大摩：海丰国际去年初步业绩略胜预期 今年前景好坏参半

Group 1 - Morgan Stanley sets a target price of HKD 26.4 for SeaFeast International (01308) with a rating of "in line with the market" [1] - SeaFeast International expects a net profit of USD 1.2 billion to USD 1.23 billion for the previous year, representing a year-on-year increase of 16% to 18.9%, slightly exceeding market consensus of USD 1.19 billion [1] - The firm believes that the market's reaction to last year's earnings will be limited despite the performance slightly surpassing expectations [1] Group 2 - Morgan Stanley notes that the resilience of demand within the Asian region presents an upside risk amid 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 SeaFeast International to risks due to its relatively high exposure to Japanese routes [1]