[ET Net News Agency, 2 July 2020] Daiwa Research raised its target price for SITC
International (01308) to HK$9.6 from HK$7.8 and upgraded its rating to "buy" from "hold".
The research house cited SITC management saying that the worst of the COVID-19 impact
was in February. Shipment volume declined by 4.3% in 1Q, better than management's estimate
as it had expected a steeper drop. The 2% ASP increase in 1Q was supported by surcharges
on the low-sulphur fuel oil price (LFSO) and capacity cuts by other competitors, while
SITC expanded its capacity.
SITC's operations fully resumed in March and its shipment volume returned to positive
YoY growth during March-May, buoyed by delayed orders and stock replenishment. Daiwa
raised its 2020-22 EPS forecasts by 20-29% on higher volume and ASP growth assumptions.
(KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01308 SITC
Nominal 
15.700 +0.120 (+0.770%) Others
02/07/2020 17:56
{I-bank focus}Daiwa ups SITC International (01308) to HK$9.6
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |