胜狮货柜2011业绩.pdf

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