According to the financial news app, Daiwa released a research report stating that it upgraded sitc (01308) from "hold" to "buy" for two consecutive levels, raised this year's full-year freight growth forecast from 8% to 14%, expected full-year adjusted profit to increase by 78% to $0.908 billion, raised the target price from HK$17 to HK$26, and also raised the earnings forecast for 2024 to 2026 by 15.4%, 36.2%, and 2.1%.

The report mentioned that sitc's third-quarter operational data exceeded expectations, with stronger freight rates than expected. With industry seasonal factors being bullish, it is predicted that the average freight rates for the third quarter will increase by 21% sequentially, better than the industry's earlier expectations. The bank believes that the company's third-quarter performance has improved mainly due to improving trade demand, therefore, they believe there is still room for price increases in the fourth quarter and anticipate a more positive turnaround in next year's business prospects.