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Hong Kong's SITC nine-month revenue rises on higher freight rates

By Reuters News


Overview

  • Hong Kong container shipper's preliminary nine-month revenue rose 14.2% yr/yr

  • Container shipping volume rose 5.9%, average freight rate up 9.4% yr/yr

  • Company declared special dividend of HK$1.00 per share


Outlook

  • Company did not provide specific guidance for future quarters or the full year in the press release


Result Drivers

  • HIGHER FREIGHT RATES - Co said average freight rate rose 9.4% yr/yr to US$825.9 per TEU

  • INCREASED SHIPPING VOLUME - Co reported container shipping volume rose 5.9% yr/yr to 2,912,117 TEUs


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Revenue

$2.81 bln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the marine freight & logistics peer group is "buy."

  • Wall Street's median 12-month price target for SITC International Holdings Co Ltd is HK$41.30, about 15.2% below its October 21 closing price of HK$48.68

  • The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • Oct 20 - Maersk, Hateco sign non-binding agreement on rail freight terminals in Vietnam

  • Oct 21 - CSX Q3 revenue beats estimates on higher fuel surcharges, freight volumes and pricing

  • Oct 20 - Truckload carrier Heartland Express' Q3 operating revenue falls more than expected


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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