GLONGHUI, August 23 | Yamato published a report stating that a non-transactional road show was held with Haifeng International. Management said that freight rates will pick up in late August, and the volume of goods based on advance reservations will increase. Among them, Southeast Asian countries are growing strongly, and Thailand and the Philippines are showing steady performance, but Vietnam and Japan are still under pressure. Haifeng management said that in the post-pandemic era, freight charges will be higher than before the pandemic because costs such as port fees, low-sulphur fuel, and chartering costs have increased dramatically. Yamato expects Haifeng International's gross margin to improve in the second half of the year, benefiting from a recovery in freight volume and freight rates. Yamato lowered Haifeng International's earnings per share forecast from this year to the next by 1 to 8%. Reiterating the “buy” rating, the target price was lowered from HK$18 to HK$17.5.