Table of Contents
Anticipating a stronger recovery in 2010 ........................................ 3
Upgraded trade volume forecast on an improving macro scenario ..........................................3
Upgraded forecast for Chinese exports ....................................................................................5
Recent statistic: encouraging indications on air ........................................................................5
Conclusion: moderate optimism is justified on trade volume ...................................................7
Summary on forecast and valuation changes................................. 8
Changes in EPS forecast, target prices, and ratings .................................................................8
Conclusion: we prefer freight forwarders and ports .................................................................8
Company pages ................................................................................. 9
A.P. Moller – Maersk ....................................................................... 10
Deutsche Post DHL.......................................................................... 14
DP World .......................................................................................... 18
DSV................................................................................................... 22
Forth Ports ....................................................................................... 24
HHLA................................................................................................. 28
Kuehne+Nagel.................................................................................. 34
Panalpina.......................................................................................... 36