胜狮货柜2011业绩.pdf
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Equity Research
Company Report
Singamas Container Rating HOLD
FY11 results missed expectation 28 March 2012
Moses Ma
Singamas Container (“Singamas”) announced FY11 results, with total
(852) 2683 3216
revenue and net profit surged 32% and 49% yoy due to the large
mypma@.hk
demand of container box in 1H, while the global economy started to
soften in 2H due to unusual economic conditions. The average ASP of Sector Marine Manufacturing
container increased 11% yoy to US$2,667/TEU, while the sales Key Data
volume increased 10% yoy. We expect the demand for box will stay Ticker 716.HK
flat in 1H this year, given the uncertainty of global trade. We revise Price (27 Mar) HK$2.26
Target price
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