Risk Reward Update

研报英文原文证据摘录

Risk Reward Update

Update

August 3, 2026 08:53 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$30.90 HK$34.10

Bull Case HK$37.70 HK$41.60

SITC International Holdings Company (1308.HK, 1308

Base Case HK$30.50 HK$33.60

Bear Case HK$20.30 HK$22.40 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$34.10

Shr price, close (Jul 31, 2026) HK$39.48

52-Week Range HK$39.96-24.67

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$)** 0.46 0.45 0.37 0.37 Prior EPS (US$)** 0.46 0.40 0.34 0.33

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 12.0%, 8.5%, and 9.2% for 2026-28, respectively. e = Morgan Stanley Research estimates

The earnings revisions reflect higher freight rate assumptions amid sustained

strength in intra-Asia trade YTD, as well as potential for a more prolonged Red Sea

rerouting disruption amid global geopolitical tension.

Our mid-27 price target increases by 10.4% to HK$34.1 following our earnings hikes,

with our bull, bear and base cases increasing by 10.3%, 10.3% and 10.2%,

respectively, with unchanged target multiples.

Stay EW - container shipping segment oversupply remains a concern in 2027, while a

potential end of Red Sea re-routing could lead to a meaningful increase in effective

supply capacity.