Gelonghui, April 12. According to a report, Oriental Overseas (0316.HK)'s revenue for the first quarter of this year fell short of expectations and was mainly affected by its routes within the Pan Pacific and Asia regions. Among them, the revenue from the Pan Pacific route was surprising, as the first quarter included a transition contract for 2022, but it did not reflect the significant reduction in contract factors this year. Furthermore, the bank believes that after the Shanghai Export Container Freight Index (SCFI) rose last week, the market is concerned about spot freight. The bank lowered Orient Overseas's profit forecast for this year and lowered its average freight forecast by 15%. It is expected to fall 49% year-on-year, causing this year's profit forecast to drop 91% to US$878 million. The company's target price was lowered from 85 yuan to 83 yuan to maintain the “outperform the market” rating. The stock is currently reported at HK$153.7, with a total market value of HK$101.5 billion.