摩根斯坦利中国物流市场研究（英）

In-DepthPleaseseetheimportantdisclosuresattheendofthisreport.Page1IndustryEquityResearchAsia/PacificIndustryOverviewOctober5,2001HenryHo,ChinaStrategist+85228485412Henry.Ho@morganstanley.comChinLim,TeamLeader,AsiaTransport+658346858Chin.Lim@morganstanley.comSpottheEarlyBirdCOMPANIESFEATUREDSembcorpLogistics(SWMS.SI,S$1.66)OutperformChinaEasternAir(0670.HK,HK$0.79)NeutralCNAC(1110.HK,HK$0.92)OutperformChinaSouthernAir(1055.HK,HK$1.60)Outperform-VRECENTREPORTSSembcorpLogistics:DefensiveQualitiesCommandValuationPremiumJ.Kuek/C.LimSeptember26,2001SembcorpLogistics:RegionalFocus,GlobalReachC.Lim/J.KuekAugust16,2001?LogisticsisanoldbutkeyprocessinallbusinessesWeestimateChina’sannuallogisticsbilltobemorethanUS$200billionandthatthird-partylogistics(3PL)providersaccountforabout2%ofthelogisticsmarket.?Outsourcingoflogisticsisagrowingtren