Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [6][66]. Core Views - The company is positioned as a leading player in the Asian intra-regional shipping market, showcasing a robust and resilient profitability across economic cycles. Its operational model emphasizes high-frequency logistics, which provides a competitive edge [10][66]. - The company has maintained a strong dividend policy, with a dividend payout ratio exceeding 70% over the past eight years, reaching 84.91% in 2024, amounting to a total cash dividend of 6.25 billion [10][46]. Summary by Relevant Sections Market Performance - The closing price of the company's stock is HKD 25.25, with a one-year high of HKD 25.80 and a low of HKD 15.70. The total market capitalization stands at HKD 68,174.70 million, with a debt-to-asset ratio of 24.28% [4]. Financial Forecast and Valuation - Revenue projections for the company are as follows: USD 2,429 million in 2023, USD 3,058 million in 2024, and expected to reach USD 3,264 million in 2025, with a year-on-year growth rate of 6.72% [6][64]. - The net profit attributable to shareholders is forecasted to be USD 531 million in 2023, USD 1,028 million in 2024, and USD 1,025 million in 2025, reflecting a slight decline of 0.29% year-on-year [6][64]. - The price-to-earnings (P/E) ratios for the upcoming years are projected at 8.57 for 2025, 8.52 for 2026, and 8.20 for 2027 [6][66]. Business Model and Competitive Advantage - The company operates a comprehensive logistics network that integrates both maritime and land logistics, with a fleet of 114 vessels, including 100 owned ships, providing a total capacity of 180,255 TEU [7][15]. - The operational model focuses on point-to-point direct shipping services, enhancing flexibility and efficiency in logistics operations across 78 trade routes covering 81 major ports [7][20]. Dividend Policy and Shareholder Returns - The company has demonstrated a consistent dividend payout history since its listing in 2010, with a notable dividend yield of approximately 10% expected over the next three years [10][46]. Market Outlook - The intra-Asian shipping market is anticipated to remain resilient, driven by the ongoing recovery in the container shipping industry and stable trade volumes. The company is well-positioned to capitalize on these trends due to its strategic operational model and regional focus [51][56].