Revenue continued to rise from the fourth quarter to an all-time high.
Affected by the serious congestion of the route network, although the freight volume in the first quarter decreased by 2.9% compared with the fourth quarter, the average per-box revenue continued to rise, up 8.9% from the previous quarter, driving the company's overall revenue to continue to rise. In the first quarter of 2022, the company is expected to generate airline revenue of US $5.16 billion, an increase of 5.7% month-on-month and 71.0% year-on-year, or about 32.974 billion yuan. The estimated freight volume completed in the first quarter is 179.59 TEU, down 9.2% from the same period last year; the average revenue per box was 2873.5 US dollars, an increase of 88.3% over the same period last year. The cargo volume of the company's Asia-Europe routes maintained growth, up 1.9% from the same period last year.
Russia-Ukraine War and the domestic epidemic situation in-depth inspection of the industry pattern, collection and transportation entered the second stage of the game, the first stage of the game freight rate reached a new high came to an end, the second stage of the game began to start. After the current freight rates were hit by the war between Russia and Ukraine and the domestic epidemic situation, there was no avalanche. After the epidemic situation in China has been brought under control, the freight rates of the US line are expected to continue to hit a record high, forming the second stage of the game. At present, the freight rates of the mainstream trunk lines between China and the United States remain stable and the loading rate remains fully loaded; the range of pullback of the Northwest European current on the European line is limited, and the flow direction of the Mediterranean is relatively stable, and it is expected that the freight rate will stabilize and rise in May. As of April 15, the freight rate of the FBX Asia-US West route was 0.84% lower than that at the end of February. The freight rate from Shanghai to Los Angeles was 20.38% lower than that at the end of February, and the trading price of the American freight forwarder market except Shanghai has gradually increased. Compared with the end of February, the SCFI European route only decreased by 19.06% compared with the end of February. The SCFI Mediterranean route decreased by only 8.2% compared with the end of February, and the range of pullback was limited.
The dividend yield is expected to reach 25 per cent in the next six months, the one-year dividend yield is expected to be 40 per cent, the net profit in the first half of 2022 is expected to be about $5.5 billion, the minimum dividend yield is 40 per cent and does not take into account special dividends, and the implied dividend yield in the middle of the year is 13 per cent. The dividend yield of the 2021 annual report is about 12 per cent, and the dividend yield is expected to reach 25 per cent in the next six months. It is expected to pay a dividend of $6.56 per share in 2022, with a corresponding dividend yield of 27.1%, and a future one-year dividend yield of about 40%.
Continue to maintain Orient Overseas's "buy" rating, with a target price of HK $407. According to the slightly adjusted operating data in the first quarter, the company's operating income from 2022 to 2023 is expected to be US $232.33 and US $19.211 billion, an increase of 38.03% and-17.31%, and net profit of US $108.31 and US $8.621 billion, an increase of 51.94% and-20.40% over the same period last year. The corresponding PE is only 1.59,1.99 times, and the undervalued state of the company is not a "value trap" in the traditional sense.