大行评级｜大摩：海丰国际去年初步业绩略胜预期，今年前景好坏参半

Core Viewpoint - Morgan Stanley's report indicates that Seaspan International's preliminary earnings for the previous year are expected to be between $1.2 billion and $1.23 billion, slightly exceeding market consensus of $1.19 billion, representing a year-on-year increase of 16% to 18.9% [1] Group 1: Earnings Performance - Seaspan International's net profit forecast for last year is between $1.2 billion and $1.23 billion, which is above the market consensus of $1.19 billion [1] - The expected year-on-year growth in net profit is between 16% and 18.9% [1] Group 2: Market Reaction and Risks - The report suggests that the market's reaction to last year's earnings may be limited despite the slight outperformance [1] - There are upward risks to demand resilience within the Asian region due to supply chain shifts and geopolitical dynamics [1] - The ongoing downturn in the global container shipping industry poses a downside risk [1] - Significant deterioration in China-Japan trade could expose Seaspan International to risks due to its relatively high exposure to Japanese routes [1] Group 3: Target Price and Rating - Morgan Stanley sets a target price of HKD 26.4 for Seaspan International and maintains a rating of "in line with the market" [1]