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Hong Kong stocks fluctuate | Marine transportation stocks fall in the afternoon, the high stock price increase may not meet expectations, and it is expected that the downward cycle mentioned by Morgan Stanley will continue.
Marine transportation stocks fell in the afternoon, as of the time of publication, cosco shipping holdings (01919) dropped by 3.48% to HKD 12.2; sitc (01308) fell by 2.43% to HKD 22.05; ooil (00316) fell by 2.34% to HKD 112.8; cosco shipping development (02866) fell by 0.91% to HKD 1.09.
Hong Kong stock market anomaly | marine transportation stocks generally rose in the morning with European block orders contracts rising more than 10% at one point, institutions said market expectations for the peak season remain strong.
Marine transportation stocks rose across the board in early trading. As of the time of publication, Dalian COSCO Shipping Holdings (02510) rose by 6.03% to HKD 4.57; sitc (01308) rose by 2.46% to HKD 22.95; ooil (01308) rose by 1.42% to HKD 114.4; COSCO Shipping Holdings (01919) rose by 0.96% to HKD 12.62.
Dah Sing raised sitc (01308.HK) target price to 24 yuan, increased profit forecast.
Morgan Stanley published a research report indicating a relative preference for Sitc International (01308.HK) in the container shipping industry. Although the disturbance in the Red Sea since the fourth quarter of 2023 has led to corrections in the long-haul spot market, the fundamentals of small ships remain robust. However, the downcycle of container ships may bring downside risks. Morgan Stanley raised Sitc International's profit forecast for 2024 to 2026 by 18%, 30%, and 2%, maintaining a rating of 'in line with the market', and raising the target price from 18.3 yuan to 24 yuan.
Daiwa: Upgraded sitc (01308) target price to 26 Hong Kong dollars, rating raised to "buy".
Yamato expects sitc's full-year adjusted profit to increase by 78% year-on-year to 0.908 billion US dollars.
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