AP Moller Maersk (MAERSKB DC) Buy: 2026 could be better than 2025

研报英文原文证据摘录

AP Moller Maersk (MAERSKB DC) Buy: 2026 could be better than 2025

mand-led container shipping rally, and

52-WEEK PRICE (DKK)serves as an earnings trigger for our Buy-rated Asian players EVG and CSH. In 2Q,

CCFI averaged 1,350 (+20% qoq) on strong US/Europe demand and tonnage 20000.00

tightness; latest CCFI (26 June) rose another 7% wow, signalling momentum into 3Q. 15000.00

We expect 3Q spot rates to exceed 2Q levels as peak season demand intensifies.

10000.00

Linerlytica also echoed our view that the freight rates momentum could potential 06/25 12/25 06/26

Target price: 19000.00

sustain into July-August (see also: Linerlytica webinar takeaways: 2Q-3Q margin set to High: 18625.00 Low: 11675.00 Current: 15895.00

rise, 26 June 2026), indicating further upsides to spot rates and 3Q earnings. If Maersk, Source: LSEG IBES, HSBC estimates

with its relatively lower spot exposure, is seeing this magnitude of uplift, the earnings

impact for higher-beta Asian carriers could be even more pronounced. Parash Jain*

Global Head of Transport & Logistics Research

We raise 2026e EBIT by 97% to USD3.2bn on higher freight rates, broadly in line The Hongkong and Shanghai Banking Corporation Limited

with the guidance mid-point and 289% above consensus. For Ocean, we forecast a parashjain@hsbc.com.hk

+852 2996 6717

2026e EBIT margin of +4.1% (was -0.5%; 2025: 4.0%), vs consensus -2.7% though

Deepak Maurya*, CFA

below the 9.7%/11.3% range for CSH/EVG. For 2Q26e, we expect USD582m Analyst, Asia Transport

underlying EBIT (+39% q-o-q, +57% vs consensus) and USD2.1bn underlying The Hongkong and Shanghai Banking Corporation Limited

EBITDA (+12% q-o-q, +14% vs consensus), with Ocean EBIT margin at -0.1% (vs deepakmaurya@hsbc.com.hk +852 2822 4292

consensus -2.4%).