UBS: Downgrades Haitong International (01308.HK) rating to "Neutral" with target price lowered to 26.5 Hong Kong dollars.

According to the Wisdom Financial News App, UBS released a research report stating that Hai Feng International (01308.HK) saw a 35% increase in stock price this year due to strong freight rates in the Asian region and healthy growth in container shipping volumes. Recently, the stock price hit a new high after Jinjiang Shipping (601083.SH) and Dexiang Shipping (02510.HK) announced their preliminary first-half performance. However, the bank predicts a year-on-year profit decline in the second half of the year, mainly due to the high base figure from last year. The bank believes that the current stock price already fully reflects the company's higher return premium compared to its peers, therefore it has downgraded its rating from "buy" to "neutral". UBS has lowered its earnings forecasts for Hai Feng International for the years 2025 to 2027 by 6%/8%/9% respectively to reflect its cautious view on freight volume and freight rates in the second half of the year, with a target price reduced from 28 Hong Kong dollars to 26.5 Hong Kong dollars.