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<Research>JPM Lowers OOIL (00316.HK) TP to $145, Rates Overweight
Recommend 9 Positive 13 Negative 8 |
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JPMorgan noted in a report that OOIL (00316.HK)'s latest results and dividend have not shown any bright spots, although the positives from the recent Red Sea-induced route realignment have yet to filter through. Attractive industry supply-demand conditions are supporting a recovery in spot freight rates amid better-than-expected demand trends for containerised transport. Meanwhile, the escalating crisis in the Middle East has exacerbated disruptions in the global supply chain, further constraining capacity. In addition, the Group's healthy balance sheet and lack of interest-bearing debt provided some relief to market sentiment amid the uncertain macro outlook. JPM lowered OOIL's target price from $165 to $145 but maintained its Overweight rating, as its valuation is still attractive. AAStocks Financial News |
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