[ET Net News Agency, 20 August 2018] Citi Research lowered its target price for SITC
International (01308) to HK$8.76 from HK$10.09 on earnings revision, and maintained its
"buy" rating.
Despite intra-Asia still recording growth in 1H, the growth rate has relatively slowed
from previous years, the research house said.
Looking forward, management expects that US-China trade retaliation and Turkish lira
volatility will be the biggest overhangs and expects freight rates to only record moderate
growth in 2Q.
Citi revised down its 2018/19 earnings forecasts by 13.2% and 12.2% to US$205.1mn and
US$262.7mn to reflect 1H financials. (KL)