Ge Long Hui·2025-08-18 02:57Core Viewpoint - Haitong Securities reports that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the firm's expectation of $600 million [1] Group 1: Company Performance - The significant year-on-year growth in the company's earnings is primarily driven by tariff disruptions and a substantial increase in container shipping rates in Southeast Asia [1] - The firm has raised its net profit forecast for SeaLand International for 2025 by 7% to $1.17 billion, while maintaining the profit forecasts for 2026 and 2027 [1] Group 2: Market Outlook - The company is optimistic about the growth in cargo volume driven by industry restructuring in the Asian region, alongside a tightening supply of small and medium-sized container ships [1] - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving, with a significant increase in the price level compared to the 2010-2019 cycle [1] Group 3: Investment Rating - Based on a projected price-to-earnings ratio of 9.2 times for 2025, the target price for SeaLand International has been raised by 11% to HKD 31, with a "Buy" rating maintained [1]