According to the research report published by CICC, since late April, shipping freight rates in Southeast Asia have risen rapidly. SITC International (01308.HK) has continuously opened up new routes and maintained its competitive advantage of high-quality services and low costs in the Southeast Asian market. The bank expects that the company will benefit from the rise in freight rates and record higher profits and dividends. In addition, with the fourth quarter entering the peak season, it is expected that freight rates will further increase. In the long term, the bank mentioned that the growth of transportation capacity in the Asian region is limited, and it is expected that demand will continue to increase due to the relocation of industries in the region, and the supply and demand situation will gradually improve year by year.

CICC stated that due to the rise in Southeast Asian freight rates, it has raised SITC International's profit forecast for 2024 by 33.4% to US$674 million and increased the profit forecast for 2025 by 13.3%, expecting it to reach US$502 million. The bank maintains a "outperform the industry" rating for the group and raises the target price by 51.9% to 24.3 yuan.