects. The company primarily explores for gold, silver, and mineral properties. It principally serves electronics, coin fabrication, dentistry, jewelry, industrial, technology, pharmaceuticals and solar energy markets.
SSRM currently has a Zacks Rank #2 and a Value Score of A. Youcan see the complete list of today’s Zacks #1 Rank stocks here.
SSR Mining has a projected 3-5-year EPS growth rate of 17.69%.
AXIS Capital Holdings is the Bermuda-based holding company for the AXIS group of companies. The company provides a broad range of specialty insurance and reinsurance solutions to its clients on a worldwide basis through operating subsidiaries and branch networks based in Bermuda, the United States, Europe, Singapore, Canada, Latin America and the Middle East.
AXS presently has a Zacks Rank #2 and a Value Score of A. The company has a projected 3-5-year EPS growth rate of 27.82%.
Headquartered in Chattanooga, TN, Unum Group was created following the June 1999 merger of Provident Companies and Unum Corporation. Along with disability insurance, the company provides long-term care insurance, life insurance, employer- and employee-paid group benefits and related services.
UNM has a Zacks Rank #2 and a Value Score of A. UNM has a projected 3–5-year EPS growth rate of 8.0%.
Headquartered in Pennsylvania, EnerSys engages in manufacturing, marketing and distribution of various industrial batteries worldwide. It has a Zacks Rank #2 currently.
ENS has a Value Score of A. EnerSys has a projected 3–5-year EPS growth rate of 18.0%.
Haifa, Israel-based ZIM Integrated Shipping Services provides container shipping and related services, along with its subsidiaries. The company offers dry, reefer, project, out-of-gauge, breakbulk and dangerous cargo services, and inland transport services.
ZIM Integrated Shipping Services has a Zacks Rank #1 and a Value Score of A at present. ZIM has a projected 3-5-year EPS growth rate of 47.44%.
Get the remaining stock on the list and start putting this and other ideas to the test. It can all be done with the Research Wizard stock picking and back-testing software.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance
Zacks Investment Research
ZIM Integrated Shipping Services (ZIM) has been beaten down lately with too much selling pressure. While the stock has lost 12.4% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.
Here is How to Spot Oversold Stocks
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefitting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why ZIM Could Bounce Back Before Long
The RSI reading of 29.85 for ZIM is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand.
The RSI value is not the only factor that indicates a potential turnaround for the stock in the near term. On the fundamental side, there has been strong agreement among the sell-side analysts covering the stock in raising earnings estimates for the current year. Over the last 30 days, the consensus EPS estimate for ZIM has increased 88.5%. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, ZIM currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Zacks Investment Research
** JPMorgan says it resumes coverage of the European logistics sector "just in time for most anticipated M&A as storm clouds gather on container shipping"
** JPM says it favours companies with strong competitive positions in industries that are difficult to enter and where they have pricing power, rating DHL DHLn.DE at "overweight" and InPost INPST.AS at "neutral"
** It also likes companies that are consolidating their market, such as "overweight"-rated DSV DSV.CO
** Broker notes that a potential deal for Deutsche Bahn's logistics unit DB Schenker would be "transformational" for DSV and points to its large scale and opportunities for integration savings
** It names DHL as its top pick, seeing its medium term returns and growth prospects as undervalued by the market, and places it on positive catalyst watch ahead of its strategy announcement on Sept. 24
** JPMassumes coverage of Kuehne und Nagel KNIN.S at underweight, as it says the Swiss freight forwarder lacks "a clear organic growth or M&A strategy," and consensus suggests it will not reach the targets laid out in its 2026 strategy
** JPM expects container shipping rates to return to those before the disruption in the Red Sea and says oversupply issues show a lack of discipline in the sector
** It re-initiates Maersk MAERSKb.CO, ZIM ZIM.Nand assumes coverage of Hapag-Lloyd HLAG.DE at "underweight"
(Reporting by Bernadette Hogg)
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