SITC International Holdings Company | Asia Pacific Risk Reward Update

研报英文原文证据摘录

SITC International Holdings Company | Asia Pacific Risk Reward Update

Update

June 17, 2026 08:01 AM GMT

Morgan Stanley Asia Limited+MSITC International Holdings Company | Asia Pacific Qianlei Fan, CFA

Equity Analyst

Risk Reward Update Qianlei.Fan@morganstanley.com +852 2239-1875

What’s Changed

SITC International Holdings Company (1308.HK) From To

Price Target HK$30.10 HK$30.90

Bull Case HK$37.40 HK$37.70

SITC International Holdings Company (1308.HK, 1308

Base Case HK$29.60 HK$30.50

Bear Case HK$18.70 HK$20.30 HK)

Updated Components Hong Kong/China Transportation & Infrastructure | China

EPS Stock Rating Equal-weight

Investment Thesis Industry View In-Line

Bull Base Bear Scenarios Price target HK$30.90

Shr price, close (Jun 16, 2026) HK$34.02

52-Week Range HK$37.00-22.72

Risk Reward for SITC International Holdings Company (1308.HK) Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

has been updated EPS (US$)** 0.46 0.40 0.34 0.33 Prior EPS (US$)** 0.45 0.35 0.30 -

Reason for change Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

We raise our earnings forecasts by 14.9% and 14.7% for 2026-27, respectively. The e = Morgan Stanley Research estimates

earnings revisions reflect higher freight rate assumptions amid better-than-expected

spot performance YTD, as well as slightly higher shipping volumes, per our

estimates. We also introduce our 2028 net profit forecast of US$904mn.

We apply target mid-27 P/E multiples (vs. end-2026 previously) of 13.0x/10.5x/7.0x

(12.0x/9.5x/6.0x previously) in our Bull/Base/Bear scenarios, respectively. We assign

higher target multiples, reflecting that solid 1H26 profitability may lead to market

optimism around FY26 cash dividends. Our weighted PT rises by 2.7% to HK$30.9.