Morgan Stanley: Initiates "Outperform" rating on SITC (01308) with a target price of HK$24.
Daiwa is taking a cautious approach to the outlook for the container shipping cycle.
Morgan Stanley released a research report stating that SITC (01308) exceeded expectations in its preliminary performance last year, with profits and average selling prices in the second half of last year surpassing expectations, indicating that the full-year dividend may be better than expected. The rating is "in sync with the broader market", with a target price of 24 Hong Kong dollars.
Morgan Stanley said that SITC's profits in the first half of this year may remain robust, but recent discussions about geopolitical changes in the Middle East could affect market expectations. The possible termination of the Red Sea shipping route would be a significant negative factor for container shipping. Therefore, the bank is taking a cautious stance on the outlook for the container shipping cycle.
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