[ET Net News Agency, 11 December 2018] Morgan Stanley lowered its target price for
China International Marine Containers (CIMC)(02039) to HK$11.8 from HK$22.7 and maintained
its "overweight" rating, saying current valuation looks attractive.
With some existing players starting to reduce capacity or even considering exiting, the
research house expects the average container box selling price to recover gradually from
2019, and drive a recovery in container business margin (from 11% in 2018 to 13% in 2019).
Morgan believes the container box segment will face less uncertainty with a better
international trade outlook in 2019. It expects recurring net profit to increase by 34%
YoY in 2018.
Morgan trimmed its 2019 EPS forecast by 3%, reflecting the broad container industry
slowdown, offset partly by gross margin recovery after fierce container price competition.
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02039 CIMC
Nominal 
6.490 -0.140 (-2.112%) Others
11/12/2018 16:04
[I-bank focus]Morgan lowers CIMC (02039) to HK$11.8
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