Group 1 - UBS reports that Sea Freight International (01308) has seen a 35% increase in stock price this year due to strong freight rates and healthy growth in container transportation volume [1] - The stock reached a new high following preliminary performance announcements from Jinjiang Shipping (601083.SH) and Dexion Shipping (02510) for the first half of the year [1] - UBS predicts a year-on-year decline in profits for the second half, primarily due to last year's high base [1] Group 2 - UBS believes that the current stock price fully reflects the company's higher return premium compared to peers, thus downgrading the rating from "Buy" to "Neutral" [1] - The earnings per share forecasts for Sea Freight International for 2025 to 2027 have been reduced by 6%, 8%, and 9% respectively, reflecting a cautious outlook on second-half freight volumes and rates [1] - The target price has been lowered from HKD 28 to HKD 26.5 [1]