Investment Rating - The report initiates coverage with a "Buy" rating for the company [10][12]. Core Views - The company is a leader in the intra-Asian container shipping market, which has seen demand growth outpace the industry average in recent years. The company benefits from a high-frequency, high-density sea-land integrated operation model and a low-cost strategy, with a strong focus on shareholder returns [3][9][10]. Summary by Sections Introduction: Capitalizing on Southeast Asia - The report emphasizes the increasing market expectations for the company amid external uncertainties, particularly regarding tariffs. It aims to address whether the intra-Asian container shipping market is favorable and if the company is a good investment [6][16]. Company Overview - The company specializes in the intra-Asian container shipping market, providing comprehensive shipping and logistics services. It is controlled by Yang Shaopeng, who holds a 41.25% stake through a family trust. The management team has extensive experience in the shipping industry, with core members having been with the company for over 20 years [6][21][27]. Market Demand: Long-term Benefits from Industrial Transfer - The intra-Asian container shipping market, encompassing China, Japan, South Korea, and Southeast Asia, has maintained a growth rate exceeding the industry average. In 2024, this market is expected to account for approximately 31% of global container shipping volume [7][30]. Market Supply: Service Differentiation and Capacity Tightening - The market primarily consists of feeder vessels under 3,000 TEU, which dominate due to shorter routes and varying port infrastructure. The supply pressure for feeder vessels is expected to remain low, with growth rates projected at 0.6% and -3.0% for 2025 and 2026, respectively [8][59]. Competitive Advantages: Integrated Sea-Land Operations and Low-Cost Strategy - The company's resilience is highlighted, particularly during industry downturns. Its core competencies include a high-frequency, high-density operational model and a low-cost strategy. The fleet consists of 118 vessels, with 104 owned, and an average vessel size of 1,500-1,600 TEU, which enhances operational flexibility and management efficiency [9][10][56]. Investment Recommendations - Projected net profits for 2025-2027 are estimated at $1.094 billion, $876 million, and $824 million, respectively, with corresponding P/E ratios of 8.9, 11.1, and 11.8. The dividend payout ratio is expected to be around 70%, resulting in dividend yields of 7.9%, 6.3%, and 6.0% [10][12].