Glonghui, April 11. According to the Daimo Research Report, Dongfang Overseas International (0316.HK)'s first-quarter operating performance fell short of expectations. Total revenue for the first quarter fell 57.8% year-on-year to US$2,176 million, accounting for 16% of the bank's full-year forecast. Traffic volume also recorded a moderate decline. Part of the reason freight was lower than expected may be that cost cuts exceeded expectations, falling fuel prices, etc. It is expected that the company's profit will continue to normalize from 2023 to 2024, with a target price of HK$119.9 to maintain the “reduced holdings” rating. The stock is currently reported at HK$150.2, with a total market value of HK$99.2 billion.