Jefferies Research lowered its target price for Orient Overseas (International) (OOIL)(00316) to HK$30 from HK$50 and downgraded its rating to "underperform" from "hold".
The research house expects the US Long Beach Container Terminal (LBCT) disposal to be completed by year-end with a special dividend (it assumed 40% payout, which is equivalent to 15% dividend yield), but it believes the low trading volume and free-float are likely to remain a problem.
Jefferies lowered its 2019 pre-exceptional profit to US$173mn from US$248mn, stripping out exceptionals. For 2020 and 2021, it also lowered its net profit estimates to US$100mn and US$118mn (previously US$297mn and US$252mn).
13/09/2019 12:17
{I-bank focus}Jefferies downgrades OOIL (00316) to HK$30
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